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ECON 203 EXAM 1, ECON 203 TEST 1 Mcginness || with 100% Verified Solutions.
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What is Macroeconomics?* correct answers Macroeconomics is the study of aggregate behavior, including, unemployment, inflation, recessions, and other economy wide phenomenon. What is the difference between microeconomics and macroeconomics?* correct answers Macroeconomics = the study of aggregat...

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  • 16 augustus 2024
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ECON 203 EXAM 1, ECON 203 TEST 1 Mcginness || with
100% Verified Solutions.
What is Macroeconomics?* correct answers Macroeconomics is the study of aggregate behavior,
including, unemployment, inflation, recessions, and other economy wide phenomenon.

What is the difference between microeconomics and macroeconomics?* correct answers
Macroeconomics = the study of aggregate behavior, including, unemployment, inflation,
recessions, and other economy wide phenomenon.

Microeconomics = The study of individual decision making by firms and individuals.

What are the three main concerns of Macroeconomics?* correct answers Inflation,
Unemployment, and Output growth

What event triggered the need for new theory in Macroeconomics?* correct answers Great
depression

Who is the 'father' of macroeconomics?* correct answers John Maynard Keynes

What was the pre-existing theory called?* correct answers Neoclassical theory

With the classical model of economics, what is the cause of unemployment and how is it
alleviated?* correct answers According to classical theory, any unemployment was due to wages
being artificially kept above the equilibrium through minimum wages e.t.c. The solution to
unemployment is to cut wages and allow wages to clear.

What is the cause of short-run fluctuations in the economy, according to the Keynesian Theory?*
correct answers Keynesian Economics postulates that wages and some prices are "sticky" and not
able to adjust in the short-term. Thus, there are different short-run market forces not entirely
explained by neoclassical economics (micro theory).

what is aggregate output?* correct answers the total level of new production of goods and
services from an economy.

what is aggregate growth?* correct answers increases in Aggregate Output from the previous
period.

what is GDP?* correct answers GDP is the total value of all new goods and services produced
within a country's borders in a given time period

what is GNP?* correct answers Gross National Product is the total production of new goods and
services by a country's citizens within a time period.

Who measures GDP?* correct answers The Bureau of Economic Analysis (BEA)

, What does GDP include and what does GDP not?* correct answers GDP includes new goods and
services
GDP does not include Crime, Pollution, Income Distribution, and Income from citizens living
abroad.

What is double counting of GDP and how is it prevented?* correct answers -Double counting
means counting the value of the same product (or expenditure) more than once
-To avoid Double Counting, only include the value of final goods. GDP does not include the
value of intermediate goods.

Know the expenditure approach to finding GDP. Exactly what are C, I, G, and NX?* correct
answers GDP = consumption + investments + Government Expenditures + Net Exports

(GDP = C+I+G+[E-I])

Know the income approach to finding GDP:* correct answers Total National Income + Sales
Taxes + Depreciation + Net Foreign Factor Income.

Total national income is equal to the sum of all wages plus rents plus interest and profits

Exactly what are National Income, Depreciation,
Indirect Taxes and Subsidies, and Net Factor payments to the Rest of the World. * correct
answers

Why does the Expenditure Approach equal the Income Approach?* correct answers

How do you go from GDP to
GNP?* correct answers Subtract factor payments to foreigners from income earned inside the
U.S. Then add factor payments to U.S. citizens from income earned outside the U.S.

what is NNP?* correct answers the total production of new goods and services by a country's
citizens minus depreciation of capital

nnp formula* correct answers NNP = NI + statistical discrepancies

What is the difference between Nominal GDP and real GDP?* correct answers Nominal GDP is
GDP measured with prices at the current year levels. Real GDP is GDP measured in constant
prices using a base year.

Be prepared for a math problem similar to the homework and lecture, where I give you prices
and output for goods over 3 years. I can ask for nominal GDP, real GDP, the real GDP growth
rate, the GDP Deflator, and the inflation rate. correct answers

Why was the fixed weight method of calculating real GDP replaced with chained dollars?*
correct answers

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