Goffe - Study guides, Class notes & Summaries
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ECON 104 Bille Goffe Final Exam Questions Reviewed And Revised With Correct Answers
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ECON 104 Bille Goffe Final Exam 
Questions Reviewed And Revised 
With Correct Answers 
1) Which of the following compares prices in one year to prices 
in a base year (or period)? -real GDP and the GDP deflator -nominal GDP and real GDP -the CPI and nominal GDP -the GDP deflator and the CPI - ANSWER 
and the CPI 
the GDP deflator 
2) How much did your real wage grow if your nominal wage 
grew by 5% and the CPI grew by 2%? -5% -2% -7% -3% - ANSWER 
3% 
3) Which tracks the LEAST ...
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ECON 104 Bille Goffe Final Exam Questions Reviewed And Revised With Correct Answers
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ECON 104 Bille Goffe Final Exam 
Questions Reviewed And Revised 
With Correct Answers 
1) If nominal GDP is growing more quickly than real GDP, which 
is most likely? 
A. rising prices 
B. falling prices 
C. an expansion 
D. a recession - ANSWER 
A. rising prices 
2) Which two are most likely to go together? ___ inflation and 
___ in the GDP deflator. 
A. High, small increases 
B. High, large increases 
C. Low, small decreases 
D. Low, large decreases - ANSWER 
B. High, ...
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Econ 104 Goffe PSU Exam Questions And Answers 100% Verified
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Econ 104 Goffe PSU Exam Questions And 
Answers 100% Verified 
Economic growth in the 2nd quarter of this year was about_____. 
a. 1% 
b. 2% 
c. 3% 
d. 4% - answer4% 
How does capital show up in GDP? 
a. as something owned by households 
b. as something owned by firms 
c. as something purchased by households 
d. as something produced by firms - answeras something produced by firms 
T or F: Every time the government writes a check that expense shows up in GDP. 
a. True 
b. False - answerFalse 
Sin...
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ECON 104 FINAL – GOFFE EXAM QUESTIONS AND ANSWERS 2024
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ECON 104 FINAL – GOFFE EXAM QUESTIONS AND ANSWERS 2024
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Econ 104, Goffe. PSU Exam 2024 Questions and Answers| Verified &Updated.
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Econ 104, Goffe. PSU Exam 2024 Questions and Answers| Verified &Updated. 
GDP the market value of all FINAL goods and services produced in a country during a period 
of time. 
GDP equation GDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net 
exports) 
Consumption expenditures made by households (excluding the purchase of a new house) 
Investment Final goods and services purchased by business firms (equipment for production 
and new buildings), changes in inventories (which is th...
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Econ 104 Final – Goffe Study Guide (100% Guaranteed Pass) Latest Update.
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Econ 104 Final – Goffe Study Guide (100% Guaranteed Pass) Latest Update.
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Econ 104, Goffe, PSU Exam Questions And Answers 100% Verified
- Exam (elaborations) • 10 pages • 2024
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Econ 104, Goffe, PSU Exam Questions And 
Answers 100% Verified 
GDP - answerthe market value of all FINAL goods and services produced in a country 
during a period of time. 
GDP equation - answerGDP(Y)=C (consumption) + I (investments) +G (gov purchases) 
+NX (net exports) 
Consumption - answerexpenditures made by households (excluding the purchase of a new 
house) 
Investment - answerFinal goods and services purchased by business firms (equipment for 
production and new buildings), changes in i...
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Econ 104 Goffe PSU Exam Questions And Answers 100% Verified
- Exam (elaborations) • 12 pages • 2024
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Econ 104 Goffe PSU Exam Questions And 
Answers 100% Verified 
Economic growth in the 2nd quarter of this year was about_____. 
a. 1% 
b. 2% 
c. 3% 
d. 4% - answer4% 
How does capital show up in GDP? 
a. as something owned by households 
b. as something owned by firms 
c. as something purchased by households 
d. as something produced by firms - answeras something produced by firms 
T or F: Every time the government writes a check that expense shows up in GDP. 
a. True 
b. False - answerFalse 
Sin...
-
Econ 104, Goffe, PSU Exam Questions And Answers 100% Verified
- Exam (elaborations) • 10 pages • 2024
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- $12.49
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Econ 104, Goffe, PSU Exam Questions And 
Answers 100% Verified 
GDP - answerthe market value of all FINAL goods and services produced in a country 
during a period of time. 
GDP equation - answerGDP(Y)=C (consumption) + I (investments) +G (gov purchases) 
+NX (net exports) 
Consumption - answerexpenditures made by households (excluding the purchase of a new 
house) 
Investment - answerFinal goods and services purchased by business firms (equipment for 
production and new buildings), changes in i...
-
Econ 104, Goffe. PSU Exam 2024 Questions and Answers| Verified &Updated.
- Exam (elaborations) • 6 pages • 2024
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- $11.99
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Econ 104, Goffe. PSU Exam 2024 Questions and Answers| Verified &Updated. 
GDP the market value of all FINAL goods and services produced in a country during a period 
of time. 
GDP equation GDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net 
exports) 
Consumption expenditures made by households (excluding the purchase of a new house) 
Investment Final goods and services purchased by business firms (equipment for production 
and new buildings), changes in inventories (which is th...
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