Goffe - Study guides, Class notes & Summaries
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ECON 104 Goffe Final Exam Questions with Verified solutions
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True or False: The business cycle is the same thing as economic growth -False 
Which of the following is the best example of capital? 
A. a family buying a newly produced house 
B. a shoe store adding to its inventories 
C. a ship used to carry oil across the ocean 
D. the production and sale of a new delivery van for UPS -C. a ship used to carry oil across the 
ocean
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Econ 104 Final – Goffe Exam Questions and Answers | 100% Pass!!
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Econ 104 Final – Goffe Exam Questions and 
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Nominal GDP -Answer-the value of final goods and services evaluated at current-year 
prices 
How to calculate nominal GDP -Answer-C + I + G +NX 
Real GDP -Answer-The value of final goods and services evaluated at base-year prices 
How to calculate real GDP -Answer-P*Q for every good in GDP and add them all 
together 
BASE YEAR 
2014 - 100M visits at $50 each 2015 - 103M visits at $53 
10M cars at $20,000 each 11M cars at $20,500...
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Econ 104, Goffe, PSU 2024 Exam Graded A+ | Verified & Updated
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Econ 104, Goffe, PSU 2024 Exam Graded A+ 
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GDP -Answer-the market value of all FINAL goods and services produced in a country 
during a period of time. 
GDP equation -Answer-GDP(Y)=C (consumption) + I (investments) +G (gov purchases) 
+NX (net exports) 
Consumption -Answer-expenditures made by households (excluding the purchase of a 
new house) 
Investment -Answer-Final goods and services purchased by business firms (equipment 
for production and new buildings), changes in i...
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ECON 104 Bille Goffe Final Exam Questions with Verified solutions
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What does our book argue about leisure and GDP? 
-If we worked like in the past, GDP would be less, and leisure would be less. 
-If we worked like in the past, GDP would be less, but leisure would be larger. 
-If we worked like in the past, GDP would be larger, and leisure would be larger. 
-If we worked like in the past, GDP would be larger, but leisure would be less. -If we worked like 
in the past, GDP would be larger, but leisure would be less. 
Which represents ownership in a corporation? ...
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ECON 104 GOFFE FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS!!
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ECON 104 GOFFE FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS!!
Too much month left at the end of the money?
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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 BILL GOFFE FINAL EXAM
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What is an example of creative destruction? 
iPhone replacing old flip phones 
Changes in federal funds rate influences interest rates on car loans, mortgages and student loans (T or F) 
True 
In order to grow quickly, China concentrated spending in which piece of GDP? 
Investment 
What would be the best explanation for an economy with inflation and falling spending? 
Rising oil prices (SRAS shifts left) 
What will happen to the natural rate of unemployment if a new phone app were to speed up th...
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ECON 104 GOFFE PSU
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Economic growth in the 2nd quarter of this year was about_____. 
 
a. 1% 
b. 2% 
c. 3% 
d. 4% - Answer- 4% 
 
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 - Answer- as something produced by firms 
 
T or F: Every time the government writes a check that expense shows up in GDP. 
 
a. True 
b. False - Answer- False 
 
Since 1970, real GDP_____. 
 
a. decreased most...
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ECON 104 FINAL – GOFFE
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Nominal GDP - Answer- the value of final goods and services evaluated at current-year prices 
 
How to calculate nominal GDP - Answer- C + I + G +NX 
 
Real GDP - Answer- The value of final goods and services evaluated at base-year prices 
 
How to calculate real GDP - Answer- P*Q for every good in GDP and add them all together 
 BASE YEAR 
2014 - 100M visits at $50 each 2015 - 103M visits at $53 
 10M cars at $20,000 each 11M cars at $20,500 each 
 
real GDP for 2015: (103M * $50 + 11M * 20,000...
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ECON 104 FINAL – GOFFE EXAM 2024 VERIFIED 100% CORRECT!!
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ECON 104 FINAL – GOFFE EXAM 2024 VERIFIED 100% CORRECT!!
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