ECONOMICS 372 Final Exam Guide 2- ECO 372 Final Exam 2 Study Guide Questions and Answers
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Course
ECONOMICS
Institution
ECONOMICS
1
The Marions purchased a Persian rug worth $5,000 from an Iranian textile mill. Everything else remaining unchanged, this will:
•
decrease the net imports of the domestic country by $5,000.
•
decrease the consumption expenditure in the domestic country by $5,000.
•
red...
1
The Marions purchased a Persian rug worth $5,000 from an Iranian textile mill. Everything else
remaining unchanged, this will:
decrease the net imports of the domestic country by $5,000.
decrease the consumption expenditure in the domestic country by $5,000.
reduce the net exports of the domestic country by $5,000.
increase the gross domestic product of the domestic country by $5,000.
2
The table given below shows the total amount of spending in the country of Mesodonia. Mesodonia’s
gross domestic product is:
$5,660 million.
$4,560 million.
$4,160 million.
$4,710 million.
, 3
The circular-flow diagram shows that:
firms receive wages and profits from households in the products market.
households sell the factors of production to firms in the inputs market.
households supply resources to firms in the products market.
firms supply labor and other resources to the government in the factor market.
4
Martha lends $200 to a friend who promises to return it after a year. Instead of lending it to her friend,
Martha could have put the money in a bank where she could have earned an interest rate of 2 percent
per annum. Martha’s opportunity cost of lending the money is _____.
$204
$200
$2
$4
5
Following the unexpected good performance of Leathex, all its employees were given a one-time bonus.
This consequently led to a rightward shift of the demand curve for shoes manufactured by the company
and a leftward shift of the demand curve for socks. This shows that shoes are:
normal goods.
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