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Econ 304 Final Exam 100%accurate!
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Econ 304 Final Exam 100%accurate Inflation (definition) -ANSWER Sustained upward movement in the aggregate price level that is shared by most products. inflation= %change in price level Output Ratio -ANSWER Ratio of actual real GDP to natural real GDP -If the ratio=100%, then price leve...

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  • January 4, 2024
  • 3
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • econ 304
  • econ 304 final exam 100accurate
  • inflation definition answer sustained upward mo
  • inflation change in price level

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  • Econ 304
  • Econ 304

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Econ 304 Final Exam 100%accurate!
Inflation (definition) -ANSWER Sustained upward movement in the aggregate price level
that is shared by most products. inflation= %change in price level
Output Ratio -ANSWER Ratio of actual real GDP to natural real GDP -If the ratio=100%, then price level (p) is constant -If the ratio=over 100%, then price level (p) is accelerating -If the ratio=less than 100%, then price level (p) is decelerating
Types of Supply Shocks -ANSWER -Changes in business input costs -Weather shocks (farm prices) -Import price shocks (if the value of the dollar falls, imported goods become more expensive Productivity growth shocks change amount workers can produce
Policy Responses after supply shock -ANSWER Neutral policy- this maintains nominal GDP growth so as to allow a decline in the output ratio equal to the increase in inflation rate Accommodating Policy- Raises nominal GDP growth so as to maintain the original output ratio Extinguishing Policy- Reduces nominal GDP growth so as to maintain the original inflation rate
Okun's Law -ANSWER The negative relation between the output ratio and the difference between the actual unemployment rate and the average rate of unmeployment
Compound Interest -ANSWER Even a small difference in the per capita GDP between countries in one year will grow to a large difference in the long run
Steady State Conditions -ANSWER USE FORMULA FROM SLIDE 53

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