Macroeconomics JCCC Exam 2 Questions & Answers 2024/2025
Demand shock - ANSWERSan event that shifts the aggregate demand curve
sticky prices - ANSWERSPrices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded.
Nominal GDP - ANSWERSthe pr...
Macroeconomics JCCC Exam 2 Questions & Answers 2024/2025
Demand shock - ANSWERSan event that shifts the aggregate demand curve
sticky prices - ANSWERSPrices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded.
Nominal GDP - ANSWERSthe production of goods and services valued at current prices
Real GDP - ANSWERSthe production of goods and services valued for price changes
personal consumption expenditures (C) - ANSWERSthe expenditures of households for durable and nondurable consumer goods and services
gross private domestic investment (I) - ANSWERSExpenditures for newly produced capital goods (such as machinery, equipment, tools, and buildings) and for additions to inventories.
government purchases (G) - ANSWERSexpenditures by government for goods and services that government consumes in providing public goods and for public (or social) capital that has a long lifetime;
the expenditures of all governments in the economy for those final goods and services
Net Exports (NX) - ANSWERSexports - imports
Income Approach - ANSWERSThe method that adds all the income generated by the production of final goods and services to measure the gross domestic product.
The six income items for Income approach - ANSWERS1. Compensation of employees
2. Rents- income received by property owners
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