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ECON 203 Final Exam Detailed Questions And Expert Answers 2024
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ECON 203 Final Exam Detailed Questions And Expert Answers 2024
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ECON 203 Final Exam Detailed QuestionsAnd Expert Answers 2024
Macroeconomists study? - ANS Economy Wide phenomena
Which of the following statistics is the best single measure of an economy's well
being? - ANS GDP
The 3 main concerns of Macro are? - ANS Inflation, Unemployment and output
growth
According to the Classical Model, excessive unemployment - ANS could not persist
because wages would fall to eliminate the excess supply of labor
According to the Keynesian model, excessive unemployment - ANS is caused by
sticky wages that do not adjust as fast as prices.
Which of these is a quote by John Maynard Keyes - ANS We are all dead in the long
run
Which of the following is counted in GDP? - ANS None of the above
Expenditures equal income because - ANS for every sale there is a buyer and a
seller
, Over the last few decades Americans have chosen to cook less at home and eat
more at resturants. This change in behavior, by itself, - ANS increased measured in
GDP
Darla, a Canadian citizen, only works in the US. The value added to production
from her employment is - ANS included in US GDP, but not US GNP
Grapes are - ANS counted as an intermediate good only if they are used to produce
another good like wine
A period during which aggregate output falls is known as a(n) - ANS recession
The single largest expenditure component in GDP is - ANS consumption
Using year 1 as the base year, what is real GDP in year 3 - ANS $183.00
Using year 1 as the base year, the real GDP growth rate in year 3 was - ANS 2.81%
Using year 1 as the base year, the GDP deflator in year 3 was - ANS 115.85
Using year 1 as the base year, the rate of inflation in year 3 was - ANS 6.05%
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