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ECON 113 FINAL EXAM Chapter 11,13&14 Questions and Answers (latest Update 2024)
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ECON 113 FINAL EXAM Chapter 11,13&14 Questions and Answers (latest Update 2024)
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ECON 113 FINAL EXAM Chapter 11,13&14Questions and Answers (latest Update
2024)
why do small differences in economic growth rates today
result in significant differences in the
level of economic activity in the future? - Correct Answer ✅
economic growth compounds year after year
Which of the following is the most commonly used
measurement of economic growth? Changes
in - Correct Answer ✅ real gdp
countries A and B start out with real GDP equal to $1,000. If
country A grows at a rate of 5% while
country B grows at a rate of 10%, what is country A's level of
real GDP after 3 years? - Correct Answer ✅ $1,158
countries A and B start out with real GDP equal to $1,000. If
country A grows at a rate of 5% while
country B grows at a rate of 10%, what is country B's level of
real GDP after 3 years? - Correct Answer ✅ $1,331
,ECON 113 FINAL EXAM Chapter 11,13&14
Questions and Answers (latest Update
2024)
what term is used to describe an erratic short-run fluctuation
in economic activity around the long-run trend? - Correct
Answer ✅ business cycle
which of the following is not a phase of every business cycle?
- Correct Answer ✅ depressions
which of the following lists the four phases of the business
cycle in the correct sequence? - Correct Answer ✅
expansion, peak, contraction, trough
which phase of the business cycle best describes an economy
that is experiencing a positive rate
of economic growth? - Correct Answer ✅ expansion
when the economy ends an expansion, it enters which phase
of the business cycle? - Correct Answer ✅ peak
,ECON 113 FINAL EXAM Chapter 11,13&14
Questions and Answers (latest Update
2024)
a decline in the level of economic activity occurs during
which phase of the business cycle? - Correct Answer ✅
contraction
when economic output hits a short-run economic low, the
economy is in which phase of the
business cycle? - Correct Answer ✅ trough
an exceptionally strong and prolonged contraction is known
as - Correct Answer ✅ a recession
the most commonly used tool to forecast future changes in
economic activity is the - Correct Answer ✅ leading
economic indicators index
the Index of Leading Indicators has this name because -
Correct Answer ✅ it is a measure composed of indicators
that lead, or occur prior to, changes in the aggregate
economy
, ECON 113 FINAL EXAM Chapter 11,13&14
Questions and Answers (latest Update
2024)
what do you call business cycle theories based on the belief
that economic activity follows general
trends of optimism and pessimism? - Correct Answer ✅
theories of expectations
what are the two primary determinants of economic growth? -
Correct Answer ✅ the availability of resources and
productivity factors
what is the result of a growing labor force? - Correct Answer
✅ the economy's production possibilities curve shifts
outward
which of the following terms is used to describe the purchase
of capital? - Correct Answer ✅ investment
why does spending on capital tend to increase economic
growth more than spending of
consumption goods? because - Correct Answer ✅ capital
can be used to produce future goods and services
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