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ECON 200 Final Exam Questions For Reflection With Correct Answers
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ECON 200 Final Exam Questions For Reflection With Correct Answers
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ECON 200 Final Exam Questions ForReflection With Correct Answers
gross domestic product (GDP) CORRECT ANSWERS total market value of all goods
and services produced annually in the USA
intermediate goods CORRECT ANSWERS goods and services that are purchased for
resale or further processing
final goods CORRECT ANSWERS products that are purchased by their end uses
nominal GDP CORRECT ANSWERS GDP that has not been adjusted for inflation
real GDP CORRECT ANSWERS GDP that has been adjusted for inflation
measuring GDP CORRECT ANSWERS add up all the expenditures (C+Ig+G+Xn)
personal consumption (C) CORRECT ANSWERS -durable goods
-nondurable goods
-consumer expenditures for service
gross private domestic investment (Ig) CORRECT ANSWERS -all final purchases of
machinery/equipment/tools by businesses
-all construction
-changes in investors
government purchases (G) CORRECT ANSWERS -expenditures for public services
-expenditures for publicly owned capital
net exports (Xn) CORRECT ANSWERS -(exports) - (imports)
labor force participation rate CORRECT ANSWERS percent of working age population
actually in the workforce
economic growth CORRECT ANSWERS increase in real GDP (per capita) over some
time period
determinants of growth CORRECT ANSWERS -supply factors
-demand factors
-efficiency factor
supply factors CORRECT ANSWERS -increase in quantity/quality of natural resources
-increases in quantity/quality of human resources
-increases in supply/stock of capital goods
, -improvements in technology
demand factor CORRECT ANSWERS households, businesses, and the gov't must
purchase economy's expanding output
efficiency factor CORRECT ANSWERS economy must achieve economic efficiency and
full employment
business cycle CORRECT ANSWERS alternating rises and declines in the level of
economic activity
phases of the business cycle CORRECT ANSWERS 1. peak
2. recession
3. trough
4. expansion
recession CORRECT ANSWERS period of decline in total output, income, and
employment
expansion CORRECT ANSWERS recovery from a recession; period in which real GDP,
income, and employment rise
causes of business cycles CORRECT ANSWERS shocks
shocks CORRECT ANSWERS situations in which individuals and firms were expecting
one thing to happen but then something else happened
supply shocks CORRECT ANSWERS unexpected changes in the supply of goods and
services
demand shocks CORRECT ANSWERS unexpected changes in the demand of goods
and services
measuring unemployment CORRECT ANSWERS (unemployed/labor force) x 100
types of unemployment CORRECT ANSWERS -frictional
-structural
-cyclical
frictional unemployment CORRECT ANSWERS individuals searching for jobs or waiting
to take jobs soon
structural unemployment CORRECT ANSWERS occurs due to changes in the structure
of the demand for labor
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