econ 2301 EXAMS BUNDLE |Questions with 100% Solutions/Verified Answers

Which of the following equations represents the unemployment rate? - ANSWER (number of unemployed / labor force) × 100 Individuals who are working part-time but would prefer to be working full-time are defined as - ANSWER underemployed workers Inflation is defined as - ANSWER an increase in the...

GDP is: - ANSWER the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. Final goods or services used to compute GDP refer to: - ANSWER goods and services purchased by the ultimate users. Intermediate products - ANSWER pro...

Which of the following contributes to implementation lag for discretionary fiscal policy? 1) the time it takes to secure bureaucratic approval for policy actions 2) the time it takes for economic agents to respond to policy actions 3) the difficulty of collecting economic data in a timely mann...

Economics - ANSWER Economics is the study of the choices, methods or systems used by societies to allocate scarce resources. Fallacy of Composition - ANSWER The fallacy of composition exists when we conclude that something that is appropriate for an individual must be also appropriate for society...

In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. - ANSWER product; resource Which of the following is a positive statement? - ANSWER The temperature is 92 degrees today. Refer to the diagram. Flow 1 represents - A...

Which of the following is true when a budget deficit exists?` - ANSWER Government expenditures exceed tax revenues If the public debt increased by the same amount each year during the past three years, then - ANSWER the U.S. Treasury must have issued securities to fund a flow of government spendi...