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ECO 2302 FINAL EXAM QUESTIONS AND 100% CORRECT ANSWERS
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ECO 2302 FINAL EXAM QUESTIONS AND 100%CORRECT ANSWERS
The branch of economics that developed when economists searched for causes of: -
Answer the Great Depression
Most economists who have studied the topic believe that the Great Depression was
caused by: - Answer poor economic policy making
the extent to which people have availability of goods and services that make lives
easier, healthier, safer and more enjoyable is called the: - Answer standard of living
If total output increases from $1 trillion to $2 trillion as the population increases from
100 million to 200 million, then, output per person: - Answer remains constant.
Average labor productivity equals: - Answer output per employed worker.
The country of Southland produced $2,000 billion of output in one year. The population
of Southland was 100 million, of whom 60 million were employed. What was average
labor productivity in Southland? - Answer $33,333
Output per worker must be ____________ output per person. - Answer greater than or
equal to
If average labor productivity rises while the population and the number of employed
workers remains fixed, then total output: - Answer increases
A particularly severe recession is called a(n): - Answer depression
, The unemployment rate in the United States at the peak of the Great Depression was
_________ percent. - Answer 25
A trade deficit occurs when: - Answer exports are less than imports.
The Federal Reserve makes decisions about _________ policy while Congress makes
decisions about _______ policy. - Answer Monetary; Fiscal
When government revenue is greater than government spending, the nation has a: -
Answer government budget surplus.
A cut in the federal income tax is a form of __________ policy. - Answer fiscal
The most commonly used measure of an economy's output is: - Answer gross domestic
product.
If an automobile manufacturer pays $200 for a car windshield, $400 for four car tires,
$100 for a car radio, and sells cars made with these parts for $20,000, then each car the
automobile manufacturer sells contributes how much to GDP? - Answer $20,000
What is a fiscal policy? - Answer •Decisions that determine the government's budget,
including the amount and composition of government expenditures and government
revenues.
Structural policy What type of government policies attempt to change the underlying
structure, or institutions, of the nation's economy?
GDP Gross domestic product The market value of final goods and services produced in
a country in a given time period.
Formula for calculating GDP Y=GDP= C+I+G+NX where Y= Output C= consumption
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