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Intermediate Macroeconomics Econ 304 Final Exam Questions and Answers
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Intermediate Macroeconomics Econ 304 Final Exam Questions and Answers Nominal GDP measures the value of goods and services in ____ Prices, While real GDP measures the value of goods and services in ____ Prices - ANSWER-Current; Constant Two Equivalent ways to view GDP are as the: - ANSWER-total...

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  • November 11, 2024
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Intermediate Macroeconomics Econ 304

Final Exam Questions and Answers


Nominal GDP measures the value of goods and services in ____ Prices, While real GDP measures the

value of goods and services in ____ Prices - ANSWER✔✔-Current; Constant


Two Equivalent ways to view GDP are as the: - ANSWER✔✔-total income of everyone in the economy or

the total expenditure on the economy's output of goods and services


Since the GDP includes only the additions to income, not transfers of assets, ____ are not included in the

computation of GDP. - ANSWER✔✔-Used goods


The investment components of GDP includes all of the following except; - ANSWER✔✔-purchases of

corporate stock


An increase in the price of imported goods will show up in: - ANSWER✔✔-the CPI but not the GDP

deflator


People are considered to be unemployed if they: - ANSWER✔✔-do not have a job, but have looked for

one in the past 4 weeks


In the long run the level of national income in an economy is determined by its: - ANSWER✔✔-factors of

production, and production function


According to the neoclassical theory of distribution, total output is divided between payments to capital

and payments to labor depending on their: - ANSWER✔✔-Marginal Productivity



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Consumption depends on ___ on disposable income, and investments depends ___ on the real interest

rate: - ANSWER✔✔-Positively: negatively


government transfer payments: - ANSWER✔✔-can be viewed as negative tax payments, T.


In the classical model with fixed income, if the demand for goods and services is less than the supply, the

interest rate will: - ANSWER✔✔-Decrease


According to the model developed in chapter 3, when government spending increases without change in

taxes - ANSWER✔✔-investment decreases


Money has no value other than as money is called ___ money - ANSWER✔✔-Fiat


Economists use the term money to refer to: - ANSWER✔✔-assets used for transactions


In a fractional- reserve banking system, banks create money when they: - ANSWER✔✔-Make Loans


The use of borrowed funds to supplement existing funds for purpose of investment is called: -

ANSWER✔✔-Leverage


The money supply will increase if the: - ANSWER✔✔-monetary base increases


To increase the monetary base the fed can: - ANSWER✔✔-conduct open-market purcahses


If velocity is constant and in addition the factors of production and the production function determine

the real GDP, then: - ANSWER✔✔-the price level is proportional to the money supply


The inflation tax is paid: - ANSWER✔✔-by all holders of money


Devoting resources to avoiding the costs of expected inflation leads to: - ANSWER✔✔-Economic

inefficiency


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