Econ 104 goffe final - Study guides, Class notes & Summaries

True or False: The business cycle is the same thing as economic growth -False Which of the following is the best example of capital? A. a family buying a newly produced house B. a shoe store adding to its inventories C. a ship used to carry oil across the ocean D. the production and sale of a new delivery van for UPS -C. a ship used to carry oil across the ocean

Econ 104 Final – Goffe Exam Questions and Answers | 100% Pass!! Nominal GDP -Answer-the value of final goods and services evaluated at current-year prices How to calculate nominal GDP -Answer-C + I + G +NX Real GDP -Answer-The value of final goods and services evaluated at base-year prices How to calculate real GDP -Answer-P*Q for every good in GDP and add them all together BASE YEAR 2014 - 100M visits at $50 each 2015 - 103M visits at $53 10M cars at $20,000 each 11M cars at $20,500...

ECON 104 GOFFE FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS!!

Econ 104, Goffe, PSU 2024 Exam Graded A+ | Verified & Updated GDP -Answer-the market value of all FINAL goods and services produced in a country during a period of time. GDP equation -Answer-GDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net exports) Consumption -Answer-expenditures made by households (excluding the purchase of a new house) Investment -Answer-Final goods and services purchased by business firms (equipment for production and new buildings), changes in i...

ECON 104 Goffe Final Questions, Answers, Rationales

Econ 104 Final – Goffe Study Guide (100% Guaranteed Pass) Latest Update

QUESTIONS AND ANSWERS

ECON 104 Bille Goffe Final Exam Questions Reviewed And Revised With Correct Answers 1) Which of the following compares prices in one year to prices in a base year (or period)? -real GDP and the GDP deflator -nominal GDP and real GDP -the CPI and nominal GDP -the GDP deflator and the CPI - ANSWER and the CPI the GDP deflator 2) How much did your real wage grow if your nominal wage grew by 5% and the CPI grew by 2%? -5% -2% -7% -3% - ANSWER 3% 3) Which tracks the LEAST ...

QUESTIONS AND ANSWERS

ECON 104 Bille Goffe Final Exam Questions Reviewed And Revised With Correct Answers 1) If nominal GDP is growing more quickly than real GDP, which is most likely? A. rising prices B. falling prices C. an expansion D. a recession - ANSWER A. rising prices 2) Which two are most likely to go together? ___ inflation and ___ in the GDP deflator. A. High, small increases B. High, large increases C. Low, small decreases D. Low, large decreases - ANSWER B. High, ...