Econ 304 - Study guides, Class notes & Summaries

Inflation (definition) -ANSWER Sustained upward movement in the aggregate price level that is shared by most products. inflation= %change in price level Output Ratio -ANSWER Ratio of actual real GDP to natural real GDP -If the ratio=100%, then price level (p) is constant -If the ratio=over 100%, then price level (p) is accelerating -If the ratio=less than 100%, then price level (p) is decelerating Types of Supply Shocks -ANSWER -Changes in business input costs -Weather ...

ECON 304 STUDY GUIDE FOR THE FINAL EXAM 2024/2025 WITH COMPLETE SOLUTION;PENN STATE

ECON 304 Final Exam - Questions with Verified Answers The law of demand suggests that as price rise the quantity of a good purchased will also rise. False When drawing a graph of demand, price is generally placed on the vertical axis. True Changes in the price of a good are considered demand shifters. False Demand is defined as the various quantities of a good or service that people are willing and able to buy at various prices during some time period. True The law of demand is a fairly weak l...

ECON 304 UPDATED Questions and CORRECT Answers endogenous variable - CORRECT ANSWER- a variable that is determined within the model exogenous variable - CORRECT ANSWER- A variable determined outside the model Market Clearing - CORRECT ANSWER- An assumption that prices are flexible, adjust to equate supply and demand

Intermediate Macroeconomics Econ 304 Final Exam 2024 with complete solution

Intermediate Macroeconomics Econ 304 Final UPDATED ACTUAL Exam Questions and CORRECT Answers Nominal GDP measures the value of goods and services in ____ Prices, While real GDP measures the value of goods and services in ____ Prices - CORRECT ANSWER- Current; Constant Two Equivalent ways to view GDP are as the: - CORRECT ANSWER- total income of everyone in the economy or the total expenditure on the economy's output of goods and services

ECON 304 FINAL EXAM | 100% VERIFIED CORRECT 2024/25

Econ 304 Final Exam 100%accurate Inflation (definition) -ANSWER Sustained upward movement in the aggregate price level that is shared by most products. inflation= %change in price level Output Ratio -ANSWER Ratio of actual real GDP to natural real GDP -If the ratio=100%, then price level (p) is constant -If the ratio=over 100%, then price level (p) is accelerating -If the ratio=less than 100%, then price level (p) is decelerating Types of Supply Shocks -ANSWER -Changes in ...

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...

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