Goffe - 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, 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...

What does our book argue about leisure and GDP? -If we worked like in the past, GDP would be less, and leisure would be less. -If we worked like in the past, GDP would be less, but leisure would be larger. -If we worked like in the past, GDP would be larger, and leisure would be larger. -If we worked like in the past, GDP would be larger, but leisure would be less. -If we worked like in the past, GDP would be larger, but leisure would be less. Which represents ownership in a corporation? ...

ECON 104 GOFFE FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS!!

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

What is an example of creative destruction? iPhone replacing old flip phones Changes in federal funds rate influences interest rates on car loans, mortgages and student loans (T or F) True In order to grow quickly, China concentrated spending in which piece of GDP? Investment What would be the best explanation for an economy with inflation and falling spending? Rising oil prices (SRAS shifts left) What will happen to the natural rate of unemployment if a new phone app were to speed up th...

Economic growth in the 2nd quarter of this year was about_____. a. 1% b. 2% c. 3% d. 4% - Answer- 4% How does capital show up in GDP? a. as something owned by households b. as something owned by firms c. as something purchased by households d. as something produced by firms - Answer- as something produced by firms T or F: Every time the government writes a check that expense shows up in GDP. a. True b. False - Answer- False Since 1970, real GDP_____. a. decreased most...

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 each real GDP for 2015: (103M * $50 + 11M * 20,000...

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 ...