Econ 104 goffe - Study guides, Class notes & Summaries
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ECON 104 Goffe Final Exam Questions with Verified solutions
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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
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Econ 104 Final – Goffe Exam Questions and Answers | 100% Pass!!
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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...
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Econ 104, Goffe, PSU 2024 Exam Graded A+ | Verified & Updated
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Econ 104, Goffe, PSU 2024 Exam Graded A+ 
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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...
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ECON 104 GOFFE FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS!!
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ECON 104 GOFFE FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS!!
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ECON 104 GOFFE PSU
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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...
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ECON 104 Bille Goffe Final Exam Questions with Verified solutions
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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? ...
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Econ 104 Goffe PSU Exam Questions And Answers 100% Verified
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Econ 104 Goffe PSU Exam Questions And 
Answers 100% Verified 
Economic growth in the 2nd quarter of this year was about_____. 
a. 1% 
b. 2% 
c. 3% 
d. 4% - answer4% 
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 - answeras something produced by firms 
T or F: Every time the government writes a check that expense shows up in GDP. 
a. True 
b. False - answerFalse 
Sin...
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Econ 104 Goffe PSU Exam Questions And Answers 100% Verified
- Exam (elaborations) • 12 pages • 2024
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Econ 104 Goffe PSU Exam Questions And 
Answers 100% Verified 
Economic growth in the 2nd quarter of this year was about_____. 
a. 1% 
b. 2% 
c. 3% 
d. 4% - answer4% 
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 - answeras something produced by firms 
T or F: Every time the government writes a check that expense shows up in GDP. 
a. True 
b. False - answerFalse 
Sin...
-
Econ 104 Goffe PSU Exam Questions And Answers 100% Verified
- Exam (elaborations) • 12 pages • 2024
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useholds 
d. as something produced by firms - answeras something produced by firms 
T or F: Every time the government writes a check that expense shows up in GDP. 
a. True 
b. False - answerFalse 
Since 1970, real GDP_____. 
a. decreased most years 
b. decreased some years 
c. never decreased - answerdecreased some years 
Taxes were recently _____ and this _____ economic growth. 
a. increased, speeded 
b. increased, slowed 
c. cut, speeded 
d. cut, slowed - answercut, speeded 
Say that instead o...
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Econ 104 Goffe Quiz 2 Questions with Verified solutions
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If the core CPI was increasing faster than the headline (or regular) CPI, then what is most likely 
happening? 
gas prices are rising 
gas prices are falling 
the GDP deflator is rising 
the GDP deflator is falling -gas prices are falling
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