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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 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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PSU Econ 104 Final Exam Questions And Answers 100% Verified
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PSU Econ 104 Final Exam Questions And 
Answers 100% Verified 
If the required reserve ration is 20%, the simple deposit multiplier is _______ 
A. 2 
B. 5 
C. 10 
D. 20 - answerB. 5 
1/.2 = 5 
Imagine that Kristy deposits $10,000 of currency into her checking account deposit at Bank A 
and the reserve ratio is 20%. As a result of Kristy's deposit, Bank A's reserves immediately 
increase by: 
A. $2,000 
B. $8,000 
C. $ 10,000 
D. $50,000 - answerC. $10,000 
This is how much money she puts in the...
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Econ 104 Goffe PSU Exam Questions And Answers 100% Verified
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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, PSU Exam Questions And Answers 100% Verified
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Econ 104, Goffe, PSU Exam Questions And 
Answers 100% Verified 
GDP - answerthe market value of all FINAL goods and services produced in a country 
during a period of time. 
GDP equation - answerGDP(Y)=C (consumption) + I (investments) +G (gov purchases) 
+NX (net exports) 
Consumption - answerexpenditures made by households (excluding the purchase of a new 
house) 
Investment - answerFinal goods and services purchased by business firms (equipment for 
production and new buildings), changes in i...
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Econ 104 Final Exam Questions And Answers (Verified And Updated)
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in current year/ market basket price in base 
year)*100 
Limitations of GDP - answer1. Doesn't account for change in quality. 
2. Doesn't account for underground economy. 
3. Doesn't account for 'bads' of economy 
4. Doesn't account for non-market production 
Limitations of CPI - answerSubstitution bias, increase in quality bias, new product bias, 
outlet bias. 
Core Inflation - answerignores food/energy, as they can be more volatile 
Headline inflation - answertakes food and energy in to ...
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Econ 104 Final – Goffe Study Guide (100% Guaranteed Pass) Latest Update.
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Econ 104 Final – Goffe Study Guide (100% Guaranteed Pass) Latest Update.
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PSU Econ 104 Final Exam Questions And Answers 100% Verified
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PSU Econ 104 Final Exam Questions And 
Answers 100% Verified 
If the required reserve ration is 20%, the simple deposit multiplier is _______ 
A. 2 
B. 5 
C. 10 
D. 20 - answerB. 5 
1/.2 = 5 
Imagine that Kristy deposits $10,000 of currency into her checking account deposit at Bank A 
and the reserve ratio is 20%. As a result of Kristy's deposit, Bank A's reserves immediately 
increase by: 
A. $2,000 
B. $8,000 
C. $ 10,000 
D. $50,000 - answerC. $10,000 
This is how much money she puts in the...
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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
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Econ 104, Goffe, PSU Exam Questions And 
Answers 100% Verified 
GDP - answerthe market value of all FINAL goods and services produced in a country 
during a period of time. 
GDP equation - answerGDP(Y)=C (consumption) + I (investments) +G (gov purchases) 
+NX (net exports) 
Consumption - answerexpenditures made by households (excluding the purchase of a new 
house) 
Investment - answerFinal goods and services purchased by business firms (equipment for 
production and new buildings), changes in i...
-
Econ 104 Final Exam Questions And Answers (Verified And Updated)
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Econ 104 Final Exam Questions And 
Answers (Verified And Updated) 
Nominal GDP - answerthe value of final goods and services evaluated at current-year prices 
How to calculate nominal GDP - answerC + I + G +NX 
Real GDP - answerThe value of final goods and services evaluated at base-year prices 
How to calculate real GDP - answerP*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 ea...
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Econ 104 Final – Goffe Study Guide (100% Guaranteed Pass) Latest Update
- Exam (elaborations) • 21 pages • 2024
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Econ 104 Final – Goffe Study Guide (100% Guaranteed Pass) Latest Update