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ECN 211 EXAM 2 ASU Exam Updated 2023-2024 New Latest Version with All Questions, Exams of Nursing

Questions and answers related to macroeconomics concepts such as GDP, net exports, inflation rate, unemployment, productivity, investment, and catch-up effect. It also covers topics such as CPI calculation, real and nominal wages, and the effects of inflation on purchasing power. likely to be useful for students studying macroeconomics at the university level.

Typology: Exams

2023/2024

Available from 09/30/2023

john-wachira
john-wachira 🇺🇸

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Download ECN 211 EXAM 2 ASU Exam Updated 2023-2024 New Latest Version with All Questions and more Exams Nursing in PDF only on Docsity!

ECN 211 EXAM 2 ASU Exam Updated 2023- 2024

New Latest Version with All Questions from Actual

Exam and 100% Correct Answers

GDP is - ANSWER value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - ANSWER Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - ANSWER exports minus imports

CPI is used to - ANSWER monitor changes in the cost of living over time Inflation rate - ANSWER percentage change in the price level from the previous period Indexation refers to - ANSWER using a law or contract to automatically correct a dollar amount for the effects of inflation For the Bureau of Labor Statistics to place someone in the "unemployed" category, that person must - ANSWER be available for work

Labor-force participation rate tells us the fraction of the population that - ANSWER has chosen to participate in the labor market People who are unemployed because they are in search of a job that suits their skills are included within - ANSWER frictional unemployment The natural unemployment rate includes - ANSWER both frictional and structural unemployment Wages set above the equilibrium wage by - ANSWER firms to increase productivity are called efficiency wages Who in the adult population is counted as "employed" in U.S. labor statistics? - ANSWER people who are temporarily absent from their job and people who work without pay in a family member's busines Measure productivity by - ANSWER Divide the quantity of output by the number of hours worked Industrial machinery is an example of - ANSWER - factor of production that in the past was an output from the production process

  • physical capital.
  • something that influences productivity Cyclical unemployment is closely associated with - ANSWER short-run ups and downs of the economy

Calculate GDP - ANSWER GDP=C+I+G+(X-Im) Real vs. Nominal GDP - ANSWER real values are adjusted for inflation, while nominal values are not. As a result, nominal GDP will often appear higher than real GDP Intermediate vs. Final Goods - ANSWER intermediate goods-goods used in the production of final goods final goods- final goods are the goods which are ready for sale in the market Expenditure Approach - ANSWER The national income accounting method that measures GDP by adding all the spending for final goods during a period of time

  • One way to measures GDP
  • GDP = C + I + G + (X - M) Problems with GDP - ANSWER - Nonmarket Transactions
  • Distribution, Kind, and Quality of Products
  • Neglect of Leisure Time
  • The Underground Economy
  • Economic Bads Unemployement - ANSWER Actual vs. Potential GDP - ANSWER structural unemployment - ANSWER the economy has jobs and workers for those jobs, but the workers skills are outdated; occurs because a healthy, growing economy is always going through technological transformations

frictional unemployment - ANSWER people are looking for jobs and there are appropriate jobs out there for them, they just have not found the jobs yet; exists because the job search process takes time Cyclical Unemployment - ANSWER When individuals lose jobs due to a fall in aggregate demand, often during an economic recession. Seasonal Unemployment - ANSWER When individuals are unemployed due to a change in season, e.g. Santa Claus after christmas. Costs of unmployment - ANSWER Measurement of unemployment - ANSWER Discouraged workers - ANSWER efficiency wages - ANSWER define CPI - ANSWER CPI calculation - ANSWER CPI catergories - ANSWER Calculate inflation rate - ANSWER

CPI indexation - ANSWER nominal wages calculate - ANSWER real wages calculate - ANSWER real interest rate calculation - ANSWER nominal interest rate calculation - ANSWER cost of inflation - ANSWER inflation and purchasing power - ANSWER Redistributive effects of inflation - ANSWER anticipated and unanticipated infaltion - ANSWER accuracy and bias of CPI - ANSWER productivity - ANSWER physical capital per worker - ANSWER

human capital per worker - ANSWER natural resources per worker - ANSWER technological knowledge - ANSWER production function - ANSWER investment - ANSWER diminishing returns - ANSWER catch-up effect - ANSWER investment from abroad - ANSWER education - ANSWER health and nutrition - ANSWER property rights and political stability - ANSWER free trade - ANSWER research and development - ANSWER

population growth - ANSWER