Econ 2301 exam 3. Econ 2301 exam 1 review 2023-01-02

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Principles of Macroeconomics (ECON 2301)

econ 2301 exam 3

Suppose the current aggregate demand is represented by AD2. A Maina purchases a new car for commuting to and from work. C the decrease in aggregate demand was more than the increase in aggregate supply. D an inflationary gap if the economy was initially operating below full employment. I will be posting the answers to the assignments after the due date, so I would suggest you to write down your answers to be able to compare them later on.

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ECON 2301 exam 3 Flashcards

econ 2301 exam 3

C Real GDP decreases to Y3 and the price level falls to P3. The rationing function of prices means that A. An economy in which labor is relatively scarce would tend to use capital intensive production methods. However, answers have to be submitted all at once. If the supply and demand curves for a product both decrease, then equilibrium: A. Other topics include international trade, economic growth, business cycles, and fiscal policy and monetary policy. Section 05, MWF 10:45 - 11:35 Assignments Instructions: Each of the assignments is due at the corresponding time and date specified below.

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ECON 2301

econ 2301 exam 3

If a consumer buys less gasoline because gas prices increased by 10 percent, even though all other prices have also increased by 10 percent, then A the consumer is paying too close attention to changes in relative prices. B The price system encourages the production of public goods. B individuals act as if they were rational. What they mean is that A it reduces the current level of investment. Assignment 3 Monday, October 25 at 11:45 p. C Real GDP decreases to Y3 and the price level falls to P3. This would cause A the short-run aggregate supply curve to shift to the left, but there would be no effect on the long-run aggregate supply curve.

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Econ 2301

econ 2301 exam 3

B Decrease interest rates. C both the short-run and the long-run aggregate supply curves to shift to the right in equal amounts. Do this for both monetary and fiscal policy tools! The average tax rate can be calculated by which of the following formulas? C Taken together, expenditures on national defense and on income security and health programs now account for less than half of all federal government spending. Assignment 5 Wednesday, November 24 at 10:00 a. Assignment 2 Wednesday, September 29 at 10:00 a. C supply and demand analysis does not apply. A There will be an increase in aggregate output demanded and the economy moves from point A to point G.

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Econ 2301 exam 1 review

econ 2301 exam 3

Hoyle's rules of games e. B Investment is primarily the market value of all equipment, buildings, and inventories held by corporations, partnerships, and proprietorships. What is the short-run effect of increased deficit spending on an economy experiencing a recessionary gap? C lower price shifts the demand curve to the right. C an inflationary gap if the economy was initially operating at full employment. A congressman states, "If a government attempts to increase employment through increased government spending, all we will end up with is a higher price level. D beneficiaries are entitled to receive services for which the per-unit cost exceeds their own personal out-of-pocket payment. Suppose the economy is initially experiencing a recessionary gap.

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Econ 2301

econ 2301 exam 3

When studying individuals' economic behavior, economists assume that A individuals understand the rationale for all their actions. D aggregate supply to fall according to Keynes, and unemployment to increase according to classical economists. What happens in the short run? A The aggregate supply curve shifts right; the aggregate demand curve is not affected; price level decreases; real GDP increases. B the supply of medical services does not respond to price changes. Please explain why you selected the tools that you selected and why you did not select the other choices? Which of the following is an example of money illusion? D an intervention policy that decreases aggregate supply and increases aggregate demand. C increased; causing net exports to decrease and aggregate demand to fall. Hospitals announce that there are not enough nurses available to keep them fully staffed.

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ECON 2301 Exam 3

econ 2301 exam 3

Many consumers pay prices that are greater than the equilibrium price of Good A. In April, 12,000 of the 30,000 people who were not looking for work begin their job search. The economy is booming. Principles of Macroeconomics ECON 2301 Credits: 3, Lecture Hours: 3, Lab Hours 0 Pre-Requisites: Co-Requisites: None Description: An analysis of the economy as a whole including measurement and determination of Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. If the economy is at E and the government wants to increase aggregate demand to , but the increase in spending only shifts the aggregate demand curve to , then A complete crowding out has occurred.

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ECON

econ 2301 exam 3

Define and measure national income and rate of unemployment and inflation 4. Media reports often suggest that the increasing public debt is a burden on future generations. B for which the desired quantity is less than what nature provides at a zero price. . Find out more about contacting your instructor Instructor Contact Information Name: Uzo Agulefo Ph. Consider This Ticket scalping refers to: a the surplus of tickets that occurs when price is set below equilibrium.


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Econ 2301

econ 2301 exam 3

Many consumers think the market price of Good A is greater than its cost. Which of the following is true? As compared to the market clearing price, the total amount of consumer surplus and producer surplus is A greater for a government-imposed price floor that is higher than that market clearing price. B Colombia has a comparative advantage in producing coffee relative to the United States. One reason the Medicare system costs so much is A the amount of medical services is determined by the equilibrium of supply and demand. F Virtual 8:30-10:30 a. D that receive social approval but which governments dislike.

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