ECO 372 Final Exam 1

This paperwork of ECO 372 Final Exam shows the solutions to the following problems:

1) The largest source of household income in the U.S. is obtained from

A. stock dividends

B. wages and salaries

C. interest earnings

D. rental income

2) The market where business sell goods and services to households and the government is called the

A. goods market

B. factor market

C. capital market

D. money market

3) Real gross domestic product is best defined as

A. the market value of intermediate goods and services produced in an economy, including exports

B. all goods and services produced in an economy, stated in the prices of a given year and multiplied by quantity

C. the market value of all final goods and services produced in an economy, stated in the prices of a given year

D. the market value of goods and services produced in an economy, stated in current-year prices

4) Underemployment includes people

A. who work “-off-the-books”- to avoid tax liabilities

B. who are working part time, or not using all their skills at a full-time job

C. who are tired of looking for a job, so they quit looking, but still want one

D. whose skills are not in demand anymore

5) The Bureau of Economic Analysis is responsible for which of the following?

A. Setting interest rates

B. Managing the money supply

C. Calculating U.S. gross domestic product]

D. Paying unemployment benefits

6) The Federal Reserve provides which of the following data?

A. Federal funds rate

B. Stock price of GE

C. Bond yields of corporations

D. Debt to GDP of Ireland

7) Consider if the government instituted a 10 percent income tax surcharge. In terms of the AS/AD model, this change should have

A. shifted the AD curve to the left

B. shifted the AD curve to the right

C. made the AD curv...

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Business - General Business 1) The largest source of household income is in the U.S. is obtained

A. stock dividends

B. wages and salaries

C. interest earnings

D. rental income

2) The market where business sell goods and services to households and the government is called

A. goods market

B. factor market

C. capital market

D. money market

3) Real gross domestic product is best defined as

A. the market value of intermediate goods and services produced in an economy including exports

B. all goods and services produced in an economy, stated in prices in a given year and multiplied by quantity

C. the market value of all final goods and services produced in an economy stated in the prices of a given year

D. the market value of goods and services produced in an economy stated in current year prices

4) Underemployment includes

A. who work off the books to avoid paying taxes

B. who are working part time or not using all their skills at a fulltime job

C. who are tired of looking for a job soo they quit looking but still want one

D. whose skills are not in demand anymore

5) The bureau of economic analysis is responsible for whicj of the following

A. setting interest rates

B. managing the money supply

C. calculating the US gross domestic product

D. paying unemployment benefits

6) The federal reserve provides which of the following data

A. federal funds rate

B. stock price of GE

C. bond yields of corporation

D. debt to GDP of Ireland

7) Consider if the government instituted a 10% income tax surcharge. In terms of the AS/AD model this change should have

A. shifted the AD curve to the left

B. shifted the AD curve to the right

C. made the AD curve flatter

D. made the AD curve steeper

8) If the depreciation of a country’s currency increases it aggregate expenditures by 20, the AD curve will

A. shift ri...