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Econ2302/Exam1 Test

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5 Written Questions

5 Matching Questions

  1. Three Market Arenas
  2. If personal saving rate low...
  3. 3 things that equal each other
  4. GDP
  5. Sticky prices
  1. a households are spending a large amount relative to income
  2. b the market value of all final goods and services produced within a given period of time by factors of production located within a country.
  3. c goods and services
    labor
    money
  4. d expenditures=income=output
  5. e prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded

5 Multiple Choice Questions

  1. wages
    rents
    interests
    profits
  2. gross investment-depreciation
  3. peak to trough during which employment and output fall
  4. personal income-personal income taxes
  5. measures income recieved by all factors of production in producing final goods and services

5 True/False Questions

  1. capital stock at the end of period is...capital at the beginning+net investment

          

  2. NNPtotal market value of all final goods and services produced within a given period by factors of production owned by a country's citizens, regardless of where the output is produced

          

  3. personal saving rateamount of disposable income left after personal spending

          

  4. compensation of employeesthe total income earned by the factors of production owned by a country's citizens

          

  5. national income and product accountsdata collected and published by the government describing the various components of national income and output in the economy

          

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