ECON 213 TOP EXAM ACTUAL TEST PAPER
2026 QUESTIONS SOLUTIONS GRADED A+
◉ double-dip recession.
Answer: a recession that begins after only a short period of
economic recovery from the previous recession
◉ yield curve.
Answer: shows the relationship between the interest rate earned on
a bond (measured on the vertical axis) and the length of time the
bond's maturity date (shown on the horizontal axis)
◉ circular flow diagram.
Answer: illustrates how households and firms interact through
product and resource markets and shows that economic aggregates
can be determinted by examining either spending flows or income
flows to households
◉ gross domestic product (GDP).
Answer: a measure of the economy's total output; it is the most
widely reported value in the national income and product accounts
and is equal to the toal market value of all final goods and services
produced by resources in a given year
, ◉ personal consumption expenditures.
Answer: goods and services purchased by residents of the united
states, whether individuals or businesses; they include durable
goods, nondurable goods, and services
◉ gross private domestic investment.
Answer: investments in such things as structures, equipment, and
software, and changes in private inventories
◉ government spending.
Answer: includes the wages and salaries of government employees;
the purchase of products and services from private businesses and
the rest of the world; and government purchases of new structures
and equipment
◉ net exports.
Answer: exports minus imports for the current period.
exports include all goods and services we sell abroad, while imports
include all goods and services we buy from other countries
◉ national income.
2026 QUESTIONS SOLUTIONS GRADED A+
◉ double-dip recession.
Answer: a recession that begins after only a short period of
economic recovery from the previous recession
◉ yield curve.
Answer: shows the relationship between the interest rate earned on
a bond (measured on the vertical axis) and the length of time the
bond's maturity date (shown on the horizontal axis)
◉ circular flow diagram.
Answer: illustrates how households and firms interact through
product and resource markets and shows that economic aggregates
can be determinted by examining either spending flows or income
flows to households
◉ gross domestic product (GDP).
Answer: a measure of the economy's total output; it is the most
widely reported value in the national income and product accounts
and is equal to the toal market value of all final goods and services
produced by resources in a given year
, ◉ personal consumption expenditures.
Answer: goods and services purchased by residents of the united
states, whether individuals or businesses; they include durable
goods, nondurable goods, and services
◉ gross private domestic investment.
Answer: investments in such things as structures, equipment, and
software, and changes in private inventories
◉ government spending.
Answer: includes the wages and salaries of government employees;
the purchase of products and services from private businesses and
the rest of the world; and government purchases of new structures
and equipment
◉ net exports.
Answer: exports minus imports for the current period.
exports include all goods and services we sell abroad, while imports
include all goods and services we buy from other countries
◉ national income.
