ECON 248 EXAM SCRIPT 2026 VERIFIED
QUESTIONS AND ACCURATE ANSWERS
GRADED A+
●● Macroeconomics.
Answer: the study of the performance of the national economy and the
global economy
●● Gross Domestic Product (GDP).
Answer: The value of the final goods and services produced withing a
country in a given period
●● Aggregate Expenditure Formula.
Answer: AE = C + I + G + (X - M)
●● Market Value.
Answer: the prices at which items are traded in markets
●● Final good or service.
Answer: a good or service purchased by a final user during a specific
time period.
, ●● Intermediate good or service.
Answer: an item that is produced by one firm, bought by another firm,
and used as a component of a final good or service
●● GDP produced within a country.
Answer: If Canada Produces T-Shirts in Taiwan, the value is part of
Taiwan's GDP, not Canada's. Where the good is actually produced is
important.
●● GDP in a given time period.
Answer: Quarterly or Annually
●● GDP measures what?.
Answer: Production. But is also measures total income and total
expenditure.
●● The economy consists of....
Answer: Households, firms, governments, and the rest of the world, all
which trade in factor markets and goods and services markets.
●● In a factor market, households and firms buy....
Answer: the services of labour, capital, and land
QUESTIONS AND ACCURATE ANSWERS
GRADED A+
●● Macroeconomics.
Answer: the study of the performance of the national economy and the
global economy
●● Gross Domestic Product (GDP).
Answer: The value of the final goods and services produced withing a
country in a given period
●● Aggregate Expenditure Formula.
Answer: AE = C + I + G + (X - M)
●● Market Value.
Answer: the prices at which items are traded in markets
●● Final good or service.
Answer: a good or service purchased by a final user during a specific
time period.
, ●● Intermediate good or service.
Answer: an item that is produced by one firm, bought by another firm,
and used as a component of a final good or service
●● GDP produced within a country.
Answer: If Canada Produces T-Shirts in Taiwan, the value is part of
Taiwan's GDP, not Canada's. Where the good is actually produced is
important.
●● GDP in a given time period.
Answer: Quarterly or Annually
●● GDP measures what?.
Answer: Production. But is also measures total income and total
expenditure.
●● The economy consists of....
Answer: Households, firms, governments, and the rest of the world, all
which trade in factor markets and goods and services markets.
●● In a factor market, households and firms buy....
Answer: the services of labour, capital, and land
