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ECON 110 UWSP EXAM 2 QUESTIONS AND CORRECT ANSWERS

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ECON 110 UWSP EXAM 2 QUESTIONS AND CORRECT ANSWERS Net Exports CORRECT ANSW-exports - imports Exports CORRECT ANSW-x imports CORRECT ANSW-M Y = C + I + G + (X-M) CORRECT ANSW-GDP expenditure equation does not include UA, BMA, NMA so it UNDERSTATES the true level of economic activity CORRECT ANSW-GDP is not a good measure of economic activity because... Underground activity CORRECT ANSW-legal, but unreported

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ECON 110 UWSP EXAM 2 QUESTIONS
AND CORRECT ANSWERS
Net Exports ✅✅CORRECT ANSW-exports - imports



Exports ✅✅CORRECT ANSW-x



imports ✅✅CORRECT ANSW-M



Y = C + I + G + (X-M) ✅✅CORRECT ANSW-GDP expenditure equation



does not include UA, BMA, NMA so it UNDERSTATES the true level of economic activity
✅✅CORRECT ANSW-GDP is not a good measure of economic activity because...



Underground activity ✅✅CORRECT ANSW-legal, but unreported



Black market activity ✅✅CORRECT ANSW-illegal activity and obviously not reported



Non-market activity or Household Production ✅✅CORRECT ANSW-no transaction in market. EX:
cooking for yourself rather than going out



Price Index ✅✅CORRECT ANSW-= (current yr value of the mkt bskt / base yr value of the mkt
basket) * 100



market basket ✅✅CORRECT ANSW-a representative collection of goods and services



GDP ✅✅CORRECT ANSW-the market value of all final goods and services produced within the US
in a given period of time



Consumption ✅✅CORRECT ANSW-C; Household purchases on final goods and services, new
homes are not included in this

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