ECON 104 FINAL EXAM GOFFE | COMPLETE QUESTIONS WITH
100% RATED EXPERT SOLUTIONS |2026 LATEST UPDATED
Which of the following does not increase long run economic growth?
a. increase in capital
b. a working legal system
c. increases in the money supply
d. increases in human capital - (answer)b. a working legal system
Which has the largest impact on potential GDP?
a. interest rates set by the Fed
b. automatic stabilizers
c. human capital
d. entitlement spending - (answer)c. human capital
,Say that you calculate nominal GDP from one year to the next during an expansion
when there is inflation. What would stay constant in your calculation?
a. the number of goods produced
b. the prices of goods
c. the market basket
d. none of the above - (answer)d. none of the above
The most common use of the "Rule of 70" is which of the following?
a. to explain economic growth
b. to explain technological change
c. to find how long it takes something to double
d. to find the growth rate when something doubles - (answer)c. to find how long it
takes something to double
,Which of the following best describes why the per-worker production function is
important?
a. it describes why living standards rise b. it describes how capital is used
c. it describes how labor is used
d. it describes diminishing returns - (answer)d. it describes diminishing returns
There was only one cause of the Great Recession - the subprime crisis.
a. true
b. false - (answer)b. false
What kinds of retirement plans are most common today for new workers?
a. defined contribution (where the worker runs the plan)
b. defined benefit (where the employer runs the plan) - (answer)a. defined
contribution (where the worker runs the plan)
, The Quantity Theory of Money is a description of both long-run inflation and of
long-run growth
a. true
b. false - (answer)a. true
As a result of its operations during an after the Great Recession, what changed on
the liability side of the Fed's balance sheet?
a. loans to banks
b. loans from banks
c. T-bills
d. deposits of bank - (answer)a. loans to banks
How could a fall in real GDP and an increase in the price level best be explained
by a single event in the short run?
100% RATED EXPERT SOLUTIONS |2026 LATEST UPDATED
Which of the following does not increase long run economic growth?
a. increase in capital
b. a working legal system
c. increases in the money supply
d. increases in human capital - (answer)b. a working legal system
Which has the largest impact on potential GDP?
a. interest rates set by the Fed
b. automatic stabilizers
c. human capital
d. entitlement spending - (answer)c. human capital
,Say that you calculate nominal GDP from one year to the next during an expansion
when there is inflation. What would stay constant in your calculation?
a. the number of goods produced
b. the prices of goods
c. the market basket
d. none of the above - (answer)d. none of the above
The most common use of the "Rule of 70" is which of the following?
a. to explain economic growth
b. to explain technological change
c. to find how long it takes something to double
d. to find the growth rate when something doubles - (answer)c. to find how long it
takes something to double
,Which of the following best describes why the per-worker production function is
important?
a. it describes why living standards rise b. it describes how capital is used
c. it describes how labor is used
d. it describes diminishing returns - (answer)d. it describes diminishing returns
There was only one cause of the Great Recession - the subprime crisis.
a. true
b. false - (answer)b. false
What kinds of retirement plans are most common today for new workers?
a. defined contribution (where the worker runs the plan)
b. defined benefit (where the employer runs the plan) - (answer)a. defined
contribution (where the worker runs the plan)
, The Quantity Theory of Money is a description of both long-run inflation and of
long-run growth
a. true
b. false - (answer)a. true
As a result of its operations during an after the Great Recession, what changed on
the liability side of the Fed's balance sheet?
a. loans to banks
b. loans from banks
c. T-bills
d. deposits of bank - (answer)a. loans to banks
How could a fall in real GDP and an increase in the price level best be explained
by a single event in the short run?
