UNT ECON 1100 EXAM 3 FINAL SCRIPT
PAPER 2026 VERIFIED SOLUTIONS FULL
CONTENT
◉ Exports
Answer: goods produced domestically and sold abroad
◉ Imports
Answer: goods produced abroad and purchased domestically
◉ Expenditure Method
Answer: add up the values of the goods/services produced and sold
◉ Income Method
Answer: uses the fact that all production is simultaneously income
to the person who produced the good/service
◉ Intermediate Good
Answer: a good that is not sold to the final consumer but is sold to
another firm that will use the good as a resource in its own
production
, ◉ Final Goods
Answer: the goods that end up with consumers
◉ Used Goods
Answer: were produced in a previous period and were already
counted when produced
◉ Non-Market Production
Answer: creation of goods/services that are not sold through a
market
◉ Underground Economy/Black Market
Answer: goods/services are bought and sold without reporting the
sale to authorities (this is done to avoid taxes)
◉ Price Index
Answer: mathematical representation of the price level or the
average price for goods/services sold in a country in a particular
year, price level in the base year is equal to 100
◉ Base Year
Answer: the year in which a massive survey of consumers'
purchasing decisions is made
PAPER 2026 VERIFIED SOLUTIONS FULL
CONTENT
◉ Exports
Answer: goods produced domestically and sold abroad
◉ Imports
Answer: goods produced abroad and purchased domestically
◉ Expenditure Method
Answer: add up the values of the goods/services produced and sold
◉ Income Method
Answer: uses the fact that all production is simultaneously income
to the person who produced the good/service
◉ Intermediate Good
Answer: a good that is not sold to the final consumer but is sold to
another firm that will use the good as a resource in its own
production
, ◉ Final Goods
Answer: the goods that end up with consumers
◉ Used Goods
Answer: were produced in a previous period and were already
counted when produced
◉ Non-Market Production
Answer: creation of goods/services that are not sold through a
market
◉ Underground Economy/Black Market
Answer: goods/services are bought and sold without reporting the
sale to authorities (this is done to avoid taxes)
◉ Price Index
Answer: mathematical representation of the price level or the
average price for goods/services sold in a country in a particular
year, price level in the base year is equal to 100
◉ Base Year
Answer: the year in which a massive survey of consumers'
purchasing decisions is made
