PSU Econ 104 Final Exam Actual Questions and Answers 2024 Graded A+

PSU Econ 104 Final Exam Actual Questions and Answers 2024 Graded A+ Which of the following would be an example of a microeconomic issue? Select all that apply. 1. The federal government of Sweden offers tax credits for individuals to put solar paneling on their homes. 2. Sandra takes out a loan to invest in a new business opportunity. 3. A local sandwich shop shuts down during a recession. 4. None of these are microeconomic issues. -Correct Answer-1, 2, and 3 True or false: Macroeconomics is the study of the economy as a whole which includes topics such as unemployment, inflation, and overall production. -Correct Answer-True True or false: Microeconomics is the study of the economy as a whole which includes topics such as unemployment, inflation, and overall production -Correct Answer-False The inflation rate for a given year is measured by taking the: -Correct Answer-Percentage change in the price level from the previous year True or false: The official unemployment rate will never reach 0%. -Correct Answer-True During a recessionary period, the unemployment rate __________ and the total output and production __________. -Correct Answer-rises; falls Which of the following is not one of the three main areas of macroeconomics mentioned in this lesson? Output and Production Employment Prices Taxes -Correct Answer-Taxes The Central Bank of the United States targets a __________ inflation rate. -Correct Answer-2% True or false: The Federal Reserve Economic Database (FRED) began in the early 1990s. - Correct Answer-True Which of the following can be done using the Federal Reserve Economic Database (FRED)? Download economic data into a spreadsheet format All of these are correct Change economic data to represent percentage change over time Access the source of where the economic data originated View economic data graphically -Correct Answer-All of these are correct An intermediate good is a good that: -Correct Answer-A good used in production of a final good or service Which of the folowing would be included in the United States GDP in 2019? -Correct Answer-A pair of jeans produced in the United States in 2019 The purchase of a new house would be counted under which component of GDP? -Correct Answer-Investment Which of the following component of GDP can be negative? consumption investment net exports None of these can be a negative number government purchases -Correct Answer-Net exports Consumption is the __________ component of GDP in the United States. -Correct Answer- largest Which of the following is a reason why GDP is not the perfect measure of production? it does not include levels of pollution it does not include health measures it does not include household production it does not include levels of inequality all of these are reasons why the GDP is not a perfect measure of production -Correct Answer-it does not include household production Which of the following is a reason why GD