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 GDP is not the perfect measure of well-being in a society? it does not include the level of income inequality it does not include the amount of leisure time people have on average it does not include the level of pollution in society all of these are reasons why GDP is not a perfect measure of economic well-being it does not include health measures like life expectancy rates -Correct Answer-all of these are reasons why GDP is not a perfect measure of economic well-being If prices steadily increase year over year, which of the following must be true? Real GDP will always increase year over year. Nominal GDP will always increase year over year. Nominal GDP is higher than real GDP in years before the base year. Real GDP is higher than nominal GDP in years after the base year. None of these are correct -Correct Answer-None of these are correct If production and prices steadily increase year over year, which of the following must be true? Nominal GDP is higher than real GDP in years after the base year. All of these are correct. Nominal GDP will always increase year over year. Real GDP is higher than nominal GDP in years before the base year. Real GDP will always increase year over year. -Correct Answer-All of these are correct. If production steadily increases year over year, which of the following must be true? None of these are correct Real GDP will always increase year over year. Nominal GDP is higher than real GDP in years before the base year. Nominal GDP will always increase year over year. Real GDP is higher than nominal GDP in years after the base year. -Correct Answer-Real GDP will always increase year over year. Someone who is working part-time but wants to be working full-time is classified as: -Correct Answer-Employed My grandmother is 86 years old and retired 10 years ago. Last month she decided she was bored and wanted to find a part-time. Nana (what I call my grandmother) put in a few applications but has yet to hear back. She continues to look for a part-time job. We would officially count Nana as: -Correct Answer-unemployed To be classified as officially unemployed, one must be: -Correct Answer-both not working and actively looking for work If the unemployment rate is 7% and the labor force is 157,035, what is the total number of people unemployed? Please round to the nearest whole number. -Correct Answer-10992 If the unemployment rate is 5.8% and the labor force is 156,269, what is the total number of people employed? Please round to the nearest whole number. -Correct Answer-147205 According to your readings, there are