Econ 2101 Exam 3 (23
questions and answers)
Rule of 72 - answer Doubling time for an investment
Rule of 72 Calculation - answer 72/growth rate
Growth Rate - answer % of change in real potential GDP (Y)
Growth Rate Calculation - answer (new-old)/old
GDP Per Capita Calculation - answer GDP/population
Growth Rate of Real GDP Per Capita - answer Growth rate of real GDP-Growth
rate of population
3 Functions of Money - answer 1. Medium of Exchange
2. Store of Value
3. Unit of Account
Medium of Exchange - answer Anything that is accepted as a means of
payment
Store of Value - answer Items hold value over a period of time
Unit of Account - answer Consistent way of measuring the value of things
questions and answers)
Rule of 72 - answer Doubling time for an investment
Rule of 72 Calculation - answer 72/growth rate
Growth Rate - answer % of change in real potential GDP (Y)
Growth Rate Calculation - answer (new-old)/old
GDP Per Capita Calculation - answer GDP/population
Growth Rate of Real GDP Per Capita - answer Growth rate of real GDP-Growth
rate of population
3 Functions of Money - answer 1. Medium of Exchange
2. Store of Value
3. Unit of Account
Medium of Exchange - answer Anything that is accepted as a means of
payment
Store of Value - answer Items hold value over a period of time
Unit of Account - answer Consistent way of measuring the value of things
