Econ 1500 Final USU Exam 2025 With
100% Correct Answers
GDP= - CORRECT ANSWER✔✔Gross Domestic Product
GDP is - CORRECT ANSWER✔✔Shows how large an economy
It equals what the consumer pays
GDP equation - CORRECT ANSWER✔✔C+I+G+NX
Consumer spending Business spending government spending and exported
Real GDP= - CORRECT ANSWER✔✔when you keep the price level constant
Nominal GDP= - CORRECT ANSWER✔✔when they do it for the price it was at the time
the rule of 70 - CORRECT ANSWER✔✔70/growth how long it takes an economy to double
Cutting edge growth. - CORRECT ANSWER✔✔Well developed countries like america china etc
Catch up growth - CORRECT ANSWER✔✔smaller countries that are slowly trying to get like
bigger countries
The iron law of diminishing returns. - CORRECT ANSWER✔✔when you get to a point of having
so many helpful things it doesn't help you anymore
100% Correct Answers
GDP= - CORRECT ANSWER✔✔Gross Domestic Product
GDP is - CORRECT ANSWER✔✔Shows how large an economy
It equals what the consumer pays
GDP equation - CORRECT ANSWER✔✔C+I+G+NX
Consumer spending Business spending government spending and exported
Real GDP= - CORRECT ANSWER✔✔when you keep the price level constant
Nominal GDP= - CORRECT ANSWER✔✔when they do it for the price it was at the time
the rule of 70 - CORRECT ANSWER✔✔70/growth how long it takes an economy to double
Cutting edge growth. - CORRECT ANSWER✔✔Well developed countries like america china etc
Catch up growth - CORRECT ANSWER✔✔smaller countries that are slowly trying to get like
bigger countries
The iron law of diminishing returns. - CORRECT ANSWER✔✔when you get to a point of having
so many helpful things it doesn't help you anymore
