ECN 102 Exam 1 Latest 2025/2026
Questions and Correct Answers Graded
A+|Assured Success
macroeconomic - CORRECT ANSWER-the study of economy-wide phenomena,
including inflation, unemployment, & economic growth
microeconomic - CORRECT ANSWER-the study of how households & firms
make decisions and how they interact in markets
,government purchases (G) - CORRECT ANSWER-measure spending on goods &
services by federal, state, & local govts
transfer payments - CORRECT ANSWER-payments not made in exchange for a
currently produced good or service
gross domestic product (GDP) - CORRECT ANSWER-measures the total income
of a nation
gross domestic income (GDI) - CORRECT ANSWER-total income in the
economy
statistical discrepancy - CORRECT ANSWER-the difference between GDP and
GDI
4 components of GDP - CORRECT ANSWER-1. Consumption (C)
2. Investment (I)
3. Government purchases (G)
4. Net exports (NX)
, GDP equation - CORRECT ANSWER-Y = C + I + G + NX
gross national product (GNP) - CORRECT ANSWER-total income earned by a
nation's permanent residents
net national product (NNP) - CORRECT ANSWER-total income of a naiton's
residents
depreciation - CORRECT ANSWER-the wear & tear on the economy's stock of
equipment & structures
national income - CORRECT ANSWER-the total income earned by a nation's
residents in the production of goods & services
personal income - CORRECT ANSWER-income that households and non-
corporate businesses receive
retained earnings - CORRECT ANSWER-the income that corporations earn but
do not pay out to their owners
Questions and Correct Answers Graded
A+|Assured Success
macroeconomic - CORRECT ANSWER-the study of economy-wide phenomena,
including inflation, unemployment, & economic growth
microeconomic - CORRECT ANSWER-the study of how households & firms
make decisions and how they interact in markets
,government purchases (G) - CORRECT ANSWER-measure spending on goods &
services by federal, state, & local govts
transfer payments - CORRECT ANSWER-payments not made in exchange for a
currently produced good or service
gross domestic product (GDP) - CORRECT ANSWER-measures the total income
of a nation
gross domestic income (GDI) - CORRECT ANSWER-total income in the
economy
statistical discrepancy - CORRECT ANSWER-the difference between GDP and
GDI
4 components of GDP - CORRECT ANSWER-1. Consumption (C)
2. Investment (I)
3. Government purchases (G)
4. Net exports (NX)
, GDP equation - CORRECT ANSWER-Y = C + I + G + NX
gross national product (GNP) - CORRECT ANSWER-total income earned by a
nation's permanent residents
net national product (NNP) - CORRECT ANSWER-total income of a naiton's
residents
depreciation - CORRECT ANSWER-the wear & tear on the economy's stock of
equipment & structures
national income - CORRECT ANSWER-the total income earned by a nation's
residents in the production of goods & services
personal income - CORRECT ANSWER-income that households and non-
corporate businesses receive
retained earnings - CORRECT ANSWER-the income that corporations earn but
do not pay out to their owners
