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Ec 302 Final Exam Practice Questions And Answers

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EC 302 FINAL EXAM PRACTICE QUESTIONS AND ANSWERS

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EC 302 FINAL EXAM PRACTICE
QUESTIONS AND ANSWERS
Theq9fundamentalq9identityq9ofq9nationalq9incomeq9accountingq9impliesq9_____________
__.q9-q9ANSWERS--Expenditure=production=income

Theq9reasonq9onlyq9newlyq9producedq9goodsq9andq9servicesq9areq9countedq9inq9GDPq9isq9t
hatq9__________________.q9-q9ANSWERS--
itq9allowsq9economistsq9toq9avoidq9doubleq9countingq9theq9productionq9ofq9goodsq9andq9se
rvices

videoq9games:
yearq91q9price:q940
yearq91q9output:q9100
yearq92q9price:q940
yearq92q9output:q9120
yearq93q9price:q945
yearq93q9output:q9150
energyq9drinks:
yearq91q9price:q92
yearq91q9output:q9500
yearq92q9price:q92.5
yearq92q9output:q9550
yearq93q9price:q92.5
yearq93q9output:q9600

Basedq9onq9theq9tableq9"Realq9andq9Nominalq9GDP,"q9ifq9yearq9oneq9isq9theq9baseq9year,q9t
henq9theq9realq9GDPq9inq9yearq9three,q9isq9__________.q9-q9ANSWERS--7200

videoq9games:
yearq91q9price:q940
yearq91q9output:q9100
yearq92q9price:q940
yearq92q9output:q9120
yearq93q9price:q945
yearq93q9output:q9150
energyq9drinks:
yearq91q9price:q92
yearq91q9output:q9500
yearq92q9price:q92.5
yearq92q9output:q9550
yearq93q9price:q92.5
yearq93q9output:q9600

Basedq9onq9theq9tableq9"Realq9andq9Nominalq9GDP,"q9ifq9yearq9oneq9isq9theq9baseq9year,q9t
henq9theq9inflationq9rateq9inq9yearq9threeq9isq9___________.q9-q9ANSWERS--14.6%

, Ifq9theq9quantitiesq9ofq9laborq9andq9capitalq9inq9anq9economyq9withq9aq9Cobb-
Douglasq9productionq9functionq9eachq9increaseq9byq9theq9sameq9xq9percent,q9whichq9ofq9t
heq9followingq9willq9increaseq9byq9xq9percent?q9-q9ANSWERS--output

Theq9outputq9ofq9anq9economyq9canq9produceq9withq9oneq9unitq9ofq9capitalq9andq9oneq9unitq
9ofq9laborq9isq9___________.q9-q9ANSWERS--

indicatedq9byq9theq9Aq9variableq9inq9theq9Cobb-Douglasq9productionq9function

Diminishingq9marginalq9productq9meansq9thatq9______________.q9-q9ANSWERS--
whenq9addingq9extraq9unitsq9ofq9aq9singleq9input,q9outputq9increasesq9becomeq9smaller

Inq9anq9economyq9withq9productionq9functionq9Y=1.5XK^0.3L^0.7,q9K=343,q9andq9L=512.
q9Ifq9aq9factorq9marketsq9areq9inq9equilibrium,q9thenq9theq9rentalq9priceq9ofq9capitalq9isq9(app

roximately)q9______________.q9-q9ANSWERS--0.6

Anq9economy'sq9productionq9functionq9isq9Y=AK^0.3L^0.7,q9andq9theq9economy'sq9totalq9
outputq9inq9equilibriumq9isq9$90q9billion.q9Totalq9capitalq9incomeq9inq9theq9economyq9isq9-
q9ANSWERS--$27q9billion



Privateq9savingq9refersq9toq9_____________.q9-q9ANSWERS--
disposableq9incomeq9minusq9consumptionq9expenditure

Increasesq9inq9_______________q9typicallyq9leadq9toq9decreasesq9inq9consumptionq9-
q9ANSWERS--theq9interestq9rate



"Crowdingq9out"q9refersq9toq9theq9decreaseq9inq9___________q9thatq9mayq9resultq9fromq9a
nq9increaseq9inq9governmentq9spending.q9-q9ANSWERS--privateq9investment

Inq9theq91970s,q9nominalq9interestq9ratesq9inq9theq9Unitedq9Statesq9wereq9quiteq9high,q9whil
eq9realq9interestq9ratesq9wereq9extremelyq9low.q9Whichq9groupq9"wins"q9inq9thisq9circumsta
nce,q9lendersq9orq9borrowers?q9Whatq9mightq9explainq9theq9willingnessq9ofq9theq9"losers"q9
toq9acceptq9disadvantageousq9loanq9terms?q9-q9ANSWERS--
Inq9thisq9circumstance,q9borrowersq9areq9moreq9likelyq9toq9winq9becauseq9theq9realq9intere
stq9rateq9isq9aq9measureq9ofq9howq9muchq9returnq9youq9oweq9whenq9borrowingq9money.q9Ifq
9interestq9ratesq9areq9low,q9borrowersq9areq9moreq9likelyq9toq9borrowq9moreq9money.q9Aq9le

nderq9wouldq9acceptq9theseq9loanq9termsq9becauseq9theq9borrowersq9areq9moreq9likelyq9to
q9takeq9outq9aq9largerq9loanq9resultingq9inq9theq9lendersq9makeq9moreq9money.



Demonstrateq9graphicallyq9theq9effectq9ofq9"crowdingq9out."q9-q9ANSWERS--
Aq9declineq9inq9savingsq9resultsq9fromq9"crowdingq9out."

Doesq9theq9functionq9F(K,L)=3K^0.2L^0.8q9haveq9constantq9returnsq9toq9scale?q9Demons
trateq9algebraically.q9-q9ANSWERS--
Thisq9functionq9doesq9haveq9constantq9returnsq9toq9scale

Countriesq9withq9differentq9initialq9levelsq9ofq9perq9capitaq9incomeq9mayq9gravitateq9toq9aq9s
imilarq9levelq9ofq9perq9capitalq9income.q9Economistsq9callq9thisq9phenomenonq9________
_________.q9-q9ANSWERS--convergence

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