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EC 302 Final Exam (2 VERSIONS) 2026-2027
COMPLETE 300 QUESTIONS AND VERIFIED
SOLUTIONS LATEST UPDATE THIS YEAR
EC 302 Final Exam A
QUESTION: A BMW produced in South Carolina
a.
Increases U.S. GDP and German GNP
b.
Increases German GDP and U.S. GNP
c.
Increases German GNP but not U.S. GDP
d.
Increases German GDP but not U.S. GNP - ANSWER-Increases U.S. GDP and German GNP
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QUESTION: Suppose in the current year, an economy produces 50 apples and 20 oranges.
Currently an apple sells for $1, an orange sells for $2.Suppose next year, an economy produces
60 apples and 30 oranges. Next year an apple sells for $2, an orange sells for $3.
Suppose the current year is the base year for statistical calculations, meaning that $90 would be
the value for both nominal and real GDP in the current year.
Next year, the value for nominal GDP is _____, and the value for real GDP is ____.
:a.
$160, $90
b.
$90, $160
c.
$120, $210
d.
$210, $120 - ANSWER-$210, $120
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QUESTION: During the Great Depression in 1933, President Roosevelt's annual salary was
$75,000. Today, a president has an annual salary of $400,000. Suppose the CPI in 1933 was 100
(base year), and today's CPI is 900. Which of the following is true?
a.
The current president's nominal and real salary is greater than President Roosevelt's
b.
President Roosevelt's nominal and real salary is greater than the current president
c.
While President Roosevelt's nominal salary is greater than the current president, the current
president's real salary is greater than President Roosevelt's
d.
While the current president's nominal salary is greater than President Roosevelt's, President
Roosevelt's real salary is greater than the current president - ANSWER-While the current
president's nominal salary is greater than President Roosevelt's, President Roosevelt's real
salary is greater than the current president
QUESTION: Which of the following is preferred by the Federal Reserve when measuring
inflation in the economy to achieve its target goal for inflation?
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a.
Consumer Price Index
b.
Personal Consumption Expenditures Index
c.
GDP Deflator - ANSWER-Personal Consumption Expenditures Index
Q; Which of the following is true?
a.
GDP is a measure of total spending and total income
b.
GDP = C+I+G+ net exports
c.
GDP = C+S(private)+T
d.
All of the above - ANSWER-All of the above
EC 302 Final Exam (2 VERSIONS) 2026-2027
COMPLETE 300 QUESTIONS AND VERIFIED
SOLUTIONS LATEST UPDATE THIS YEAR
EC 302 Final Exam A
QUESTION: A BMW produced in South Carolina
a.
Increases U.S. GDP and German GNP
b.
Increases German GDP and U.S. GNP
c.
Increases German GNP but not U.S. GDP
d.
Increases German GDP but not U.S. GNP - ANSWER-Increases U.S. GDP and German GNP
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QUESTION: Suppose in the current year, an economy produces 50 apples and 20 oranges.
Currently an apple sells for $1, an orange sells for $2.Suppose next year, an economy produces
60 apples and 30 oranges. Next year an apple sells for $2, an orange sells for $3.
Suppose the current year is the base year for statistical calculations, meaning that $90 would be
the value for both nominal and real GDP in the current year.
Next year, the value for nominal GDP is _____, and the value for real GDP is ____.
:a.
$160, $90
b.
$90, $160
c.
$120, $210
d.
$210, $120 - ANSWER-$210, $120
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QUESTION: During the Great Depression in 1933, President Roosevelt's annual salary was
$75,000. Today, a president has an annual salary of $400,000. Suppose the CPI in 1933 was 100
(base year), and today's CPI is 900. Which of the following is true?
a.
The current president's nominal and real salary is greater than President Roosevelt's
b.
President Roosevelt's nominal and real salary is greater than the current president
c.
While President Roosevelt's nominal salary is greater than the current president, the current
president's real salary is greater than President Roosevelt's
d.
While the current president's nominal salary is greater than President Roosevelt's, President
Roosevelt's real salary is greater than the current president - ANSWER-While the current
president's nominal salary is greater than President Roosevelt's, President Roosevelt's real
salary is greater than the current president
QUESTION: Which of the following is preferred by the Federal Reserve when measuring
inflation in the economy to achieve its target goal for inflation?
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a.
Consumer Price Index
b.
Personal Consumption Expenditures Index
c.
GDP Deflator - ANSWER-Personal Consumption Expenditures Index
Q; Which of the following is true?
a.
GDP is a measure of total spending and total income
b.
GDP = C+I+G+ net exports
c.
GDP = C+S(private)+T
d.
All of the above - ANSWER-All of the above
