MIE 201 LATEST EXAM 1 2026 SPRING COMPLETE
QUESTION AND ANSWER NC STATE UNIVERSITY
GRADED A (ORIGINAL PDF)
Why did GDP replace GNP
GNP looked at countries headquartered in the USA even if they were operating elsewhere. GDP looks at
everything produced in American regardless of where the company does business.
Budget Deficit
When a nation spends more than it takes from taxes.
5 different ways we evaluate a nation's economy
Trade balance, Consumer price index, per capita income, unemployment rate, inflation, worker
productivity.
Trade Balance
The difference between our exports and our imports.
Trade Deficit
Importing more than you export
Trade Surplus
Exporting more than you import
Consumer Price Index (CPI)
, Measures changes in prices of goods and services purchased for consumption by typical urban
households.
Per Capita Income
Evaluates the income of the "average" american. Useful in determining how much average consumers
spend and how much Americans are earning.
Unemployment Rate
Indicates how many working-age Americans are not working who otherwise want to work
Worker Prouctivity
The amount of goods and services produced for each hour work.
Standard of Living
the level of wealth and material comfort that people have available to them.
Open Economy
an economy in which economic activities occur between the country and the international community.
Business Ethics
the principles and standards that determine acceptable conduct in business.
Social Responsibility
a business's obligation to maximize positive impact and minimize negative impact on society.
QUESTION AND ANSWER NC STATE UNIVERSITY
GRADED A (ORIGINAL PDF)
Why did GDP replace GNP
GNP looked at countries headquartered in the USA even if they were operating elsewhere. GDP looks at
everything produced in American regardless of where the company does business.
Budget Deficit
When a nation spends more than it takes from taxes.
5 different ways we evaluate a nation's economy
Trade balance, Consumer price index, per capita income, unemployment rate, inflation, worker
productivity.
Trade Balance
The difference between our exports and our imports.
Trade Deficit
Importing more than you export
Trade Surplus
Exporting more than you import
Consumer Price Index (CPI)
, Measures changes in prices of goods and services purchased for consumption by typical urban
households.
Per Capita Income
Evaluates the income of the "average" american. Useful in determining how much average consumers
spend and how much Americans are earning.
Unemployment Rate
Indicates how many working-age Americans are not working who otherwise want to work
Worker Prouctivity
The amount of goods and services produced for each hour work.
Standard of Living
the level of wealth and material comfort that people have available to them.
Open Economy
an economy in which economic activities occur between the country and the international community.
Business Ethics
the principles and standards that determine acceptable conduct in business.
Social Responsibility
a business's obligation to maximize positive impact and minimize negative impact on society.
