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Econ 104 Final Exam
Econ 104 Final Exam Studying (based off previous exams)
| Question | Answer |
|---|---|
| Gross domestic product understates the total production of final goods and services because of the omission of _________. | household production. |
| Real GDP will increase _______ | only if the quantity of final goods and services produced rises. |
| Consider a car that is produced in 2022, but is not sold until 2023. According to the definition of GDP, in which year's GDP should it be counted? | 2022 |
| Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. This would _______ | increase the measured labor force participation rate. |
| The study of economics arises due to _______ | scarcity |
| An advantage of the establishment survey over the household survey of the labor market is that the establishment survey ________. | is based on actual payrolls, rather than on unverified answers. |
| A change in which variable will change the market demand for a product? | expected future prices |
| The consumer price index is the _______. | average of the prices of the goods and services purchased by a typical urban family. |
| A demand curve shows the relationship between _______ | the price of a product and the quantity of the product demanded. |
| If the quantity demanded for a product exceeds the quantity supplied, the market price will rise until _______ | quantity demanded equals quantity supplied. The market price will then equal the equilibrium price. |
| Unemployment arising from a persistent mismatch between the skills and characteristics of workers and the requirements of jobs is called ________. | structural unemployment. |
| If a decrease in income leads to a decrease in the demand for ice cream, then ice cream is _______ | a normal good. |
| Suppose in 2022, you purchase a house built in 2014. Which of the following would be included in the gross domestic product for 2022? | the value of the services of the real estate agent |
| If the price of propane-fueled gas grills was to decrease, then ________ | the demand for propane would increase. |
| Economists assume that ________ | optimal decisions are made at the margin. |
| The output of Mexican citizens who work in Texas would be included in the ________ | gross national product of Mexico. |
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mollypskates
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