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ECO/372– Principles of Macroeconomics – Final Exam Study Guide 2013

a. goods market
 
 
 

 
  
!
c. the market value of all 'nal goods and services produced in an economy stated in the prices of
a given year
 
"
 #
b. who are working part *me or not using all their skills at a full*me job
 $!

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 
%
 &
 
c. calcula*ng the US gross domes*c product
 
'
a. federal funds rate
 ()
 
 (*+,
-./0,1231*

a. shi-ed the AD curve to the le-
 41*
 1*56
782
 
b. wages and salaries
 
 
9,:/ 1*
a. shi- right by more than 20

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ECO/372- Principles of Macroeconomics - Final Exam Study Guide 20131. The market where business sell goods and services to households and the government is calleda.goods market b.factor marketc.capital marketd.money market2. Real gross domestic product is best defined asa.the market value of intermediate goods and services produced in an economy including exportsb.all goods and services produced in an economy, stated in prices in a given year and multiplied by quantityc.the market value of all final goods and services produced in an economy stated in the prices of a given yeard.the market value of goods and services produced in an economy stated in current year prices3. underemployment includesa.who work off the books to avoid paying taxesb.who are working part time or not using all their skills at a fulltime jobc.who are tired of looking for a job so they quit looking but still want oned.whose skills are not in demand anymore4. .The bureau of economic analysis is responsible for which of the followinga.setting interest ratesb.managing the money supplyc.calculating the US gross domestic productd.paying unemployment benefits5. The federal reserve provides which of the following dataa.federal funds rateb.stock price of GEc.bond yields of corporationd.debt to GDP of Ireland6. Consider if the government instituted a 10% income tax surcharge. In terms of the AS/AD model this change should havea.shifted the AD curve to th ...
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