Microeconomics Final Exam

Why is the government a key pillar in GDP calculation?

One of the criticisms of economic growth calculations is related to:

Price is the largest determinant of a perfectly competitive market.

Economic investments relate to returns on production efforts, while financial investment are often monetary in nature.

Which of the following was not a massive positive economic shock, that had many economic ripple effects?

What is the likely culprit of massivly increased demand in a perfectly competitive market?

All unemployed individuals are included in employment statistics.

Present value is related to calculating

Which is not a risk to keeping money physically in place (like in a safe or "under the mattress"?

The large and uncontrolled devaluation of money is known as:

Compound Interest can expand exponentially over time, with returns being reinvested and incressing growth.

Holding money physically in a safe is safer in terms of value that a money venture or interest gaining option.

All types of goods, regardless of type, are included in GDP.

Non-Neccessary items can relate to massive boons for the economy in terms of growth

Bonds are identified as having which of the following?

A identical (or close to) good or service, with many sellers, is indicitive of which type of market?

Non-neccessary goods and services have no relation to economic growth.

Why are non-market payments not calculated in GDP?

Frictional Unemployment is the concept of:

One of the largest reasons GDP is criticized as a non-representative function of economic health is:

A good that has a useful life-span of an average of 5 years is loosly defined as:

Technology, due to its slow progress is related to the time period of the "Very Long Run"

Which of the following is the creation of something new, which can be patented and copyrighted?

Small changes to GDP can be ignored due to the tiny fluctuations on percentage.

Is business costs are larger than that of the benefits, what is likely to happen?