Page 1 of 54
ECON 104 BILL GOFFE FINAL EXAM
COMPLETE CURRENT TESTING QUESTIONS
AND CORRECT VERIFIED ANSWERS FOR
GUARANTEED PASS/TOP-RATED A+.
ECON 104
Ace your final with the Econ 104 Bill Goffe Final Exam study
guide, crafted to reinforce essential macroeconomic and
microeconomic concepts. It covers key topics such as supply
and demand, elasticity, market structures, GDP, inflation,
unemployment, and fiscal and monetary policy, reflecting
typical course assessments. This resource is ideal for college
students enrolled in Econ 104 or introductory economics
courses, especially those studying under Bill Goffe.
If you wanted to explain why inflation fell in a country from
one decade to the next one, which graph would you use?
a. AD-SRAS
b. AD-LRAS
c. per-worker production function ...... ANSWER ....... b.
AD-LRAS✓✓
, Page 2 of 54
The economy improves after a recession and people start to
look for a job again after being out of the labor force. If
employment was unchanged, the unemployment rate would
_____.
a. rise
b. stay the same
c. fall ...... ANSWER ....... a. rise✓✓
Say that prostitution and all forms of marijuana use were
legalized across the U.S. What would then happen to GDP?
a. rise
b. stay the same
c. fall ...... ANSWER ....... a. rise
In which period was the median duration of unemployment
the highest?
a. 1975 to 1985
b. 1985 to 1995
, Page 3 of 54
c. 1995 to 2005
d. 2005 to today ...... ANSWER ....... d. 2005 to today✓✓
The aggregate demand curve will shift to the right if _____,
while the short-run aggregate supply curve will shift to the
right if _____.
a. the dollar appreciates, interest rates rise
b. the dollar depreciates, interest rates fall
c. taxes fall, the number of workers fall d. taxes fall, the
number of workers rises ...... ANSWER ....... d. taxes fall,
the number of workers rises✓✓
Since 1980 or so, inflation has been more moderate and
stable than the decade before.
a. true
b. false ...... ANSWER ....... a. true✓✓
Over the last decade, the labor force participation rate has
done what?
, Page 4 of 54
a. risen
b. stayed about the same
c. fallen ...... ANSWER ....... c. fallen✓✓
Which is most likely to change when there is inflation?
a. a real price
b. a nominal price
c. a normative price
d. a positive price ...... ANSWER ....... b. a nominal
price✓✓
If the Fed cuts interest rates, it
a. decreases AD through lower consumption and investment
b. increases SRAS through more human capital
c. increases AD through higher consumption and investment
ECON 104 BILL GOFFE FINAL EXAM
COMPLETE CURRENT TESTING QUESTIONS
AND CORRECT VERIFIED ANSWERS FOR
GUARANTEED PASS/TOP-RATED A+.
ECON 104
Ace your final with the Econ 104 Bill Goffe Final Exam study
guide, crafted to reinforce essential macroeconomic and
microeconomic concepts. It covers key topics such as supply
and demand, elasticity, market structures, GDP, inflation,
unemployment, and fiscal and monetary policy, reflecting
typical course assessments. This resource is ideal for college
students enrolled in Econ 104 or introductory economics
courses, especially those studying under Bill Goffe.
If you wanted to explain why inflation fell in a country from
one decade to the next one, which graph would you use?
a. AD-SRAS
b. AD-LRAS
c. per-worker production function ...... ANSWER ....... b.
AD-LRAS✓✓
, Page 2 of 54
The economy improves after a recession and people start to
look for a job again after being out of the labor force. If
employment was unchanged, the unemployment rate would
_____.
a. rise
b. stay the same
c. fall ...... ANSWER ....... a. rise✓✓
Say that prostitution and all forms of marijuana use were
legalized across the U.S. What would then happen to GDP?
a. rise
b. stay the same
c. fall ...... ANSWER ....... a. rise
In which period was the median duration of unemployment
the highest?
a. 1975 to 1985
b. 1985 to 1995
, Page 3 of 54
c. 1995 to 2005
d. 2005 to today ...... ANSWER ....... d. 2005 to today✓✓
The aggregate demand curve will shift to the right if _____,
while the short-run aggregate supply curve will shift to the
right if _____.
a. the dollar appreciates, interest rates rise
b. the dollar depreciates, interest rates fall
c. taxes fall, the number of workers fall d. taxes fall, the
number of workers rises ...... ANSWER ....... d. taxes fall,
the number of workers rises✓✓
Since 1980 or so, inflation has been more moderate and
stable than the decade before.
a. true
b. false ...... ANSWER ....... a. true✓✓
Over the last decade, the labor force participation rate has
done what?
, Page 4 of 54
a. risen
b. stayed about the same
c. fallen ...... ANSWER ....... c. fallen✓✓
Which is most likely to change when there is inflation?
a. a real price
b. a nominal price
c. a normative price
d. a positive price ...... ANSWER ....... b. a nominal
price✓✓
If the Fed cuts interest rates, it
a. decreases AD through lower consumption and investment
b. increases SRAS through more human capital
c. increases AD through higher consumption and investment
