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Econ 104 Bill Goffe Final Exam Prep Newest
Actual Exam With Complete Questions And
Correct Detailed Answers 2026 (Verified
Answers) |Already Graded A+
How could a fall in real GDP and an increase in the price level best
be explained by a single event in the short run?
a. the price of oil falls
b. the price of oil rises
c. interest rates fall
d. interest rates rise ......ANSWER.....d. interest rates rise
What is capital?
a. plants, machinery, and equipment
b. money in the bank
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c. stocks and bonds
d. none of the above ......ANSWER.....a. plants, machinery, and
equipment
Which of the following best defines "technological change," as
economists use this term?
a. more computers, software, and cell phones
b. more production taking place in a country's economy
c. more workers working in businesses
d. better capital, more human capital and better ways of organizing
business ......ANSWER.....d. better capital, more human capital and
better ways of organizing business
If the growth rate of the U.S. economy was 1%, then the
unemployment rate would most likely _____
a. fall
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b. stay the same
c. rise ......ANSWER.....c. rise
Which part of the Fed directs monetary policy?
a. board of governors
b. chairman
c. federal open market committee ......ANSWER.....c. federal open
market committee
Are recessions in the U.S. since 1970 evenly spaced over the years?
a. yes
b. no ......ANSWER.....b. no
Using the static short-run model of the economy, if real GDP grew
and the GDP deflator rose, which would best explain these events?
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a. oil prices falling
b. oil prices rising
c. exports falling
d. exports rising ......ANSWER.....d. exports rising
To deal with the Great Recession, which of the following were
carried out?
a. the Fed cut taxes
b. the Fed increased spending
c. banks were rescued
d. all of the above ......ANSWER.....d. all of the above
Say that all capital in a country is replaced by an equivalent
amount of capital that is less productive. What happens to the
curve in the per-worker production function?
a. shifts right
Econ 104 Bill Goffe Final Exam Prep Newest
Actual Exam With Complete Questions And
Correct Detailed Answers 2026 (Verified
Answers) |Already Graded A+
How could a fall in real GDP and an increase in the price level best
be explained by a single event in the short run?
a. the price of oil falls
b. the price of oil rises
c. interest rates fall
d. interest rates rise ......ANSWER.....d. interest rates rise
What is capital?
a. plants, machinery, and equipment
b. money in the bank
,2|Page
c. stocks and bonds
d. none of the above ......ANSWER.....a. plants, machinery, and
equipment
Which of the following best defines "technological change," as
economists use this term?
a. more computers, software, and cell phones
b. more production taking place in a country's economy
c. more workers working in businesses
d. better capital, more human capital and better ways of organizing
business ......ANSWER.....d. better capital, more human capital and
better ways of organizing business
If the growth rate of the U.S. economy was 1%, then the
unemployment rate would most likely _____
a. fall
,3|Page
b. stay the same
c. rise ......ANSWER.....c. rise
Which part of the Fed directs monetary policy?
a. board of governors
b. chairman
c. federal open market committee ......ANSWER.....c. federal open
market committee
Are recessions in the U.S. since 1970 evenly spaced over the years?
a. yes
b. no ......ANSWER.....b. no
Using the static short-run model of the economy, if real GDP grew
and the GDP deflator rose, which would best explain these events?
, 4|Page
a. oil prices falling
b. oil prices rising
c. exports falling
d. exports rising ......ANSWER.....d. exports rising
To deal with the Great Recession, which of the following were
carried out?
a. the Fed cut taxes
b. the Fed increased spending
c. banks were rescued
d. all of the above ......ANSWER.....d. all of the above
Say that all capital in a country is replaced by an equivalent
amount of capital that is less productive. What happens to the
curve in the per-worker production function?
a. shifts right
