Econ 113 Final Exam Prep Questions All
Solved Correct Scored A+.
which of the following i true under the coinage act of 1972? - Answer it designated both gold
and silver as the monetary standard for the us
growth due to increases in division of labor and specialization is known as ___growth and is
limited by ____ - Answer Smithian: extent of the market
which of the following are likely explanations of the recovery the US economy experiences
starting in the 1790s - Answer development of the financial system based in large part on
proposal of Alexader Hamiliton; restoration of trade relationships
The US constitution granted the power to define the monetary unit and to coin money to the
_____. Power to charter banks _______. - Answer Federal government: rested with states
Historically, the largest contributor to growth of per capita GDP has been - Answer increase in
technology
All of the following are subject to diminishing returns except - Answer Technology
In the long run economist are concerned with ___ while in the short run they are concerned
with the _____ - Answer Economic growth; economic fluctuations or the business cycle
Gross national product is defined as the - Answer the money value of all the final goods and
services produced anywhere in the world by a given country factors of production during a
given year
growth that relies on increased resource usage and that results in total output growth while per
capita output is stagnant is called _____ growth. - Answer Malthusian
which of the following is a liability of a bank - Answer Bank notes & deposits
The quantity theory of money illustrates the relationship in which growth of the money supply
, in order for a financial intermediary to be solvent - Answer The value of its assets must exceed
the value of its liabilities
If an economy is experiencing sustained increases in per capita GDP and structural change is
also occurring, we would most precisely label this as - Answer economic development
After Independence, we see the colonies experience - Answer an initial period of significant
economic decline followed by rapid growth in the 1790s
Adoption of the US constitution - Answer created common market within the united states,
reduced uncertainty which increased investment, led to greater specialization and Smithian
growth
suppose you are given a simple cobb-Douglas production function of the form Y=AK 0.25 L 0.75
where as usual Y represents total real output, A represents technology or total factor
productivity, K represent capital and L represent labor, Further, assume Y grows at a rate of 2%
and K and L both grow at rate of 1%. what is the growth rate of A, ga. - Answer 1%
The US Constitution gave power ___ to the states - Answer to chart banks, over education, to
impose taxes
A ____ sector economy primary produces commodities while a ___ sector economy primarily
manufactures goods. - Answer Primary; secondary
Technology in economies is - Answer anything that allow us to produce more output with the
same inputs
based on the decomposition of GDP which we developed in class, which of the following is as
way in which we can increase per capita GDP - Answer increase the capital labor ratio and
increase the labor force participation
during the colonial period the US was - Answer mostly a primary sector economy
which of the following is a possible explanation of the decline that we see in per capita GDP
immediately after independence - Answer hyperinflation resulting from war finance
Solved Correct Scored A+.
which of the following i true under the coinage act of 1972? - Answer it designated both gold
and silver as the monetary standard for the us
growth due to increases in division of labor and specialization is known as ___growth and is
limited by ____ - Answer Smithian: extent of the market
which of the following are likely explanations of the recovery the US economy experiences
starting in the 1790s - Answer development of the financial system based in large part on
proposal of Alexader Hamiliton; restoration of trade relationships
The US constitution granted the power to define the monetary unit and to coin money to the
_____. Power to charter banks _______. - Answer Federal government: rested with states
Historically, the largest contributor to growth of per capita GDP has been - Answer increase in
technology
All of the following are subject to diminishing returns except - Answer Technology
In the long run economist are concerned with ___ while in the short run they are concerned
with the _____ - Answer Economic growth; economic fluctuations or the business cycle
Gross national product is defined as the - Answer the money value of all the final goods and
services produced anywhere in the world by a given country factors of production during a
given year
growth that relies on increased resource usage and that results in total output growth while per
capita output is stagnant is called _____ growth. - Answer Malthusian
which of the following is a liability of a bank - Answer Bank notes & deposits
The quantity theory of money illustrates the relationship in which growth of the money supply
, in order for a financial intermediary to be solvent - Answer The value of its assets must exceed
the value of its liabilities
If an economy is experiencing sustained increases in per capita GDP and structural change is
also occurring, we would most precisely label this as - Answer economic development
After Independence, we see the colonies experience - Answer an initial period of significant
economic decline followed by rapid growth in the 1790s
Adoption of the US constitution - Answer created common market within the united states,
reduced uncertainty which increased investment, led to greater specialization and Smithian
growth
suppose you are given a simple cobb-Douglas production function of the form Y=AK 0.25 L 0.75
where as usual Y represents total real output, A represents technology or total factor
productivity, K represent capital and L represent labor, Further, assume Y grows at a rate of 2%
and K and L both grow at rate of 1%. what is the growth rate of A, ga. - Answer 1%
The US Constitution gave power ___ to the states - Answer to chart banks, over education, to
impose taxes
A ____ sector economy primary produces commodities while a ___ sector economy primarily
manufactures goods. - Answer Primary; secondary
Technology in economies is - Answer anything that allow us to produce more output with the
same inputs
based on the decomposition of GDP which we developed in class, which of the following is as
way in which we can increase per capita GDP - Answer increase the capital labor ratio and
increase the labor force participation
during the colonial period the US was - Answer mostly a primary sector economy
which of the following is a possible explanation of the decline that we see in per capita GDP
immediately after independence - Answer hyperinflation resulting from war finance
