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ECON 101: Final Exam � Key Concepts in Macroeconomics

A solved final exam covering fundamental macroeconomic theories, GDP analysis, and fiscal policy.

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ECON Final ExamQuestion 1Historical evidence for the U.S. economy indicates thatAnswerrecessions have occurred roughly once every six years since the 1960s.theunemployment rate usually decreases during a recession and increases shortly after therecession ends.real GDP usually remains roughly constant during a recession and decreases shortly after therecession ends.changes in real GDP over the business cycle are largely attributable to changes in investmentover the business cycle.2 pointsQuestion 2Which of the following is most commonly used to monitor short-run changes in economicactivity?Answerthe inflation ratereal GDPaggregate demandaggregate supply2 pointsQuestion 3During recessions investmentAnswerfalls by a larger percentage than GDP.falls by about the same percentage as GDP.falls by a smaller percentage than GDP.fallsbut the percentage change is sometimes much larger and sometimes much smaller2 pointsQuestion 4The classical model is appropriate for analysis of the economy in theAnswerlongrun, since evidence indicates that money is not neutral in the long run.long run, since real and nominal variables are essentially determined separately in the long run.short run, provided money is not neutral.short run, provided real and nominal variables are highly intertwined.2 pointsQuestion 5Real and nominal variables are highly intertwined, and changes in the money supply change realGDP. Most economists would agree that this statement accurately describesAnswerboth the short run and the long run.the short run, but not the long run.the long run, but not the short run.neither the long run nor the short run2 points

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