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ECON Final Exam: Analysis of Key Macroeconomic Concepts

This final exam assesses understanding of key macroeconomic concepts and their applications in real-world scenarios.

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ECON Final Exam: Analysis of Key Macroeconomic ConceptsECON Final ExamQuestion 1Historical evidence for the U.S. economy indicates thatAnswerrecessions have occurred roughly once every six years since the 1960s.the unemployment rate usuallydecreases 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.falls but the percentage change is sometimes much larger and sometimes much smaller.2 pointsQuestion 4The classical model is appropriate for analysis of the economy in theAnswerlong run, since evidence indicates that money is not neutral in the long run.long run, since real and nominal variables are essentially determinedseparately 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.

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