Econ102Exam1practice

Econ102Exam1practice - Department of Economics Iowa State...

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Department of Economics Iowa State University Principles of Macroeconomics Define/explain the meaning of five of the following terms. If you define all six, your best five answers will be used. A. Normal Good A good for which a rise in income increases the demand for that good-the “normal” case. B. Effective Price Floor The minimum price buyers are required to pay for a good or service; a form of price control. C. Gross Domestic Product The total value of all final goods and services produced in the economy during a given period, usually a year. D. Transfer Payment
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F. Real GDP The total value of all final goods and services produced in the economy during a given year, calculated using the prices of a selected base year. II. True/False (45 points) Using an appropriate diagram , explain whether three of the following statements are true or false and why . If you answer more than 3, your best answers will be used. Credit will be divided between the explanation and the diagram. 1.
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Econ102Exam1practice - Department of Economics Iowa State...

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