Econ 104 Final Goffe Exam Q&A Latest Update 2025
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Econ 104 Final Goffe Exam Q&A Latest Update 2025
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| Uploaded on: | April 30, 2025 |
| Last updated: | May 12, 2025 |
| Number of pages: | 14 |
| Written in: | 2025/2026 |
| Type: | Exam (elaborations) |
| Contains: | Questions & Answers |
| Tags: | Econ 104 Final Goffe Exam Q&A Latest Update 2025 |
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Econ 104 Final – Goffe Exam | Q&A Latest 2025/2026 | 100% PASS Nominal GDP - Answer -the value of final goods and services evaluated at current-year prices How to calculate nominal GDP - Answer -C + I + G +NX Real GDP - Answer -The value of final goods and services evaluated at base-year prices How to calculate real GDP - Answer -P*Q for every good in GDP and add them all together BASE YEAR 2014 - 100M visits at $50 each 2015 - 103M visits at $53 10M cars at $20,000 each 11M cars at $20,500 each real GDP for 2015: (103M * $50 + 11M * 20,000) 2015Q(1) * 2014P(1) + 2015Q(2) * 2014 P(2) Monetary Policy - Answer -federal reserve's dual mandate (which focuses on max employment, stable prices, and moderate long-term interest rates) What will result from the Fed increasing the federal rate? - Answer Costs for banks will increase and loan rates for consumers and firms will increase. This leads to slower growth.
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