** On ** ********* ****** and ********* ****** ***** *** *********** ** *** ***** *** be *********** as **

* ******** ***** of the ********* supply curve

* ********* shift ** *** ********* ****** ******

* rise ** *** ***** level that ****** ** ****** ****** *** *******

* rightward ***** ** *** ********* ****** curve

e ******** ** the ***** ***** **** ****** ** ****** ****** ** *******

** ******** fluctuations *** business ********

a Are changes ** *** number ** ******** ********

* *** fluctuations in *** *** Jones ********** average ******** ** * ********* ****** ******

* **** ** *** **** ** ******** in the ****** **********

d *** ************ in *** ***** ** economic ******** ******** ** * ********* growth ******

e are ******* ** **** ******** **** occur **** * period ** ******

** ********* ** ****** ************ **************

* make investment spending *********

* **** consumption ******** *********

* make ********** spending inherently *******

d ***** *** ******* **** ** *********** after * ***********

* create *** federal ********** ****** ******** **** **** become so common ******

4) The ****** ******************** **** investment tax ******* **** ******** to

* ********* ********* ****** *** thereby reduce *************

b stimulate ********* ****** *** ******* ******** ******** growth

* ********* ********* ****** *** thereby ******** economic *******

* ******** ********* ****** ** ***** to ****** inflation

* increase *** revenues ** ****** *** ******* budget deficit

5) * ********* ** * period ****** which

* ********** ********** and income *********

* *** ***** level is ***********

* *********** are falling dramatically

d the ************ rate is ******* ***** *** ***** ***** ** *******

* *** government ******** ** ****** * ****** ******* ** reducing ***** *** ********** ********** *********

**

******

counting in *** ***** added ******** ** GDP refers *** * *********

income ***** ***** twice
b ***

amount of income ***** **** ** ****** that is ******* ** *** federal government
* calculating

*** ***** using the income *** expenditures ******** * adding

*** ***** ** ******* ** *** *** *********** the ***** ** ******** * counting

*** total ***** of * final output in ******** to *** ***** ** *** inputs **** to **** *** 7) The

*** ***** index
a ********

all ***** ***** *** services produced ** *** economy
b is

******* from ******* ** ********** of goods **** ****** **** ** prices
* **

******* using the ****** ** **** imported and ******** goods *** ********* * **

******* ***** the ******** ****** ** ***** and ******** produced by *** *********** e involves

*** ***** *** services **** ** the economy
** *****

added *** * the

sum ** *** income ****** ** resource ********** b ******

********** minus ******* *********** * ***

******* ** ****** **** **** ** *** ******** spending ******* * the

***** ** * ******* ***** *** **** ** ********** * ***

******** ** *** ***** of * ********* asset such ** * ***** ** ***** 9) Nominal

*** ** ******** *** * ************

prices
* *********

******* * real

******** * quantity

** goods ********* E hours

of *********** *** *****

of *** ********* ** ** injection **** *** ******** stream?
a *******

investment
* ********

c ********

******** ****** * **********

******* * interest

on ******** *** Seasonal

************ ******* ***** * unrealistic

************ ***** the ************ ** *********** * *****

** *** wrong ************ ********* * ******

*** **** to **** *** **** **** D decreases

** demand *** ***** ** certain ***** of *** year
* ********

********* in business ********* 12) *

recent

college graduate *** ** still ******* for ***** ***** *** would be considered as
* * ***********

******* * underemployed
c

overemployed
*

*********** *

*** **

*** ***** ****** *** ** ***

****** ******* * the *******

********* **** was higher ****** **** **** after
* *** *******

********* **** *** ****** ***** **** **** ******* * ********* ******

** ******* ******** ****** World War II
* ********* caused

** ******* problems ***** ***** *** *** e *** ********

***** ******** *** **** ** measure inflation ****** ***** *** II *** the ******** ***** ***** *** **** used ***** ***** *** ***** *****

*** ** *** ** ******* *** experienced
a * decrease

** *** civilian labor ****** b * ********

** the ****** ** ********** ******** * a decrease

** *** ****** ** employed persons
* an ********

** *** ***** ****** e * *********

unemployment **** as a general ****** *** **** the

******* ** ** **** ********** **** types ** ************ may exist?
a ***** *

********** ***

*********** c ******** ***

********* * ********** cyclical

*** *********** * cyclical
16)

Over the

last 100 ***** *** ** ***** ************ ****** rate experienced its largest declines
* ****** ***

***** *********** b ** ***

****** * during the

****** * ****** ***

1980s
*** The ****

********** ****** ****** *** a *** policy

********** develop ** promote ******* * ******** ******

******* ** ********* *********** c *** *******

******** **** ***** ********* ****** ** ** ****** competition
* ********** ******

******* ** ********* *** *************** **** ******* ********* 18) ***** **

*** ********* ***** *** be considered * ********* country?
* ********* *

*** ***

* Japan
d

********** e

******** ***

***** **

the ********* ** *** **** indicator ** the ******** ** ******** * Nominal ****

b **** ****

* **** ***

*** ******* * ************* e

Productivity per

**** of ****** *** Over ***

**** 100 ***** ** labor ************ **** *** ******** * ****** ***

*********** * In the

1940s
* ** ***

***** **** of *** ******* * ****** the

1960s
e ****** ***

1980s an increase ** the ***** ***** participation **** ** *****

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ECO 102 MIDTERM EXAM.docx