Economics > QUESTION PAPER (QP) > Liberty University ECON 214 exam 1 Complete solution (All)
Liberty University ECON 214 exam 1 Complete solution
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. According to the table, the number of employed in this economy is equal to: 2. If the economy is expanding beyond its long-run capabilities, we know that: 3. In Bovania, milk constitutes 56% of th... e typical basket of goods for a typical consumer. Let’s say the price of milk rises by 4% and the prices of all other goods fall by 10%. Based on the information given, we can definitely say: 4. As presented in the figure, one could correctly state that: 5. Between quarter 10 and quarter 11, real GDP grew by what percentage? 6. Which two countries have the same average living standard? 7. Frictional unemployment is present in an economy because: 8. Between quarter 7 and quarter 8, real GDP grew by what percentage? 9. As presented in the figure, one could correctly state that during the period shown: 10. Nominal GDP increased from $14.0 trillion to $14.7 trillion, and the price level increased from 120 to 126. Which of the following is true? 11. Nominal GDP increases if: 12. If a jobless person has not sought a job in ____________ weeks, that person is not [Show More]
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