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ECO/372 Final Exam Study Guide
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1. What is the name of the market where businesses sell products to households and government institutions?

Goods market

Explanation: The goods market is term that refers to the primary market where businesses interact with end users of products.

2. How would you describe Real Gross Domestic Product (GDP)?

The market value of all final goods and services produced in an economy or country

Explanation: Real GDP will be stated in the currency used during that year. It only includes final goods and services.

3. Who is included in underemployment figures?

People who are working part time or not actively working a fulltime job

Explanation: Underemployment figures show us the number of people whose skills are not being fully utilized.

4. The Bureau of Economic Analysis in the United States is responsible for what?

Calculating United States gross domestic product (GDP)

Explanation: The primary function of the Bureau of Economic Analysis is to produce reports related to economic activity, such as GDP.

5. The Federal Reserve is responsible for setting the…

Federal funds rate

Explanation: The federal funds rate is the interest rate at which the US government can borrow...

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