ECON 200 UOFA EXAM 3 CERTIFICATION
EVALUATION ACCURATE QUESTIONS
GRADED A PLUS
●● Explain why longevity is both a consequence of economic growth
and also a cause of economic growth..
Answer: Economic growth allows people to afford more medical care
and become better nourished, this leads to longer lives but longer lives
also aid economic growth because people are able to develop and utilize
their skills and make decisions with longer time horizons.
●● How is GDP measured?.
Answer: GDP is measured by adding the prices of final goods and
services produced throughout the economy in a given time period.
●● Which of the following is counted in GDP?.
Answer: A pair of jeans you purchase from Old Navy
●● Which of these films is the most successful film in box office history
in real terms?.
Answer: Gone with the Wind
, ●● If inflation is a general rise in the price level, why have consumer
electronics prices fallen over time?.
Answer: Increases in technology have greatly lowered the production
costs for these goods.
●● The largest component of GDP is:.
Answer: consumption
●● Bob is a highly qualified worker who is unemployed but looking for
work. His expertise is in a small field and new jobs only open up
sporadically. While he is waiting for one of those openings he is
considered.
Answer: frictionally unemployed
●● If jobless persons who had given up searching suddenly resumed
active searches for paying jobs—but had not yet found any—the
unemployment rate would:.
Answer: Rise
●● If cyclical unemployment is eliminated in the economy, then.
Answer: the economy is considered to be at full employment.
●● Inflation is best defined as.
EVALUATION ACCURATE QUESTIONS
GRADED A PLUS
●● Explain why longevity is both a consequence of economic growth
and also a cause of economic growth..
Answer: Economic growth allows people to afford more medical care
and become better nourished, this leads to longer lives but longer lives
also aid economic growth because people are able to develop and utilize
their skills and make decisions with longer time horizons.
●● How is GDP measured?.
Answer: GDP is measured by adding the prices of final goods and
services produced throughout the economy in a given time period.
●● Which of the following is counted in GDP?.
Answer: A pair of jeans you purchase from Old Navy
●● Which of these films is the most successful film in box office history
in real terms?.
Answer: Gone with the Wind
, ●● If inflation is a general rise in the price level, why have consumer
electronics prices fallen over time?.
Answer: Increases in technology have greatly lowered the production
costs for these goods.
●● The largest component of GDP is:.
Answer: consumption
●● Bob is a highly qualified worker who is unemployed but looking for
work. His expertise is in a small field and new jobs only open up
sporadically. While he is waiting for one of those openings he is
considered.
Answer: frictionally unemployed
●● If jobless persons who had given up searching suddenly resumed
active searches for paying jobs—but had not yet found any—the
unemployment rate would:.
Answer: Rise
●● If cyclical unemployment is eliminated in the economy, then.
Answer: the economy is considered to be at full employment.
●● Inflation is best defined as.
