ECON 160 FINAL EXAM QUESTIONS
AND WELL ELABORATED ANSWERS
__________ would most likely to result in the economic growth
of a nation. - correct answer- An increase in the
productivity of labor
A college student who is enrolled in school full-time and not
seeking employment is considered: - correct answer- out
of the labor force
A discouraged worker is - correct answer- one who opts
to quit searching for work after unsuccessfully seeking
employment
A federal program aimed at retraining the unemployed workers
of the declining auto and steel industries is designed to reduce
__________. - correct answer- structural unemployment
Ann appreciation of the U.S. dollar relative to the Japanese yen
will result in a(n): - correct answer- decrease in the U.S.
trade surplus
, As a result of an increase in a product's price, the: - correct
answer- quantity supplied of the product increases
As the dollar price of a peso decreases, __________. - correct
answer- U.S. consumers buy more Mexican goods.
Cyclical unemployment arises when: - correct answer-
business activities in an economy decline
Economic growth is measured by changes in __________. -
correct answer- real GDP per capita
Economic mobility - correct answer- focuses on the
growth in real variables of an economy
Figure 13-3 shows the short-run macroeconomic equilibrium of
an economy at Point A. In the Figure, Point A suggests that: -
correct answer- the economy is operating with an
inflationary gap
Figure 3-2 shows the shift in the demand curve for a good. A
change from Point A to Point C represents a(n): - correct
answer- increase in the price of a good.
AND WELL ELABORATED ANSWERS
__________ would most likely to result in the economic growth
of a nation. - correct answer- An increase in the
productivity of labor
A college student who is enrolled in school full-time and not
seeking employment is considered: - correct answer- out
of the labor force
A discouraged worker is - correct answer- one who opts
to quit searching for work after unsuccessfully seeking
employment
A federal program aimed at retraining the unemployed workers
of the declining auto and steel industries is designed to reduce
__________. - correct answer- structural unemployment
Ann appreciation of the U.S. dollar relative to the Japanese yen
will result in a(n): - correct answer- decrease in the U.S.
trade surplus
, As a result of an increase in a product's price, the: - correct
answer- quantity supplied of the product increases
As the dollar price of a peso decreases, __________. - correct
answer- U.S. consumers buy more Mexican goods.
Cyclical unemployment arises when: - correct answer-
business activities in an economy decline
Economic growth is measured by changes in __________. -
correct answer- real GDP per capita
Economic mobility - correct answer- focuses on the
growth in real variables of an economy
Figure 13-3 shows the short-run macroeconomic equilibrium of
an economy at Point A. In the Figure, Point A suggests that: -
correct answer- the economy is operating with an
inflationary gap
Figure 3-2 shows the shift in the demand curve for a good. A
change from Point A to Point C represents a(n): - correct
answer- increase in the price of a good.
