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ECON 200 UOFA Exam 1,2,3 And Final
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GDP - . . ANSWER ✔ ✔Market value, final goods and
services, produced within a specific period of time is
incorporated into..
Structural - . . ANSWER ✔ ✔caused by changed in the
industrial make-up of the economy; linked with
technology.
Frictional - . . ANSWER ✔ ✔caused by the delay in
matching available jobs & workers.
Cyclical - . . ANSWER ✔ ✔caused by an economic
downturn; no jobs available
Labor force equation - . . ANSWER ✔ ✔employed +
unemployed
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Unemployment rate: - . . ANSWER ✔
✔(unemployed/labor force) x 100
full employment - . . ANSWER ✔ ✔If there is no cyclical
unemployment, than ____ is taking place
Recession - . . ANSWER ✔ ✔If cyclical unemployment is >
0
Economic boom - . . ANSWER ✔ ✔actual unemployment
rate is less than the natural rate. This happens temporarily
when the economy is expanding beyond its long-run
capabilities
Labor force participation rate - . . ANSWER ✔ ✔(labor
force/working age population) x 100
Inflation - . . ANSWER ✔ ✔General rise in the average
price level
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Consumer Price Index - . . ANSWER ✔ ✔measurement of
the price level based on the consumption patterns of a
typical consumer.
cost of inflation - . . ANSWER ✔ ✔Uncertainity
cost of inflation - . . ANSWER ✔ ✔Signal extraction
problem: is an increase in price a result of an increase in
demand or
inflation?
cost of inflation - . . ANSWER ✔ ✔Menu costs: costs of
changing prices
cost of inflation - . . ANSWER ✔ ✔Money illusion: Austin
Powers clip
Cost push - . . ANSWER ✔ ✔supply side
Demand pull - . . ANSWER ✔ ✔demand side
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Long-run economic growth - . . ANSWER ✔ ✔is the key to
raising the average standard of living.
Long-run world per capita GDP - . . ANSWER ✔ ✔looks
like a hockey stick; flat to the late 18th century, then sharp
rise.
Rule of 70 - . . ANSWER ✔ ✔(70/average growth rate)
10% growth per year: 7 years for GDP to double
Key of economic growth - . . ANSWER ✔ ✔capital
Key of economic growth - . . ANSWER ✔ ✔technology
Key of economic growth - . . ANSWER ✔ ✔Institutions
are critical ( Nogales borders with America)
Budget surplus - . . ANSWER ✔ ✔revenue > expenditure
Budget deficit - . . ANSWER ✔ ✔expenditure > revenue
ECON 200 UOFA Exam 1,2,3 And Final
Bundled Exams Newest 2025 Complete
Questions And Correct Answers (Verified
Answers) |Already Graded A+||Brand New!!
GDP - . . ANSWER ✔ ✔Market value, final goods and
services, produced within a specific period of time is
incorporated into..
Structural - . . ANSWER ✔ ✔caused by changed in the
industrial make-up of the economy; linked with
technology.
Frictional - . . ANSWER ✔ ✔caused by the delay in
matching available jobs & workers.
Cyclical - . . ANSWER ✔ ✔caused by an economic
downturn; no jobs available
Labor force equation - . . ANSWER ✔ ✔employed +
unemployed
,2|Page
Unemployment rate: - . . ANSWER ✔
✔(unemployed/labor force) x 100
full employment - . . ANSWER ✔ ✔If there is no cyclical
unemployment, than ____ is taking place
Recession - . . ANSWER ✔ ✔If cyclical unemployment is >
0
Economic boom - . . ANSWER ✔ ✔actual unemployment
rate is less than the natural rate. This happens temporarily
when the economy is expanding beyond its long-run
capabilities
Labor force participation rate - . . ANSWER ✔ ✔(labor
force/working age population) x 100
Inflation - . . ANSWER ✔ ✔General rise in the average
price level
,3|Page
Consumer Price Index - . . ANSWER ✔ ✔measurement of
the price level based on the consumption patterns of a
typical consumer.
cost of inflation - . . ANSWER ✔ ✔Uncertainity
cost of inflation - . . ANSWER ✔ ✔Signal extraction
problem: is an increase in price a result of an increase in
demand or
inflation?
cost of inflation - . . ANSWER ✔ ✔Menu costs: costs of
changing prices
cost of inflation - . . ANSWER ✔ ✔Money illusion: Austin
Powers clip
Cost push - . . ANSWER ✔ ✔supply side
Demand pull - . . ANSWER ✔ ✔demand side
, 4|Page
Long-run economic growth - . . ANSWER ✔ ✔is the key to
raising the average standard of living.
Long-run world per capita GDP - . . ANSWER ✔ ✔looks
like a hockey stick; flat to the late 18th century, then sharp
rise.
Rule of 70 - . . ANSWER ✔ ✔(70/average growth rate)
10% growth per year: 7 years for GDP to double
Key of economic growth - . . ANSWER ✔ ✔capital
Key of economic growth - . . ANSWER ✔ ✔technology
Key of economic growth - . . ANSWER ✔ ✔Institutions
are critical ( Nogales borders with America)
Budget surplus - . . ANSWER ✔ ✔revenue > expenditure
Budget deficit - . . ANSWER ✔ ✔expenditure > revenue
