ECON 248 Unit 3 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
GRADED A+ | NEW UPDATE 2026
In a closed economy, investment is financed by which combination of the
following?
I. government spending
II. household saving
III. borrowing from the rest of the world
Select one:
a. I and III only
b. I and II only
c. I, II, and III
d. II only
e. none of the above - ANSWERS d. II only
In a country with a working-age population of 22 million, 16 million are employed,
2 million are unemployed, and 1 million of the employed are working part-time
and like it that way. The unemployment rate is
Select one:
a. 15.4 percent.
b. 10.5 percent.
c. 11.1 percent.
d. 10 percent.
, e. none of the above - ANSWERS c. 11.1 percent
Labour productivity grows as
Select one:
a. consumption expenditure increases.
b. depreciation increases.
c. physical capital per worker grows.
d. human capital per worker grows.
e. both C and D - ANSWERS e. both C and D
Michael lost his job as a night security guard because he kept falling asleep at the
job. Now he is looking for a new job. Michael is
Select one:
a. not unemployed.
b. cyclically unemployed.
c. structurally unemployed.
d. frictionally unemployed.
e. none of the above - ANSWERS d. frictionally unemployed.
Real GDP per person in Country X is $10,000, and the growth rate is 10 percent a
year. Real GDP per person in Country Y is $20,000 and the growth rate is 5 percent
a year. When will real GDP per person be greater in X than in Y?
Select one:
a. in 10 years
b. in 2 years
DETAILED ANSWERS (VERIFIED ANSWERS) |
GRADED A+ | NEW UPDATE 2026
In a closed economy, investment is financed by which combination of the
following?
I. government spending
II. household saving
III. borrowing from the rest of the world
Select one:
a. I and III only
b. I and II only
c. I, II, and III
d. II only
e. none of the above - ANSWERS d. II only
In a country with a working-age population of 22 million, 16 million are employed,
2 million are unemployed, and 1 million of the employed are working part-time
and like it that way. The unemployment rate is
Select one:
a. 15.4 percent.
b. 10.5 percent.
c. 11.1 percent.
d. 10 percent.
, e. none of the above - ANSWERS c. 11.1 percent
Labour productivity grows as
Select one:
a. consumption expenditure increases.
b. depreciation increases.
c. physical capital per worker grows.
d. human capital per worker grows.
e. both C and D - ANSWERS e. both C and D
Michael lost his job as a night security guard because he kept falling asleep at the
job. Now he is looking for a new job. Michael is
Select one:
a. not unemployed.
b. cyclically unemployed.
c. structurally unemployed.
d. frictionally unemployed.
e. none of the above - ANSWERS d. frictionally unemployed.
Real GDP per person in Country X is $10,000, and the growth rate is 10 percent a
year. Real GDP per person in Country Y is $20,000 and the growth rate is 5 percent
a year. When will real GDP per person be greater in X than in Y?
Select one:
a. in 10 years
b. in 2 years
