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ECON 200 UOFA Exam 3 Newest 2026/2027 Complete 150
Questions And Correct Answers (Verified Answers) |Already
Graded A+||Just Out!!!
How is the Consumer Price Index (CPI) calculated?
A) The CPI measures the change in the price of a single good in
the market from one year to the next.
B) The CPI measures changes in the price level of a market
basket of consumer goods and services purchased by
households.
C) The CPI measures the change in prices using stock market
values, or stock prices.
D) The CPI measures the prices of final goods and services
produced throughout the economy in a given time period. -
ANSWER-B) The CPI measures changes in the price level of a
market basket of consumer goods and services purchased by
households.
___________ causes nominal GDP to rise; but ___________
causes real GDP to rise.
A) inflation, a decrease in production
B) inflation, an increase in production
C) deflation, a decrease in production
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D) deflation, an increase in production - ANSWER-B) inflation,
an increase in production
A friend tells you that Avatar is the highest grossing film of all-
time. How would you respond?
A) You congratulate them for being correct, and understanding
the difference between nominal and real values.
B) You agree, but point out that this is only nominally true due
to inflation.
C) You disagree, and point out that Furious 7 is the top grossing
film of 2015.
D) You disagree, and point out that Gone with the Wind made
$200 million dollars when it was released in the 1930s. -
ANSWER-B) You agree, but point out that this is only nominally
true due to inflation.
If inflation is a general rise in the price level, why have
consumer electronics prices fallen over time?
A) The demand for electronics has decreased.
B) Electronics are not counted in the CPI.
C) Electronics are getting smaller in size so the price is falling as
well.
, 3|Page
D) Increases in technology have greatly lowered the production
costs for these goods. - ANSWER-D) Increases in technology
have greatly lowered the production costs for these goods.
The four components of GDP are:
A) income, profits, investment and consumption
B) profits, investment, consumption and government
expenditures
C) investment, consumption, govt expenditures, and net
exports
D) consumption, govt expenditures, net exports and income -
ANSWER-C) investment, consumption, govt expenditures, and
net exports
Alex is unemployed but looking for work. For many years he
worked as a video store manager for Blockbuster, but since
2013 he has been unable to find a similar position. He is
considered
A) structurally unemployed.
B) frictionally unemployed.
C) underemployed.
D) a discouraged worker. - ANSWER-A) structurally unemployed.
ECON 200 UOFA Exam 3 Newest 2026/2027 Complete 150
Questions And Correct Answers (Verified Answers) |Already
Graded A+||Just Out!!!
How is the Consumer Price Index (CPI) calculated?
A) The CPI measures the change in the price of a single good in
the market from one year to the next.
B) The CPI measures changes in the price level of a market
basket of consumer goods and services purchased by
households.
C) The CPI measures the change in prices using stock market
values, or stock prices.
D) The CPI measures the prices of final goods and services
produced throughout the economy in a given time period. -
ANSWER-B) The CPI measures changes in the price level of a
market basket of consumer goods and services purchased by
households.
___________ causes nominal GDP to rise; but ___________
causes real GDP to rise.
A) inflation, a decrease in production
B) inflation, an increase in production
C) deflation, a decrease in production
,2|Page
D) deflation, an increase in production - ANSWER-B) inflation,
an increase in production
A friend tells you that Avatar is the highest grossing film of all-
time. How would you respond?
A) You congratulate them for being correct, and understanding
the difference between nominal and real values.
B) You agree, but point out that this is only nominally true due
to inflation.
C) You disagree, and point out that Furious 7 is the top grossing
film of 2015.
D) You disagree, and point out that Gone with the Wind made
$200 million dollars when it was released in the 1930s. -
ANSWER-B) You agree, but point out that this is only nominally
true due to inflation.
If inflation is a general rise in the price level, why have
consumer electronics prices fallen over time?
A) The demand for electronics has decreased.
B) Electronics are not counted in the CPI.
C) Electronics are getting smaller in size so the price is falling as
well.
, 3|Page
D) Increases in technology have greatly lowered the production
costs for these goods. - ANSWER-D) Increases in technology
have greatly lowered the production costs for these goods.
The four components of GDP are:
A) income, profits, investment and consumption
B) profits, investment, consumption and government
expenditures
C) investment, consumption, govt expenditures, and net
exports
D) consumption, govt expenditures, net exports and income -
ANSWER-C) investment, consumption, govt expenditures, and
net exports
Alex is unemployed but looking for work. For many years he
worked as a video store manager for Blockbuster, but since
2013 he has been unable to find a similar position. He is
considered
A) structurally unemployed.
B) frictionally unemployed.
C) underemployed.
D) a discouraged worker. - ANSWER-A) structurally unemployed.
