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ECON 200 UOFA FINAL EXAM VERSION 2 LATEST 2025 ACTUAL
EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+|
||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
The underground economy can be described as:
(a) economic production that includes mining.
(b) economic activity that is hidden from the government to avoid
taxes or because the activity is illegal.
(c) production of infrastructure that spurs growth in the rest of the
economy.
(d) production of intermediate goods and services. - ANSWER-
economic activity that is hidden from the government to avoid
taxes or because the activity is illegal
How is GDP measured?
(a) GDP is measured by adding the quantities of goods and
services produced in a given year.
(b) GDP is measured by adding up all the intermediate sales
throughout the year.
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(c) GDP is measured using stock market values, or stock prices.
(d) GDP is measured by adding the prices of final goods and
services produced throughout the economy in a given time period.
- 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?
(a) Hamburger buns bought by McDonald's for making Big Macs.
(b) A used economics textbook.
(c) A pair of jeans you purchase from Old Navy.
(d) An old painting you buy at an auction. - ANSWER-a pair of
jeans you purchase from old navy
The largest component of American GDP is: _________.
(a) income
(b) profits
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(c) investment
(d) consumption - ANSWER-consumption
___________ 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
(d) deflation, an increase in production - ANSWER-inflation, an
increase in production
31) Suppose the relevant population (non-institutionalized, at
least age 16) of Wildcat Nation is 10,000. Of this population,
5,000 are employed, 2,000 have never worked and are not
looking for work, 2,000 are not working and are looking for work,
and 1,000 have retired.
(a) What is the size of the labor force in Wildcat Nation? -
ANSWER-7,000
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31) Suppose the relevant population (non-institutionalized, at
least age 16) of Wildcat Nation is 10,000. Of this population,
5,000 are employed, 2,000 have never worked and are not
looking for work, 2,000 are not working and are looking for work,
and 1,000 have retired.
(b) What is the unemployment rate in Wildcat Nation? - ANSWER-
: 2,000/7,000 = 28.5%
(31) Suppose the relevant population (non-institutionalized, at
least age 16) of Wildcat Nation is 10,000. Of this population,
5,000 are employed, 2,000 have never worked and are not
looking for work, 2,000 are not working and are looking for work,
and 1,000 have retired.
(c) What is Wildcat Nations's labor force participation rate? -
ANSWER-Answer: 7,000/10,000 = 70%
(a) If the number of discouraged workers increases, what
happens to the labor force participation rate? - ANSWER-Drops
(fewer workers either employed or unemployed)
ECON 200 UOFA FINAL EXAM VERSION 2 LATEST 2025 ACTUAL
EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+|
||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
The underground economy can be described as:
(a) economic production that includes mining.
(b) economic activity that is hidden from the government to avoid
taxes or because the activity is illegal.
(c) production of infrastructure that spurs growth in the rest of the
economy.
(d) production of intermediate goods and services. - ANSWER-
economic activity that is hidden from the government to avoid
taxes or because the activity is illegal
How is GDP measured?
(a) GDP is measured by adding the quantities of goods and
services produced in a given year.
(b) GDP is measured by adding up all the intermediate sales
throughout the year.
,2|Page
(c) GDP is measured using stock market values, or stock prices.
(d) GDP is measured by adding the prices of final goods and
services produced throughout the economy in a given time period.
- 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?
(a) Hamburger buns bought by McDonald's for making Big Macs.
(b) A used economics textbook.
(c) A pair of jeans you purchase from Old Navy.
(d) An old painting you buy at an auction. - ANSWER-a pair of
jeans you purchase from old navy
The largest component of American GDP is: _________.
(a) income
(b) profits
,3|Page
(c) investment
(d) consumption - ANSWER-consumption
___________ 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
(d) deflation, an increase in production - ANSWER-inflation, an
increase in production
31) Suppose the relevant population (non-institutionalized, at
least age 16) of Wildcat Nation is 10,000. Of this population,
5,000 are employed, 2,000 have never worked and are not
looking for work, 2,000 are not working and are looking for work,
and 1,000 have retired.
(a) What is the size of the labor force in Wildcat Nation? -
ANSWER-7,000
, 4|Page
31) Suppose the relevant population (non-institutionalized, at
least age 16) of Wildcat Nation is 10,000. Of this population,
5,000 are employed, 2,000 have never worked and are not
looking for work, 2,000 are not working and are looking for work,
and 1,000 have retired.
(b) What is the unemployment rate in Wildcat Nation? - ANSWER-
: 2,000/7,000 = 28.5%
(31) Suppose the relevant population (non-institutionalized, at
least age 16) of Wildcat Nation is 10,000. Of this population,
5,000 are employed, 2,000 have never worked and are not
looking for work, 2,000 are not working and are looking for work,
and 1,000 have retired.
(c) What is Wildcat Nations's labor force participation rate? -
ANSWER-Answer: 7,000/10,000 = 70%
(a) If the number of discouraged workers increases, what
happens to the labor force participation rate? - ANSWER-Drops
(fewer workers either employed or unemployed)
