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Econ 300 FINAL (Part 3) Questions And Answers Latest Update (2025)!! $15.49
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Econ 300 FINAL (Part 3) Questions And Answers Latest Update (2025)!!
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ECON 300 Study Material – Ace Your Economics Course! Struggling with ECON 300? Get ahead with this comprehensive and well-organized study material! Perfect for students looking to improve their understanding, boost their grades, and save time on studying. Includes: Detailed chapter summa...

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  • February 21, 2025
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  • 2024/2025
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Econ 300 FINAL (Part 3) Questions
And Answers Latest Update
(2025)!!




For a particular economy, the production possibilities curve shows
the: - Answer Maximum potential output.

-Production possibilities is the alternative combinations of goods
and services that could be produced in a given time period with
all available resources and technology.



Macroeconomics is the study of the economy as a whole. -
Answer True



Frictional unemployment goes up when: - Answer A worker
quits one job in order to search for another.

, Q&As
-Unemployment associated with a job search is frictional
unemployment.



Which of the following is true during the expansionary phase of
the business cycle? - Answer Real GDP increases

-Real GDP measures value of output in constant prices. If real GDP
expands then the economy is producing more goods and services.



If a person who works as a snowplow operator during the winter
cannot find employment in the summer, this is an example of
seasonal unemployment. - Answer True

-At the end of the snowplow season, the operator must go
searching for new jobs.



In Table 10.2, what is the unemployment rate in Year 1? -
Answer 20.0%

-To calculate rate of unemployment subtract Number employed
from the Labor Force the divide the difference by the total
number of people in the labor force.



Who among the following would be counted as unemployed? -
Answer Bob, a college student looking for summer work.

-Bob is considered unemployed because he is over 16 and
actively seeking work.



"Full employment" means that some people in the labor force are
still unemployed. - Answer True

, Q&As
-Because there will always be frictional unemployment there will
always be people in the labor force who are unemployed.



Everyone is made worse off by inflation. - Answer False

-Not everyone suffers equally from inflation.



Which of the following types of unemployment would best
characterize a tax accountant's unemployment after tax returns
are due? - Answer Seasonal unemployment

-Seasonal variations in employment conditions are a persistent
source of unemployment.



A stock person who is laid off by a department store because
retail sales across the country have decreased is _______
unemployed. - Answer Cyclically

-Cyclical unemployment refers to the joblessness that occurs
when there are simply not enough jobs to go around.



If the price of computers falls during a period when the average
price level remains constant, which of the following has occurred?
- Answer A change in relative prices

-Relative price is price comparison of one good to another good.



A plumber quits his job in Dallas and moves to San Francisco
where additional plumbers are needed, but it takes a couple of
months for him to find a job. He is said to be: - Answer
Frictionally unemployed

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