ECON 2003-03 (Fundamentals of Economics) College of Business Prairie View A&M; U

Question

ECON 2003-03 (Fundamentals of Economics) College of Business Prairie View A&M; University Dr. Robert Mupier Exam #3-A-Final Fall 2017) Direction: There are 75 Questins wort 2 point each for a total f 150 points. Select he best posebe 1.37. Which of the folowing 's nof one of the four most common toms of unemployment defined by economists? not use your phone during the exam. Use a hand calculator and no other device or gadget. a. Seasonal unemployment b. Static unemployment c. Cyclical unemployment d. Frictional unemployment e. Structural unemployment 2-19. Money spent on the purchase of a new house is included in the GDP as a part of. A. The consumption of private fixed capital B. Personal consumption expenditures C. Personal saving D. Investment 3-7 Marginal cost is calculated by dividing a. the change in total cost by the change in the quantity of output produced. b. total output by the number of people employed. c. the change in total output by the change in the number of people employed. d. the change in total cost by the change in change in variable cost e. total cost by total output 4.-68. Economists use the term supply to refer to a. the downward-sloping line that relates consumer expenditures to different output levels b. the upward-sloping line that relates consumer expenditures to different output levels. c. a set of price and quantity-supplied d. a particular quantity supplied at a specific price. e. the amount producers are willing but not able to produce at each price. else held constant. If an increase in the price of good X causes the demand for good Y to decrease, t can be concluded that a. Xand Y are substitutes. b. Xand Y are complements c. Xand Y are inferior goods. d. Xand Y are superior goods. e, there iscollusioninthe marketplace. Which of the following may cause a change in demand for a product? a. A change in the profitability of producing another product b. A decrease in the cost of producing the product c. A change in consumer incomes d. A change in the price of the product 6-55. e. A change in the plans of producers

Explanation / Answer

1. The Stattic unemployment is not one of the four most common forms of unemployment defined by economist. This is because this unemployment is such that the jobs offered are os those types which you don’t want ot you don’t care for them.

2. Money spent on purchase of new house is included in the GDP as the part of Investment. Such type of investment is called Gross Domestic Private Investment which includes value of capital goods purchased by individuals a nd firms.

3. Marginal Cost is calculated by dividing the change in the total cost by the change in quantity of output produced. This is cost which is incurred by adding extra labour to increase the output.

4. Economist used the term supply to refer to a set of price and quantity supplied combinations, everything else held constant. It is basically the quantity of goods that is supplied at various price levels.

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