05 Jun Question Economics 103 Final Exam Summer 2015 7/05/2015
Question
Economics 103 Final Exam Summer 2015
7/05/2015
Name__
_________
Grade:
1. Please explain the concept of The Tragedy of Commons. What happens to the
resources that are commonly held by everybody? What other example, besides public
pastures, is used to explain The Tragedy of Commons? (10 points)
2. Please explain each of the different measures of unemployment and their causes:
(4 points each)
a. Frictional Unemployment
b. Structural Unemployment
c. Cyclical Unemployment
3. Please define the following measures of unemployment used by the BLS. In Addition,
please provide the statistic for June 2015 for each measure. (3 points each-2 points for
the definition and 1 point for the statistic.)
a. U1
b. U2
c. U3
d. U4
e. U5
f.
U6
4. Why do some people believe that the current measure of unemployment is inaccurate?
(5 points)
5. What are the four sectors in the Circular Flow of Economic Activity Diagram? What does
the government, households, and firms sell (this can mean provide) and buy (this can
mean provide) in each sector? How does the government finance itself in excess of
taxes?(10 points)
6. Jim, Cathy, and Roger each has the following demand for candy. Jim, Cathy and Roger
make up the total market of people who want to buy candy.
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