Part II. Short Answer, Problem, Graphing and Essay Questions. 26 Points Total. Note: Illegible handwriting will not be read and the full point deduction will be assessed. 1. Complete briefly two (2) of the following 3 statements: (I point each, 2 points total) a. GDP does not include intermediate goods because. .. b. The primary cause of cyclical unemployment is. c. By tax neutrality we mean. . - 2. Suppose a small county in the U.S. has a population of 1,000 of whom 200 are under the age of 16. Of those 16 years of age or older, 100 are retired or otherwise not in the labor force. Of those remaining, 500 have full-time jobs, 100 work part time, 50 are actively looking for work, and 50 are on strike. What is this county's approximate official unemployment rate? Explain. (2 points) Discuss briefly how an economist would react to the following Summer '16 newspaper headline: "Atlanta Hawks get Dwight Howard in move that'll benefit both parties." [The Atlanta Hawks are a basketball team in the National Basketball Association; Dwight Howard is a star player who played for the Houston Rockets before signing with Atlanta.] (2 points) 3. Discuss /Elaborate on the cartoon to the right. (2 points) 4.

Question

Please answer the questions provided on the image below.

Part II. Short Answer, Problem, Graphing and Essay Questions. 26 Points Total.
Note: Illegible handwriting will not be read and the full point deduction will be assessed.
1. Complete briefly two (2) of the following 3 statements: (I point each, 2 points total)
a.
GDP does not include intermediate goods because. ..
b.
The primary cause of cyclical unemployment is.
c.
By tax neutrality we mean. . -
2. Suppose a small county in the U.S. has a population of 1,000 of whom 200 are under the age of 16. Of
those 16 years of age or older, 100 are retired or otherwise not in the labor force. Of those remaining,
500 have full-time jobs, 100 work part time, 50 are actively looking for work, and 50 are on strike.
What is this county's approximate official unemployment rate? Explain. (2 points)
Discuss briefly how an economist would react to the following Summer '16 newspaper headline:
"Atlanta Hawks get Dwight Howard in move that'll benefit both parties." [The Atlanta Hawks are a
basketball team in the National Basketball Association; Dwight Howard is a star player who played for the
Houston Rockets before signing with Atlanta.] (2 points)
3.
Discuss /Elaborate on the
cartoon to the right.
(2 points)
4.

Image Transcription

Part II. Short Answer, Problem, Graphing and Essay Questions. 26 Points Total. Note: Illegible handwriting will not be read and the full point deduction will be assessed. 1. Complete briefly two (2) of the following 3 statements: (I point each, 2 points total) a. GDP does not include intermediate goods because. .. b. The primary cause of cyclical unemployment is. c. By tax neutrality we mean. . - 2. Suppose a small county in the U.S. has a population of 1,000 of whom 200 are under the age of 16. Of those 16 years of age or older, 100 are retired or otherwise not in the labor force. Of those remaining, 500 have full-time jobs, 100 work part time, 50 are actively looking for work, and 50 are on strike. What is this county's approximate official unemployment rate? Explain. (2 points) Discuss briefly how an economist would react to the following Summer '16 newspaper headline: "Atlanta Hawks get Dwight Howard in move that'll benefit both parties." [The Atlanta Hawks are a basketball team in the National Basketball Association; Dwight Howard is a star player who played for the Houston Rockets before signing with Atlanta.] (2 points) 3. Discuss /Elaborate on the cartoon to the right. (2 points) 4.

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