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ASU ECN 211 FINAL EXAM Review (Chapters 1-4, 6, 10-12, 15-17, 20-22)
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ASU ECN 211 FINAL EXAM Review (Chapters 1-4, 6, 10-12, 15-17, 20-22)
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ASU ECN 211 FINAL EXAM Review(Chapters 1-4, 6, 10-12, 15-17, 20-22)
Refer to the figure. If the government imposes a minimum wage of $9, then how many
workers will be employed? - ANS-6,000
Which of the following Fed actions would increase the money supply? - ANS-Buy bonds
A soft drink cost $1.75 in 2019. The value for the CPI in 1965 is 60.2 and the value of
the CPI for 2019 is 236.2, what is the price of a soft drink in 1965 dollars? - ANS-$0.45
Refer to the figure. If the economy starts at Y, then W represents: - ANS-A recession
The United Kingdom is an advanced economy, and over the past century its rate of
economic growth has been higher than that of the United States. - ANS-False
If candles and candlesticks are complements, then which of the following would
increase the demand for candles? - ANS-A decrease in the price of candlesticks.
Refer to the figure. If the production possibilities frontiers shown are each for one day of
production, then which of the following combinations of tacos and burritos are Adam
and Deirdre together unable to produce in a given day? (you'll have to look the image
up on the internet) - ANS-700 tacos, 150 burritos.
Which of the following is NOT an automatic stabilizer? - ANS-An increase in money
supply.
Monica has $500 to spend and wants to buy either a new snowboard or a new laptop.
Both the snowboard and the laptop cost around $500, so she can only buy one. This
illustrates the basic concept that: - ANS-People face trade-offs
Gross Domestic Product (GDP) - ANS-Includes the value of government services but
not the value of services provided by major household appliances purchased in a
previous period.
Tax increases shift aggregate demand curve to the: - ANS-Left. While increases in
government spending shift the aggregate demand curve to the right.
, Positive statements are NOT: - ANS-Prescriptive
Refer to the Table. Suppose the government imposes a price floor of $5 on this market.
What will be the size of the surplus in this market? - ANS-12 units
Which of the following did NOT occur in the housing and financial crisis? - ANS-Shift of
the long run Phillips curve to the left.
The Fed changes the discount rate and, as a direct result, reserves have increased.
The Fed has most likely: - ANS-Decreased the discount rate.
Suppose Jessica can wash six windows per hour or she can iron twelve shirts per hour.
Peter can wash four windows per hour or he can iron ten shirts per hour. Which of the
following is not true? - ANS-Peter has an absolute advantage over Jessica in ironing
shirts.
When deciding how much to save, people care most about before-tax nominal interest
rates. - ANS-True
Frictional unemployment is caused by: - ANS-A job search and sectoral shifts.
Refer to the Table. If the price were $80, a(n): - ANS-Surplus of 35 units would exist,
and price would tend to fall.
Refer to the Table. Suppose the government imposes a price ceiling of $2 on this
market. What will be the size of the shortage in this market? (you'll have to look for the
image on the internet) - ANS-6 units
Which of the following theories can explain both inflation and hyperinflation? - ANS-The
quantity theory of money
The unemployment that results from the process of matching workers and jobs is called
frictional unemployment. - ANS-True
The unemployment that results from the job search is ______________. -
ANS-Frictional
Refer to the table. If the local government imposed a minimum wage of $10 in
Crabapple Corners, how many people would be unemployed? - ANS-0
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