ASU ECN 211 FINAL EXAM Review
(Chapters 1-4, 6, 10-12, 15-17, 20-22)
Questions and Answers 100% Correct | 2024-
2025
Refer to the figure. If the government imposes a minimum wage of $9, then how
many workers will be employed? - ANSWER 6,000
Which of the following Fed actions would increase the money supply? -
ANSWER 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? -
ANSWER $0.45
Refer to the figure. If the economy starts at Y, then W represents: - ANSWER 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. - ANSWER
False
If candles and candlesticks are complements, then which of the following would
increase the demand for candles? - ANSWER 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) - ANSWER 700 tacos, 150 burritos.
Which of the following is NOT an automatic stabilizer? - ANSWER 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: - ANSWER People face trade-offs
Gross Domestic Product (GDP) - ANSWER 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: - ANSWER Left. While
increases in government spending shift the aggregate demand curve to the right.
Positive statements are NOT: - ANSWER 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? - ANSWER 12 units
Which of the following did NOT occur in the housing and financial crisis? -
ANSWER Shift of the long run Phillips curve to the left.
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