ASU ECN 211 FINAL EXAM 2024 WITH 100% CORRECT ANSWERS

Refer to the figure. If the government imposes a minimum wage of $9, then how many workers will be employed? - correct answer 6,000 Which of the following Fed actions would increase the money supply? - correct 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? - correct answer $0.45 Refer to the figure. If the economy starts at Y, then W represents: - correct 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. - correct answer False If candles and candlesticks are complements, then which of the following would increase the demand for candles? - correct 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) - correct answer 700 tacos, 150 burritos. Which of the following is NOT an automatic stabilizer? - correct 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: - correct answer People face trade-offs Gross