Question

FAN AND MEDALS!
ECONOMICS HELP PLZ! ASAP!

Answer 1

In the diagram above, what will happen if the government sets the minimum wage at Point A?
The minimum wage will rise to meet equilibrium.
The minimum wage will fall to meet equilibrium.
There will be a surplus of workers.
There will be a shortage of workers.

Answer 2

@dmndlife24

Answer 3

There will be a surplus of workers.

Answer 4

Increase in price creates a surplus.

Answer 5

Thank you!

Answer 6

How does the president most directly influence the Federal Reserve System?

By participating in the Federal Open Market Committee
By setting national monetary policy
Through appointments to the Board of Governors
Through leadership of Federal Reserve Banks
@dmndlife24

Answer 7

By setting national monetary policy i think

Answer 8

@iamabarbiegirl

Answer 9

okay so ur not sure about this one?

Answer 10

Not 100% sorry

Answer 11

ok np dont b sorry

Answer 12

Hold on, i actually think its C.

Answer 13

oh ok

Answer 14

@dmndlife24 so this is C?

Answer 15

Yes, i did some research and that's what i found

Answer 16

okayyy!

Answer 17

Which is an example of a natural monopoly?

A company that enters the market and requires new infrastructure
A group of companies that own all the sources of production
A milk product that is produced by multiple companies
A single source for electricity in your community
I think this one is D @dmndlife24

Answer 18

Yup... A single source for electricity in your community is a great example of a natural monopoly

Answer 19

ok

Answer 20

The Federal Reserve includes twelve

governing bodies
regional banks
member offices
city officials

Answer 21

regional banks

Answer 22

Which of the following circumstances usually accompanies a period of economic expansion?

Falling production
High inflation
Low GDP
Rising unemployment

Answer 23

Definitely not C. or D.

Answer 24

High inflation

Answer 25

The government sets the price of wheat for the coming year above the equilibrium price. What effect would this have on supply and demand?

The amount of wheat produced and demanded will drop the next year.
The amount of wheat produced and demanded will rise the next year.
There will be more wheat produced than demand requires.
There will not be enough wheat produced to keep up with demand.

Answer 26

There will be more wheat produced than demand requires.

Answer 27

which is the same as a surplus

Answer 28

Use this image to answer the following question. When government sets a price for a good above equilibrium, there will be
economic growth
economic loss
a shortage
a surplus

Answer 29

What's your guess

Answer 30

@iamabarbiegirl

Answer 31

a surplus?

Answer 32

Yes :)

Answer 33

The inflation rate is decreasing and unemployment is rising. The economy is likely in

contraction
expansion
a peak
a trough

Answer 34

since it is in the process of a recession the economy is likely in a contraction

Answer 35

gotcha

Answer 36

Lowering the discount rate can promote full employment because

employees are more likely to apply for multiple jobs
employees are able to get better offers for hourly wages
companies are more likely to expand and hire more workers
companies are less likely to sign up employees for unemployment insurance

Answer 37

I would say companies are more likely to expand and hire more workers

Answer 38

Because they can get more money (loans) from the bank to expand

Answer 39

okayy

Answer 40

Which are more popular with citizens, contractionary or expansionary government actions, and why?

Contractionary, because they decrease the amount of money held by the government and put more in the hands of its citizens
Contractionary, because they decrease the amount of money held by the people and put more in the hands of the government
Expansionary, because they increase the amount of money held by the government and put less in the hands of its citizens
Expansionary, because they increase the amount of money held by the people and put less in the hands of the government

Answer 41

Expansionary, because they increase the amount of money held by the people and put less in the hands of the government

Answer 42

Which of these could result from decreased federal spending?

Advances in the space program
Fewer social programs
Increased national debt
More government regulation

Answer 43

Definitely not A. C. or D. because those are results from increased fed spending so the answer is B.

Answer 44

Consumers benefit from Federal Reserve oversight because they

entrust their money to banks and other financial institutions
prefer paying fewer taxes for goods and services
often borrow more money than they should
want to keep prices for goods and services low

Answer 45

want to keep prices for goods and services low

Answer 46

The Federal Reserve Oversight basically just oversees the money supply

Answer 47

What would most likely happen if Congress decreased taxes and increased spending?

Economic contraction
Economic expansion
Economic stability
Economic stagnation

Answer 48

Economic contraction

Answer 49

When the economy is operating at point C, the Federal Reserve may decrease the discount rate to
decrease inflation
increase inflation
decrease growth
increase growth

Answer 50

increase growth

Answer 51

Which is an example of the deregulation of a government-regulated natural monopoly?

A new law allows consumers to choose between electricity providers.
A new law funds an off-shore wind-power initiative.
A new law regulates the number of service interruptions a utility can have.
A new law requires underground wires in all high-wind areas.

Answer 52

A new law allows consumers to choose between electricity providers

Answer 53

Normally, in a naturally regulated monopoly, this would not be the case because when you think about it there is usually only one or two electricity providers in a certain area that you could choose from.

Answer 54

The accumulation of years of spending more money than is collected in revenues over several years creates a budget

debt
deficit
surplus
reversal

Answer 55

if its government spending, than its a budget deficit

Answer 56

wat?

Answer 57

Yes, deficit is when you spend more than what you earn.

Answer 58

Yup

Answer 59

oh okay thank you both so much i get it now!

Answer 60

From an Associated Press article on Venezuela dated January 22, 2008:
"... troops are cracking down on the smuggling of food ... the National Guard has seized about 750 tons of food ... [President] Hugo Chàvez ordered the military to keep people from smuggling scarce items like milk ... He's also threatened to seize farms and milk plants ..."

These actions were the result of a price ceiling on food. Which zone (represented by a letter) on the graph reflects this policy, and what does it create?
Letter A; supply exceeds demand, resulting in a surplus
Letter B; supply exceeds demand, resulting in a shortage
Letter C; demand exceeds supply, resulting in a shortage
Letter D; demand exceeds supply, resulting in a surplus

Answer 61

Letter B; supply exceeds demand, resulting in a shortage

Answer 62

Why do governments regulate natural monopolies?

To allow only certain consumers to have access to goods and services
To have access to the resources when national security is at risk
To prevent prices from rising too high and to increase efficiency
To prevent single suppliers from continuing to dominate a market

Answer 63

Actually its Letter C; demand exceeds supply, resulting in a shortage

Answer 64

oh ok

Answer 65

Either C. or D.

Answer 66

For the question, "Why do governments regulate natural monopolies?" The answer is C: To prevent prices from rising too high and to increase efficiency.

Answer 67

THANK YOUUU! @MyEyesHurt

Answer 68

What is the difference between a deficit and a surplus?

A deficit is the amount of money gained as a result of taxation; a surplus is the amount of money lost as a result of spending.
A deficit results when less money is spent than taken in; a surplus results when less money is taken in than spent.
A deficit is the result of consecutive years of surpluses; a surplus is the amount of money that is greater than what is budgeted.
A deficit results when more money is spent than is taken in; a surplus results when more money is taken in than is spent.

Answer 69

A deficit results when more money is spent than is taken in; a surplus results when more money is taken in than is spent.

Answer 70

alright last question lol!

Answer 71

lol ok

Answer 72

Inflation is skyrocketing, and prices are out of control. What are banks most likely to ask the Federal Reserve to do with regards to government bonds and reserve requirements? Be sure to explain why.

Answer 73

This is an essay question, so write about how the Fed could sell government securities like bonds in order to give the banks more money to lend to people. Hmm.. are you an FLVS student? There's a lesson called "How Does the Fed Affect Me?" or "The Fed's Toolbox" that explains what the Fed would do in this situation. I can't find my answer to that... oh dmndlife24 found one. =)

Answer 74

lol @MyEyesHurt

Answer 75

Hey, @dmndlife24, can you help me with some of my questions, please?

Answer 76

Tag me

Answer 77

Just say that the Fed will raise interest rates, sell bonds on the open market, and raise the reserve ratio in order to decrease inflation. In all, there will be less money in the hands of the people and less spending.