{"id":113970,"date":"2023-08-20T20:24:33","date_gmt":"2023-08-20T20:24:33","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=113970"},"modified":"2023-08-20T20:24:35","modified_gmt":"2023-08-20T20:24:35","slug":"wgu-c211-oa-exam-2023-2024-actual-exam-350-questions-and-correct-detailed-answers-with-rationales-100-verified-answers-agrade","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/08\/20\/wgu-c211-oa-exam-2023-2024-actual-exam-350-questions-and-correct-detailed-answers-with-rationales-100-verified-answers-agrade\/","title":{"rendered":"WGU C211 OA EXAM 2023-2024 ACTUAL EXAM 350 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (100% VERIFIED ANSWERS) |AGRADE"},"content":{"rendered":"\n

WGU C211 OA EXAM 2023-2024 ACTUAL EXAM
350 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (100% VERIFIED
ANSWERS) |AGRADE
What will happen to equilibrium quantity and price if both demand and
supply decrease? – ANSWER- Quantity will decrease but price can
either increase or decrease
What happens to demand quantity for normal goods as percentage
change in income increases? – ANSWER- Demand increases
What do the positive or negative numbers of cross-price elasticity of
demand represent? – ANSWER- Substitutes or complements
What is one way the Federal Reserve influences the reserve ratio? –
ANSWER- By altering reserve requirements
Which fiscal policy would be most effective at raising consumer
spending and expanding aggregate demand? – ANSWER- Enacting a
permanent INCOME TAX CUT
What is the effect of an increase in the money supply in the short run? –
ANSWER- Interest rates decrease and aggregate demand for goods and
services increase<\/p>\n\n\n\n

How is consumer surplus represented on a graph? – ANSWER- area
below the demand curve and above the price
Define producer surplus? – ANSWER- The amount the seller is PAID
minus the COST of PRODUCTION (OR) The area below the price and
above the supply curve on a graph
A painter spends $200 on paint. He then bills the homeowner $1,000 to
cover his time and his expenses.
What is the amount of these transactions that is added to gross domestic
product (GDP)? – ANSWER- $1,000
A U.S. state purchases a fleet of new highway patrol vehicles
manufactured in Japan.
How are the components of U.S. gross domestic product (GDP)
affected? – ANSWER- 1) Net exports decrease and
2) Government expenditures increase
A nation ends a tariff on bananas, which is an imported product.
What will be the effect on banana prices within that nation? –
ANSWER- The price will MATCH the global market price<\/p>\n\n\n\n

What effect does implementing a new tariff have on the government that
implements it? – ANSWER- Tax revenue INCREASES
Why do nations trade? – ANSWER- Firms in one nation generate
valuable, unique, and hard to imitate exports that firms in other nations
find it beneficial to import
Gross National Product (GNP) – ANSWER- The total value of goods
and services, including income received from abroad, produced by the
residents of a country within a specific time period, usually one year
Bretton Woods System (1944) – ANSWER- A system in which all
currencies were pegged at a fixed rate to the US dollar
Spot transactions – ANSWER- The classic single-shot exchange of one
currency for another
If elasticity equals 1 or (10\/10 = 1) – ANSWER- Demand is UNIT
ELASTIC
What is the key difference between a competitive firm and a monopoly?<\/p>\n\n\n\n