Given the following data on the market basket of goods in 2022 and 2023, calculate the total value of the basket in each year.Table:GoodsQuantityPrice in 2022Price in 2023Pens100$1.00$1.80Cans of Soda100$2.00$2.20Cups of Coffee200$2.00$3.00What is the total value of the basket in 2022?

If Ryan experiences an increase in his income, then we would expect Ryan’s demand for

What is the difference between a veterinary technician and a veterinary technologist in the United States?

An inflationary gap can be closed by _____ wages that shift the _____.

In the fictional country of Lunoria, the economy is producing 4,100 trillion dollars in 2031, while the potential output is 3,500 trillion dollars.Which type of gap do we have, and to close the gap, should the Federal Reserve buy or sell Treasury bills (Bonds)?

Given a marginal propensity to consume (MPC) of 0.75, how much of a change in government spending is needed to move the economy from E1 (actual output = 1,100 trillion dollars) to the long-run equilibrium (potential output = 1,000 trillion dollars)?

In the fictional country of Quintaria, the economy is producing 4,000 trillion dollars in 2029, while the potential output is 3,200 trillion dollars. To close the gap, should the Federal Reserve increase or decrease the money supply? In which direction should the money supply curve shift?

prep third exam.png Our THIRD exam covers Weeks 11-13. Make sure to carefully review the readings, quizzes, and discussion boards from Weeks 11-13 before taking your exam. Exam Details: The exam has 25 questions, worth a total of 100 points. You have two attempts to take the exam, and I will count your highest score as your final grade. Each attempt must be completed in one sitting. You cannot save the exam and return to it later. You have 120 minutes (two hours) to complete each attempt. Deadlines and Late Submissions: One day late: 10% off the maximum grade. Two days late: 20% off the maximum grade. Three days late: 30% off the maximum grade. More than three days late: 50% off the maximum grade. Make sure to submit your exam on time to avoid penalties. Good luck!

If there is an increase in the supply of bicycles, what will happen to the equilibrium price and quantity?

Which of the following best describes President Franklin Roosevelt’s approach to foreign affairs?