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Friday, 6 November 2015

COMPLETE COURSE ECON312 COMPLETE COURSE


ECON 312COMPLETE COURSE ECON312 COMPLETE COURSE

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ECON 312 Week 1 Quiz

(TCO 1) The general concern of economics is with the study of the
(TCO 1) The term scarcity in economics refers to the fact that
(TCO 1) James wants to buy a book. The economic perspective suggests that James will buy the book if

(TCO 1) Which is not considered to be an economic resource?
(TCO 1) A movement along the production possibilities curve would imply that
(TCO 1) Which statement best describes a command economy?
(TCO 1) The term dollar votes means
(TCO 1) In the circular flow model, households
(TCO 1) Which is a major feature of the market system?
(TCO 1) Consider a barter situation where you have pens and you want pencils. To achieve your objective, there must be a(n)
(TCO 1) Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favorite music group. The cost of transportation for the trip is $250. The cost of the concert ticket is $50. What is the opportunity cost of Tammie’s trip to the concert? Show your calculations
(TCO 1) Identify some intrinsic qualities of capitalist and command economic systems. Identify two countries that practice each

ECON 312 Week 2 Quiz

(TCO 2) In presenting the idea of a demand curve, economists presume that the most important variable in determining the quantity demanded is
(TCO 2) Which of the following would not shift the demand curve for beef?
(TCO 2) Which of the following is most likely to be an inferior good?
(TCO 2) Suppose that tacos and pizza are substitutes and that soda and pizza are complements. We would expect an increase in the price of pizza to
(TCO 2) The supply curve shows the relationship between
(TCO 2) If the demand for product X is inelastic, a 4% increase in the price of X will
(TCO 2) Suppose the price of local cable TV service increased from $16.20 to $19.80, and as a result, the number of cable subscribers decreased from 224,000 to 176,000. Use the Midpoint formula to find the answer. Along this portion of the demand curve, price elasticity of demand is
(TCO 2) A firm can sell as much as it wants at a constant price. Demand is thus
(TCO 2) The demand schedules for such products as eggs, bread, and electricity tend to be
(TCO 2) The more time consumers have to adjust to a change in price
(TCO 2) What is the CETERIS PARIBUS assumption, and why is this assumption very important in the definition of Demand or Supply?
(TCO 2) Suppose the price of widgets rises from $5 to $7 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work

ECON 312 Week 3 Assignment Anti-trust behavior Case Study

ECON 312 Week 3 Assignment Anti-trust behavior Case Study

ECON 312 Week 3 Quiz

(TCO 3) Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?
(TCO 3) The short run is characterized by
(TCO 3) An industry comprised of 40 firms, none of which has more than 3% of the total market for a differentiated product is an example of
(TCO 3) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue
(TCO 3) Which of the following is correct?
(TCO 3) Barriers to entering an industry
(TCO 3) Under monopolistic competition entry to the industry is
(TCO 3) The term oligopoly indicates
(TCO 3) Use your basic knowledge and your understanding of market structures to answer this question. Which of the following companies most closely approximates a differentiated oligopolist in a highly concentrated industry?
(TCO 3) If the four-firm concentration ratio for industry X is 80
(TCO 3) In economics, how would you define the SHORT RUN, and what is the LONG RUN? How can you distinguish between the two?
(TCO 3) Identify the primary characteristics of perfect competition and monopoly. Give examples of each

ECON 312 Week 4 Midterm Exam

TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to
(TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if
(TCO 1) Which situation would most likely cause a nation’s production possibilities curve to shift inward?
(TCO 1) A tradeoff exists between two economic goals, X and Y. This tradeoff means that
(TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the
(TCO 1) The economy of Germany would best be classified as
(TCO 1) By consumer sovereignty we mean that
(TCO 1) By free enterprise, we mean that
(TCO 1) Which is not one of the five fundamental questions that an economy must deal with?
(TCO 1) A characteristic of centrally planned economies is that
(TCO 2) The quantity demanded of a product increases as its price declines because the
(TCO2) If there is a shortage of product X
(TCO 2) If an effective price ceiling is placed on hamburgers then
(TCO 2) An increase in demand for oil along with a simultaneous increase in supply of oil will
(TCO 2) For most products, purchases tend to fall with decreases in buyers’ incomes. Such products are known as
(TCO 2) If the price-elasticity coefficient for a good is .75, the demand for that good is described as
(TCO 2) When the price of movie tickets in a certain town was reduced, the movie-theaters’ revenues did not change. This suggests that the demand for movie tickets in that town has a price-elasticity coefficient of
(TCO 2) The price elasticity of demand increases with the length of the period considered because
(TCO 2) To economists the main differences between “the short run” and “the long run” are that
(TCO 2) When universities announce a large tuition increase and follow it with an announcement that more financial aid will be available, they are assuming that students who pay full tuition
(TCO 3) Cash expenditures a firm makes to pay for resources are called
(TCO 3) If a firm’s revenues just cover all its opportunity costs, then
(TCO 3) In the short run
(TCO 3) Variable costs are
(TCO 3) Marginal cost can be defined as the
(TCO 3) If the price of a fixed factor of production increases by 50 percent, what effect would this have on the marginal-cost schedule facing a firm?
(TCO 3) Which market model assumes the least number of firms in an industry?
(TCO 3) In which two market models would advertising be used most often?
(TCO 3) The steel and automobile industries would be examples of which market model?
(TCO 3) The demand curve faced by a purely competitive firm
(TCO 3) Let us suppose Harry’s, a local supplier of chili and pizza, has the following revenue-and-cost structure:
(TCO 3) A firm should increase the quantity of output as long as its
(TCO 3) In pure competition, each extra unit of output that a firm sells will yield a marginal revenue that is
(TCO 3) Which phrase would be most characteristic of pure monopoly?
(TCO 3) Natural monopolies result from
(TCO 3) The nondiscriminating pure monopolist must decrease price on all units of a product sold in order to sell more units. This explains why
(TCO 3) Which would definitely not be an example of price discrimination?
(TCO 3) In which industry is monopolistic competition most likely to be found?
(TCO 3) Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will
(TCO 3) In an oligopolistic market there are
(TCO 3) A low concentration ratio means that
(TCO 3) A major reason that firms form a cartel is to
(TCO 1) Money is not an economic resource because
(TCO 1) Refer to the diagram which refers to the Circular Flow Model in Chapter 2. Arrows (1) and (3) are associated with
(TCO 2) Refer to the diagram. An increase in quantity demanded is depicted by a
(TCO 2) Refer to the information and assume the stadium capacity is 5,000. If the Mudhens’ management wanted a full house for the game, it would
(TCO 2) Which type of goods is most adversely affected by recessions?
(TCO 3) In the figure, Curves 1, 2, 3, and 4 represent the
(TCO 1) Refer to the diagram. The combination of computers and bicycles shown by Point G is
(TCO 3) Assume that the owners of the only gambling casino in Wisconsin spend large sums of money lobbying state government officials to protect their gambling monopoly. Economists refer to these expenditures as
(TCO 3) a.) Do you agree or disagree with the statement that: “A monopolist always charges the highest possible price.”? Explain. b.) Why can’t an individual firm raise its price by reducing output or lower its price to increase sales volume in a purely competitive market?
(TCO 2) What effect should each of the following have on the demand for gasoline in a competitive market? State what happens to demand. Explain your reasoning in each case and relate it to a demand determinant

ECON 312 Week 4 Midterm Exam SET 2

1. (TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to
2. (TCO 1) The idea in economics that "there is no free lunch" means that
3. (TCO 1) The law of increasing opportunity costs indicates that
4. (TCO 1) A tradeoff exists between two economic goals, X and Y. This tradeoff means that
5. (TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the
6. (TCO 1) The Soviet Union economy of the 1980s would best be classified as
7. (TCO 1) Markets in which firms sell their output of goods and services are called
8. (TCO 1) By free enterprise, we mean that
9. (TCO 1) Which is one of the five fundamental questions that need to be dealt with in any economic system?
10. (TCO 1) A major problem with state ownership of resources is that it does not
11. (TCO 2) The quantity demanded of a product increases as its price declines because the
12. (TCO 2) A surplus of a product will arise when price is
13. (TCO 2) Which of the following is a consequence of rent controls established to keep housing affordable for the poor?
14. (TCO 2) A headline reads "Lumber Prices Up Sharply." In a competitive market, this situation would lead to a(n)
15. (TCO 2) Two months ago, the Marbury Shirt company sold 200 shirts at $30 per shirt. Last month, the company raised its price to $35 per shirt and sold 300 shirts. Evidently the company experienced a(n)
16. (TCO 2) If the price-elasticity coefficient for a good is .75, the demand for that good is described as
17. (TCO 2) Total revenue falls as the price of a good is raised, if the demand for the good is
18. (TCO 2) The price elasticity of demand increases with the length of the period considered because
19. (TCO 2) To economists the main differences between "the short run" and "the long run" are that
20. (TCO 2) Airlines charge business travelers more than leisure travelers because there is a more
21. (TCO 3) Cash expenditures a firm makes to pay for resources are called
22. (TCO 3) If a firm's revenues just cover all its opportunity costs, then
23. (TCO 3) In the short run
24. (TCO 3) Fixed costs are those costs which are
25. (TCO 3) At an output of 20,000 units per year, a firm's variable costs are $80,000 and its average fixed costs are $3. The total costs per year for the firm are
26. (TCO 3) If the price of a fixed factor of production increases by 50 percent, what effect would this have on the marginal-cost schedule facing a firm?
1. (TCO 3) Which market model assumes the least number of firms in an industry?
2. (TCO 3) In which two market models would advertising be used most often?
3. (TCO 3) The steel and automobile industries would be examples of which market model?
4. (TCO 3) Sam owns a firm that produces tomatoes in a purely competitive market. The firm's demand curve is
5. (TCO 3) Let us suppose Harry's, a local supplier of chili and pizza, has the following revenue-and-cost structure
6. (TCO 3) A firm should increase the quantity of output as long as its
7. (TCO 3) In pure competition, each extra unit of output that a firm sells will yield a marginal revenue that is
8. (TCO 3) The classic example of a private, unregulated monopoly is
9. (TCO 3) Which of the following is a barrier to entry?
10. (TCO 3) One feature of pure monopoly is that the demand curve
11. (TCO 3) Which case below best represents a case of price discrimination?
12. (TCO 3) In which industry is monopolistic competition most likely to be found?
13. (TCO 3) If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will
14. (TCO 3) A unique feature of an oligopolistic industry is
15. (TCO 3) You are told that the four-firm concentration ratio in an industry is 20. Based on this information you can conclude that
16. (TCO 3) A major reason that firms form a cartel is to
17. (TCO 1) Which of the following is a land resource?
18. (TCO 1) Refer to the diagram which refers to the Circular Flow Model in Chapter 2. Arrows (1) and (3) are associated with
19. (TCO 2) Refer to the diagram. An increase in quantity demanded is depicted by a
20. (TCO 2) Refer to the information and assume the stadium capacity is 5,000. If the Mudhens' management charges $7 per ticket
Price per Ticket
Quantity Demanded
$13
1,000
11
2,000
9
3,000
7
4,000
5
5,000
3
6,000
21. (TCO 2) Which type of goods is most adversely affected by recessions?
22. (TCO 3) In the diagram Curves 1, 2, and 3 represent
23. (TCO 1) Refer to the diagram. The combination of computers and bicycles shown by Point G is
24. (TCO 3) Any activity designed to transfer income or wealth to a particular individual or firm at society's expense is called
25. (TCO 3) a.) A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolist do to maximize profits? b.) Why might a business owner keep their business open but let it deteriorate, rather than shut it down? Will this profitability last?
26. (TCO 2) Evaluate how the following situations will affect the demand curve for iPod

ECON 312 Week 6 Assignment Our Macroeconomic Situation

ECON 312 Week 6 Assignment Our Macroeconomic Situation


ECON 312 Week 6 Quiz

(TCO 7) If you write a check on a bank to purchase a used Honda Civic, you are using money primarily as
(TCO 7) In the United States, the money supply (M1) is comprised of
(TCO 7) Answer the question on the basis of the following list of assets:
·         1. Large-denominated ($100,000 and more) time deposits
·         2. Noncheckable savings deposits
·         3. Currency (coins and paper money) in circulation
·         4. Small-denominated (less than $100,000) time deposits
·         5. Stock certificates
·         6. Checkable deposits
·         7. Money market deposit accounts
·         8. Money market mutual fund balances held by individuals
·         9. Money market mutual fund balances held by businesses
·         10. Currency held in bank vaults
Refer to the above list. The assets that are not included in either M1 or M2 are
(TCO 7) Assume that Smith deposits $600 in currency into her checking account in the XYZ Bank. Later that same day, Jones negotiates a loan for $1,200 at the same bank. In what direction and by what amount has the supply of money changed
(TCO 7) Overnight loans from one bank to another for reserve purposes entail an interest rate called the
(TCO 7) When a bank loan is repaid, the supply of money
(TCO 7) The transactions demand for money is most closely related to money functioning as a
(TCO 7) The equilibrium rate of interest in the market for money is determined by the intersection of the
(TCO 7) Which of the following is not a tool of monetary policy?
(TCO 7) In the latter end of 2001 the Fed cut the federal funds rate several times. The Fed’s purpose was to
(TCO 7) What are the two significant characteristics of the fractional reserve banking system
(TCO 7) Describe what changes in the Fed’s major policy tools lead to [a] expansionary and [b] restrictive or contractionary monetary policies

ECON 312 Week 7 Quiz

(TCO 8) The United States’ most important trading partner quantitatively is
(TCO 8) The World Trade Organization
(TCO 9) The current account in a nation’s balance of payments includes
(TCO 9) If the exchange rate between the U.S. dollar and the Japanese yen is $1 = 200 yen, then the dollar price of the yen is
(TCO 9) In terms of individual nations, the largest U.S. trade deficit is with
(TCO 9) Answer the next question(s) on the basis of the following table which indicates the dollar price of libras, the currency used in the hypothetical nation of Libra. Assume that a system of freely floating exchange rates is in place
(TCO 8) The primary gain from international trade is
(TCO 8) Refer to the graphs below. Stanville has a comparative advantage in producing
(TCO 9) The Group of Eight (G8) Nations which periodically have jointly intervened to influence the value of the dollar include
(TCO 8) Which country has the largest share of total world exports?
(TCO 8 and 10) Explain some of problems with the argument that trade protection is needed to protect American jobs
(TCO 9) What effect might the depreciation of the U.S. dollar relative to the Japanese yen have on imports and exports to and from each country?

ECON 312 Week 8 Exam

1)
An increase in aggregate demand is most likely to be caused by a decrease in (Points : 4)

Question 2. 2. (TCO 5) The long-run aggregate supply curve is (Points : 4)

Question 3. 3. (TCO 5) Which would most likely increase aggregate supply? (Points : 4)

Question 4. 4. (TCO 5) Disinflation refers to a situation where (Points : 4)

Question 5. 5. (TCO 6) If a family's MPC is .7, it means that the family is (Points : 4)

Question 6. 6. (TCO 7) Which definition(s) of the money supply include(s) only items which are directly and immediately usable as a medium of exchange? (Points : 4)

Question 7. 7. (TCO 7) Which of the following "backs" the value of money in the United States? (Points : 4)

Question 8. 8. (TCO 7) How many members can serve on the Board of Governors of the Federal Reserve System? (Points : 4)

Question 9. 9. (TCO 7) Which group is responsible for the policy of changing the money supply? (Points : 4)

Question 10. 10. (TCO 7) Other things being equal, an expansion of commercial bank lending (Points : 4)

Question 11. 11. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from (Points : 4)

Question 12. 12. (TCO 7) Which monetary policy tool was created in response to the financial crisis of 2007-2008? (Points : 4)

Question 13. 13. (TCO 7) The Federal Reserve could reduce the money supply by (Points : 4)

Question 14. 14. (TCO 8) Which of the following products is a leading import of the United States? (Points : 4)

Question 15. 15. (TCO 8) The principal concept behind comparative advantage is that a nation should (Points : 4)

Question 16. 16. (TCO 8) If a nation imposes a tariff on an imported product, then the nation will experience a(n) (Points : 4)

Question 17. 17. (TCO 8) A key difference between import quotas and voluntary export restraints (VERs) is that the (Points : 4)

Question 18. 18. (TCO 8) Tariffs and import quotas would benefit the following groups, except (Points : 4)

Question 19. 19. (TCO 8) A major goal of the World Trade Organization is to (Points : 4)

Question 20. 20. (TCO 9) French and German farmers wanting to buy equipment from an American manufacturer based in the U.S. will be (Points : 4)
1) Remittances of Mexican workers in the U.S. to their families in Mexico are included in the U.S. balance of payments as a debit in the section on (Points : 4)
Question 2. 2. (TCO 9) A trade deficit means a net (Points : 4)

Question 3. 3. (TCO 9) If an American can purchase 40,000 British pounds for $90,000, the dollar rate of exchange for the pound is (Points : 4)

Question 4. 4. (TCO 9) When the exchange rate between pounds and dollars moves from $2 = 1 pound to $1 = 1 pound, we say that the dollar has (Points : 4)

Question 5. 5. (TCO 9) The monetary system for conducting international trade is usually described as a system of (Points : 4)
(TCO 8) a) Explain four problems with the argument that trade protection is needed to protect American jobs. b) Describe the economic reasons why businesses use offshoring.
(TCO 6) a) Explain the tools used to pursue expansionary and contractionary fiscal policy. During which phases of the business cycle would each be appropriate? b) Explain what is meant by a built-in stabilizer and give two examples.

CON 312 COMPLETE COURSE ECON312 COMPLETE COURSE

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