ECONS 312 WEEKS 1 TO 7 QUIZES, SUMMER 2015

ECONS 312 WEEKS 1 TO 7 QUIZES, SUMMER 2015

Question
SAMPLE QUESTIONS

1. TCO
1) Economics is the study of

2. TCO
1) The key economic concept that serves as the basis for the study of economics
is
3. TCO
1) From an economic perspective, when a student decides to attend another year
of college, the student has concluded that the marginal
4. TCO
1) Which is considered to be an economic resource by economists?
5. TCO
1) A movement along the production possibilities curve would imply that

ECONS 312 WEEKS 1 TO 7 QUIZES, SUMMER 2015


Attachments
ECONS_WEEK_1_TO_7_QUIZES.docx (314.38 KB)

Preview: and xxxxxxxx supplied xxxxxxxxxxx the quantity xxxxxxxx at each xxxxx in x xxxxxx of xxxxxx  graphs as xx upsloping line xxxxxxx the xxxxxxxxxxxx xxxxxxx income xxx spending  Instructor xxxxxxxxxxxxxxxxxxx 3  Points xxxxxxxxxx of x xxxxxxxxxxxxxxxxxxxxxx Question xxxxx 2) Which xx the following xxxx not xxxxx xxx demand xxx product K xx change? Student Answer:A change xx the xxxxx xx close-substitute xxxxxxx J  An xxxxxxxx in consumer xxxxxxx  A change xx xxx price xx K  A change xx consumer tastes xxxxxxxxxxxx Explanation:Chapter x xxxxxxxx Received:1 xx 1  Comments:Question 3 xxxxxxxx :(TCO 2) xx X xx x normal xxxxx a rise xx money income xxxx shift xxxxxxxxxxxx xxxxxxxxxxxxx curve xxx X to xxx left  supply xxxxx for x xx the xxxxx  demand curve xxx X to xxx left xxxxxxxx xxxxx for x to the xxxxx  Instructor Explanation:Chapter x  Points xxxxxxxxxx xx 1 xxxxxxxxxxxxxxxxxxxxxx Question :(TCO xx Which of xxx following xxxxx xxxxxx likely xxxxxxxx the demand xxx gasoline?  Student xxxxxxxxxx expectation xx xxxxxxxxx that xxxxxxxx prices will xx higher in xxx future xxxxx xxxxxxxxxxx by xxxxxxxxx that gasoline xxxxxx will be xxxxx in xxx xxxxxx  A widespread xxxxx in car xxxxxxxxx from SUVs xx hybrid xxxxxx xxxxxxxxxxxxx in xxx price of xxxxxx transportation  Instructor xxxxxxxxxxxxxxxxxxx 3 xxxxxxxx xxxxxxxxxx of x  Comments:Question 5 Question xxxxx 2) The xxxxxx curve xxxxx xxx relationship xxxxxxxxxxxxxxxx Answer:price and xxxxxxxx supplied  production xxxxx and xxx xxxxxx demanded xxxxxxx business revenues xxx quantity supplied xxxxxxxxxx inputs xx xxxxxxxxx and xxx resulting units xx output  Instructor xxxxxxxxxxxxxxxxxxx 3 xxxxxxxx xxxxxxxxxx of x  Comments:Question 6 Question xxxxx 2) The xxxxx elasticity xx xxxxxx is xxxxxxxxxxxxxxxxxx Answer:negative, but xxx minus sign xx ignored xxxxxxxxxxx xxx the xxxx sign is xxxxxxx  positive for xxxxxx goods xxx xxxxxxxx for xxxxxxxx goods  positive xxxxxxx price and xxxxxxxx demanded xxx xxxxxxxxx related xxxxxxxxxxxx Explanation:Chapter 4 xxxxxxxx Received:1 of x  Comments:Question 7 xxxxxxxx xxxxx 2) xxx price of xxxxxxx X is xxxxxxx from xxxx xx $90 xxxx as a xxxxxxx the quantity xxxxxxxx increases xxxx xx to xx units Therefore, xxxxxx for X xx this xxxxx xxxxxxxxxxxxxx Answer:has xxxxxxxx  is of xxxx elasticity  is xxxxxxxxx  is xxxxxxx xxxxxxxxxxxx Explanation:Chapter x  Points Received:1 xx 1  Comments:Question 8 xxxxxxxx :(TCO xx xxx concept xx price elasticity xx demand measures Student xxxxxxxxxx slope xx xxx demand xxxxx  the number xx buyers in x market xxxxx xxxxxx to xxxxx the demand xxxxx shifts as xxx result xx x price xxxxxxx  the sensitivity xx consumer purchases xx price xxxxxxx xxxxxxxxxxxx Explanation:Chapter x  Points Received:1 xx 1  Comments:Question 9 xxxxxxxx :(TCO xx xxx demand xxxxxxxxx for such xxxxxxxx as eggs, xxxxxx and xxxxxxxxxxx xxxx to xxxxxxxxxxx Answer:perfectly price xxxxxxx  of unit xxxxx elasticity xxxxxxxxxxxx xxxxx inelastic xxxxxxxxxxxx price elastic xxxxxxxxxxxx Explanation:Chapter 4 xxxxxxxx Received:1 xx x  Comments:Question 10 xxxxxxxx :(TCO 2) xxx more time xxxxxxxxx have xx xxxxxx to x change in xxxxxxxxxxxxxx Answer:the smaller xxxx be xxx xxxxx elasticity xx demand  the xxxxxxx will be xxx price xxxxxxxxxx xx demand xxxxx more likely xxx product is x normal xxxx xxxxx more xxxxxx the product xx an inferior xxxx  Instructor xxxxxxxxxxxxxxxxxxx x  Points xxxxxxxxxx of 1 xxxxxxxxxxxxxxxxxxxxxxx Question :(TCO xx What xx xxx Law xx Supply? Why xxxx the supply xxxxx slope xxxxxxxxxxxxxxxxx xxxxxxxxxxxx instance xxxxxx increase because xx increased demand xxx a xxxxxxxxxx xxxxxxxxx deem xx highly profitable xx increase the xxxxxxxx provide xxx xxxx Thus, xxx supply curve xxxx move upward xxxx left xx xxxxx Obviously, xxxxxxxxx would rather xxxx at a xxxxxx price xxxx xx a xxxxx price If x may add, xx is xxxxxxxxx xxx firms xx request a xxxxxx price as xxxx increase xxxxxxxxxx xxxx may xxxxxx because as xxxx produce more xxx more, xxxx xxxxx to xxx up against xxxxxxxx constraints and xxxxx rise xx xxx given xxxxx a plant xxx a given xxxx As xxxxxxxxxx xxxxxxxxxx the xxxx will need xx add an xxxxx shift xxx xxxx a xxxxx shift, both xxxxxxx at higher xxxxx It xxx xxx out xx warehouse space xxx have to xxxx at xxxxxx xxxx from xxxxxxx firm It xxx have to xxx extra xx xxx increasingly xxxxxx raw material, xxx so on xxx market xxxxxx xxxxx is xxxxxxxx by horizontally xxxxxxxxxxx the individual xxxxxx curves xxxxxxxx xxxxxxxxxxxx Explanation:Chapter x The law xx supply states xxxx as xxx xxxxx of x good rises, xxxxxxxx supplied rises, xxxxxxx paribus xx xxxxxx equilibrium xxxxx rises because xx increased demand xxx a xxxxxxxxxx xxxxxxxxx find xx more and xxxx profitable to xxxxxxxx the xxxxxxxx xxxx offer xxx sale; that xxx the supply xxxxx will xxxxx xxxxxx from xxxx to right xx Clearly, firms xxxxx rather xxxx xx a xxxxxx price than xx a lower xxxxx   xxxxxxxxx xx is xxxxxxxxx for firms xxxxxxx a higher xxxxx as xxxx xxxxxxxx production xx This comes xxxxx because as xxxx produce xxxx xxx more, xxxx start to xxx up against xxxxxxxx constraints xxx xxxxx rise xx At any xxxxx time, a xxxxx has x xxxxx size xx As production xxxxxxxxxx the firm xxxx need xx xxx an xxxxx shift and xxxx a third xxxxxx both xxxxxxx xx higher xxxxx   It xxx run out xx warehouse xxxxx xxx have xx rent at xxxxxx cost from xxxxxxx firm xx xx may xxxx to pay xxxxx to get xxxxxxxxxxxx urgent xxx xxxxxxxxx and xx on  Points xxxxxxxxxx of 5 xxxxxxxxxxxxxxxxxxxxxxx Question xxxxx xx Suppose xxx price of xxxxxxx rises from xx to xx xxx consumption xx widgets falls xxxx 25 widgets x month xx xx widgets xxxxxxxxx your price xxxxxxxxxx of demand xx widgets xxxx xxx you xxx about your xxxxx elasticity of xxxxxx of xxxxxxxx xx it xxxxxxxx Inelastic, or xxxxxxx Elastic? Why? xxx the xxxxxxxx xxxxxxx and xxxxxx show your xxxx  Student Answer: Using xxxxxxx Value xxxxxx x change xx Quantity Demanded x 10/25*100 = xxx % xxxxxx xx Price x 2/5*100 = xxx Ed = xxxxxxx = x x Unitary xxxxxxx Using Midpoint xxxxx Method % xxxxxx in xxxxxxxx xxxxxxxx = xxxxxxxxx = 50% x change in xxxxx = xxxxxxx x 33 xxx Ed = xxxxxx 33% = x 5 x xxxxxxx  Instructor xxxxxxxxxxxxxxxxxxx 4 Elasticity x 1 515Relatively xxxxxxx because x xxx > xxxx Week 2 xxxx Lecture PPTs xxxxx the Short xxx xx calculations in xxx Live Lecture xxxxxxxxxxxx in Doc xxxxxxx  Also xxxx xxxxxxxxx by xxxx Ep solution xxxxxxxxx • WRAP UP: xxx #2 xxxxxxxx xxxxxxx Key xxxxxxxxxxxx • on the xxxxxx Topic 1 xxxxx change x xxx =2, xxxxxxx price= (7+5)/2 xxxxx change in xxxxxxxx change/ xxxxxxx x 2/6 xxxx 33Quantity change xxxxxx Average quantity= xxxxxxxxx = 20% xxxxxx xx Quantity xxxxxxxxxxxxxxxxxxxx average = 10/20 xxxx 5Ep =0 xxx 33 x x 5, xxxxxxx Demand!  Points Received:5 xx 5 Week xxxxxxxx SummaryThese xxx xxx automatically xxxxxxxx results of xxxx exam Grades xxx essay xxxxxxxxxx xxx comments xxxx your instructor, xxx in the xxxxxxxxx section xxxxx xxxx Taken: xxxxxxxxxxxxx Spent:59 min x 57 secs xxxxxx Received:18 x xx  (90%) xxxxxxxx Type:# Of xxxxxxxxxxx Correct:Multiple Choice109Short2N/AGrade xxxxxxx – xxx xxxxxxxxx Question 1 xxxxxxxx :(TCO 3) xxxxxxxx profits are xxxxxxxxxx by xxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxx costs xxxx total revenue xxxxxxxxxx costs from xxxxx revenue xxxxxxxxxx xxxxx from xxxxxx profits  explicit xxx implicit costs xxxx total xxxxxxx xxxxxxxxxxxx Explanation:Chapter x  Points Received:1 xx 1  Comments:Question 2 xxxxxxxx :(TCO xx xx economists, xxx main difference xxxxxxx the short xxx and xxx xxxx run xx that Student Answer:the xxx of diminishing xxxxxxx applies xx xxx long xxxx but not xx the short xxx  in xxx xxxx run xxx resources are xxxxxxxxx while in xxx short xxx xx least xxx resource is xxxxx  fixed costs xxx more xxxxxxxxx xx decision xxxxxx in the xxxx run than xxxx are xx xxx short xxx  in the xxxxx run