ECON 312 WEEK 1 TO 7 QUIZZES

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Week 1
Question 1. Question :

(TCO 1) Economics is the study of

Question 2. Question : (TCO 1) The key economic concept that serves as the
basis for the study of economics is

Question 3. Question : (TCO 1) From an economic perspective, when a student

decides to attend another year of college, the student has concluded that the
marginal

Question 4. Question :
by economists?

(TCO 1) Which is considered to be an economic resource

Question 5. Question :
curve would imply that

(TCO 1) A movement along the production possibilities

Question 6. Question :
economy?

(TCO 1) Which would not be characteristic of a capitalist

Question 7. Question : (TCO 1) The development of CDs and DVDs that

significantly reduced the market for cassette tapes would be an example of

Question 8. Question : (TCO 1) Which of the following would be primarily

determined in the resource market?

Question 9. Question :

(TCO 1) By free enterprise, we mean that

Question 10. Question :

of exchange? Barter

(TCO 1) Which is the main problem with the barter system

Question 11. Question : (TCO 1) Josephine makes $100 a day as a flower shop
attendant. She takes off two days of work without pay to travel to another city to
attend her sisters wedding. The cost of transportation for the trip is $180 round
trip. The cost of her hotel stay is $99 per night and she stays for 2 nights. What is
the opportunity cost of Josephines trip to the wedding? Show your calculations.

Question 12. Question :

(TCO 1) What does Invisible Hand mean?

Week 2

Grading Summary
These are the automatically computed results of your exam. Grades for essay
questions, and comments from your instructor, are in the "Details" section below.
Date Taken: 7/18/2015

Question 1. Question :

(TCO 2) A demand curve

Question 2. Question : (TCO 2) Which of the following will not cause the demand
for product K to change?

Question 3. Question :
shift the

(TCO 2) If X is a normal good, a rise in money income will

Question 4. Question : (TCO 2) Which of the following would mostly likely

increase the demand for gasoline?

Question 5. Question :

(TCO 2) The supply curve shows the relationship between

Question 6. Question :

(TCO 2) The price elasticity of demand is generally

Question 7. Question : (TCO 2) The price of product X is reduced from $100 to

$90 and, as a result, the quantity demanded increases from 50 to 60 units.
Therefore, demand for X in this price range

Question 8. Question :
measures

(TCO 2) The concept of price elasticity of demand

Question 9. Question : (TCO 2) The demand schedules for such products as eggs,
bread, and electricity tend to be

Question 10. Question :

change in price

(TCO 2) The more time consumers have to adjust to a

Question 11. Question :

curve slope upwards?

(TCO 2) What is the Law of Supply? Why does the supply

Question 12. Question : (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.

Week 3

Grade Details - All Questions

Question 1. Question :

(TCO 3) Economic profits are calculated by subtracting

Question 2. Question : (TCO 3) To economists, the main difference between the

short run and the long run is that

Question 3. Question :
industry as

(TCO 3) Economists would describe the U.S. automobile

Question 4. Question : (TCO 3) If a firm in a purely competitive industry is

confronted with an equilibrium price of $5, its marginal revenue

Question 5. Question :
monopoly?

(TCO 3) Which of the following best approximates a pure

Question 6. Question :

(TCO 3) Barriers to entering an industry

Question 7. Question : (TCO 3) The restaurant, legal assistance, and clothing

industries are each illustrations of

Question 8. Question :

(TCO 3) The term oligopoly indicates

Question 9. Question :
oligopoly?

(TCO 3) Which of the following is a unique feature of

Question 10. Question :

(TCO 3) Concentration ratios measure the

Question 11. Question : (TCO 3) In economics, how would you define the SHORT
RUN, and what is the LONG RUN? How can you distinguish between the two?

Question 12. Question : (TCO 3) Identify the primary characteristics of perfect

competition and monopoly. Give examples of each.

Week 5

Question 1. Question :

(TCO 6) Fiscal policy refers to the

Question 2. Question :
would recommend

(TCO 6) An economist who favored expanded government

Question 3. Question : (TCO 6) The financing of a government deficit increases

interest rates and, as a result, reduces investment spending. This statement
describes

Question 4. Question :

(TCO 5) The determinants of aggregate supply

Question 5. Question : (TCO 6) In an effort to avoid recession, the government

implements a tax rebate program, effectively cutting taxes for households. We
would expect this to

Question 6. Question :

(TCO 6) The MPC can be defined as that fraction of a

Question 7. Question :

(TCO 6) The size of the MPC is assumed to be

Question 9. Question :

(TCO 6) The multiplier can be calculated as:

Question 10. Question :

2009

(TCO 5) The American Recovery and Reinvestment Act of

Question 11. Question : (TCO 5) What effect would each of the following have on
aggregate demand or aggregate supply? Explain.

a. A widespread fear by consumers of an impending economic depression

b. Labor Productivity (Output per man hour) goes up

Question 12. Question : (TCO 6) Explain how fiscal policy (making changes to
government spending and taxes) would affect aggregate demand (AD).

Week 6

Question 1. Question : (TCO 7) If you place a part of your summer earnings in a

savings account, you are using money primarily as a

Question 2. Question :

(TCO 7) The amount of money reported as M2

Question 3. Question :
list of assets:

(TCO 7) Answer the question on the basis of the following

Question 4. Question : (TCO 7) Assume Company X deposits $100,000 in cash in

Commercial Bank A. If no excess reserves exist at the time this deposit is made and
the reserve ratio is 20 percent, Bank A, by itself, can initially increase the money
supply by a maximum of

Question 5. Question :

(TCO 7) The federal funds market is the market in which

Question 6. Question :

(TCO 7) Money is destroyed when

Question 7. Question :

(TCO 7) The asset demand for money

Question 8. Question :

(TCO 7) It is costly to hold money because

Question 9. Question :
policy?

(TCO 7) Which of the following is not a tool of monetary

Question 10. Question :

is to shift the

(TCO 7) The purpose of an expansionary monetary policy

Question 11. Question : (TCO 7) What are the two significant characteristics of the
fractional reserve banking system?

Question 12. Question : (TCO 7) Describe what changes in the Feds major policy
tools lead to [a] expansionary and [b] restrictive or contractionary monetary
policies.

Week 7

Question 1. Question : (TCO 8) Specialization and trade between individuals or

between nations lead to:

Question 2. Question :

(TCO 8) The World Trade Organization

Question 3. Question :
payments includes

(TCO 9) The current account in a nation's balance of

Question 4. Question : (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

Question 5. Question :

(TCO 9) In recent years, the United States has had large:

Question 6. Question : (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.

Question 7. Question : (TCO 8) If a nation has a comparative advantage in the

production of X, this means the nation

Question 8. Question : (TCO 8) Refer to the graphs below. Terryville has a

comparative advantage in producing

Question 9. Question :
called G8 Nations?

(TCO 9) Which one of the following is not one of the so-

Question 10. Question :

(TCO 8) In recent years the United States has

Question 11. Question : (TCO 8 and 10) Explain some of problems with the
argument that trade protection is needed to protect American jobs.

Question 12. Question : (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?