ECON 312 Week 1 to 7 Quiz | eBooks | Education

ECON 312 Week 1 to 7 Quiz

ECON 312 Week 1 to 7 Quiz PLDZ-454 Instant Download Price
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ECON 312 Week 1 Quiz

1. (TCO 1) The general concern of economics is with the study of the

2. (TCO 1) The term scarcity in economics refers to the fact that

3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society?

4. (TCO 1) Which is considered to be an economic resource by economists?

5. (TCO 1) If an economy is producing at a point inside a production possibilities curve, then

6. (TCO 1) Which would not be characteristic of a capitalist economy?

7. (TCO 1) The term dollar votes means

8. (TCO 1) The circular flow model

1. (TCO 2) A demand curve

2. (TCO 2) In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by

3. (TCO 2) Which of the following is most likely to be an inferior good?

4. (TCO 2) The demand curve for a product might shift as the result of a change in

5. (TCO 2) The supply curve shows the relationship between

6. (TCO 2) If the demand for product X is inelastic, a 4% increase in the price of X will

ECON 312 Week 2 Quiz

1. (TCO 2) Economists use the term "demand" to refer to

2. (TCO 2) Which of the following would not shift the demand curve for beef?

3. (TCO 2) Which of the following is most likely to be an inferior good?

4. (TCO 2) Which of the following would mostly likely increase the demand for gasoline?

5. (TCO 2) The supply curve shows the relationship between

6. (TCO 2) The price elasticity of demand is generally

ECON 312 Week 3 Quiz

1. (TCO 3) Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?

2. (TCO 3) To economists, the main difference between the short run and the long run is that

3. (TCO 3) Which of the following industries most closely approximates pure competition?

4. (TCO 3) Which of the following statements applies to a purely competitive producer?

5. (TCO 3) Which of the following is correct?

6. (TCO 3) Barriers to entering an industry

1. (TCO 3) Economic profits are calculated by subtracting

2. (TCO 3) To economists, the main difference between the short run and the long run is that

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

4. (TCO 3) A purely competitive seller is

5. (TCO 3) Which of the following is correct?

6. (TCO 3) Confronted with the same unit cost data, a monopolistic producer will charge

ECON 312 Week 5

1. (TCO 6) Fiscal policy refers to the

2. (TCO 6) Suppose that the economy is in the midst of a recession. Which of the following policies would most likely end the recession and stimulate output growth?

3. (TCO 6) The crowding-out effect of expansionary fiscal policy suggests that

4. (TCO 5) Which of the following would not shift the aggregate supply curve?

5. (TCO 6) Other things equal, a reduction in personal and business taxes can be expected to

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

1. (TCO 6) Expansionary fiscal policy is so named because it

2. (TCO 6) An economist who favors smaller government would recommend

3. (TCO 6) The lag between the time and the need for fiscal action is recognized and the time the action is taken is referred to as the

4. (TCO 5) The determinants of aggregate supply

5. (TCO 6) Other things equal, a reduction in personal and business taxes can be expected to

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

ECON 312 Week 7 Quiz

1. (TCO 8) Specialization and trade between individuals or between nations lead to:

2. (TCO 8) Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n)

3. (TCO 9) Which of the following is not included in the current account of a nation's balance of payments?

4. (TCO 9) If the dollar price of the yen rises, then

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

6. (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.

1. (TCO 8) The United States' most important trading partner quantitatively is

2. (TCO 8) Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n)

3. (TCO 9) Which of the following is not included in the current account of a nation's balance of payments?

4. (TCO 9) If the dollar price of the yen rises, then

5. (TCO 9) In terms of individual nations, the largest U.S. trade deficit is with

ECON 312 Week 1 Quiz 1. (TCO 1) The general concern of economics is with the study of the 2. (TCO 1) The term scarcity in economics refers to the fact that 3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society
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