ECON 312 Final Exam Answer

ECON 312 Final Exam Answer in $42 only

(TCO 1) Opportunity cost is best defined as (Points : 4)
(TCO1) Which is not a factor of production? (Points : 4)
(TCO1) A point outside the production possibilities curve is (Points : 4)
(TCO1) A basic characteristic of a command system is that (Points : 4)
(TCO 2) Which is consistent with the law of demand? (Points : 4)
(TCO 2) A decrease in supply and a decrease in demand will (Points : 4)
(TCO 2) You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than one. To increase total revenues, you should (Points : 4)
(TCO 2) The price elasticity of demand increases with the length of the period considered because (Points : 4)

ECON 312 Principles of Economics Entire Course

ECON 312 Principles of Economics Entire Course in $76 only

Following files are available with the answer:

  1. ECON 312 Principles of Economics Entire Course
  2. ECON 312 Week 1 Quiz (2 Versions)
  3. ECON 312 Week 1 Discussion 1 Opportunity Cost
  4. ECON 312 Week 1 Discussion 2 Economic Systems
  5. ECON 312 Week 2 Quiz
  6. ECON 312 Week 2 Discussion 1 Demand, Supply & Market Equilibrium
  7. ECON 312 Week 2 Discussion 2 Price Elasticity of Demand
  8. ECON 312 Week 3 Assignment; Anti-Trust Case
  9. ECON 312 Week 3 Quiz (2 Versions)
  10. ECON 312 Week 3 Discussion 1 A Firm’s Shut Down Decision
  11. ECON 312 Week 3 Discussion 2 Market Structure Classification
  12. ECON 312 Week 4 Discussion 1 GDP
  13. ECON 312 Week 4 Discussion 2 Unemployment and Inflation
  14. ECON 312 Week 4 Midterm ( Set No 1 )
  15. ECON 312 Week 4 Midterm ( Set No 2 )
  16. ECON 312 Week 4 Midterm ( Set No 3 )
  17. ECON 312 Week 5 Quiz (2 Versions)
  18. ECON 312 Week 5 Discussion 1 Aggregate Demand and Aggregate Supply
  19. ECON 312 Week 5 Discussion 2 Fiscal Policy
  20. ECON 312 Week 6 Quiz
  21. ECON 312 Week 6 Assignment; Current Macroeconomic Situation in the U.S
  22. ECON 312 Week 6 Discussion 1 Money and Banking
  23. ECON 312 Week 6 Discussion 2 Monetary Policy and the Federal Reserve
  24. ECON 312 Week 7 Quiz (2 Versions)
  25. ECON 312 Week 7 Discussion 1 Free Trade
  26. ECON 312 Week 7 Discussion 2 Foreign Exchange

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ECON 312 Principles of Economics Midterm Exam 3 Sets

ECON 312 Principles of Economics Midterm Exam 3 Sets in $32 only

Week 4 Midterm Exam Set 1

(TCO 1) As a consequence of the condition of scarcity…

(TCO 1) The opportunity cost of constructing a new public highway is the…

(TCO 1) A nation can increase its production possibilities by…

(TCO 1) Which expression is another way of saying “marginal benefit”?

(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 Soviet Union economy of the 1980s would best be classified as…

(TCO 1) The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through…

(TCO 1) Consumers express self-interest when they….

ECON 312 Principles of Economics Week 4 Complete and Midterm Devry

ECON 312 Principles of Economics Week 4 Complete and Midterm Devry in $29 only

ECON 312 Principles of Economics

Week 4

Week 4 Discussions GDP (Graded)

Go to the Bureau of Economic Analysis website, www.bea.gov, and access the BEA interactively by selecting “National Accounts” and then “National Income and Product Account Tables.” Select “Frequently Requested NIPA Tables,” and find Table 1.1.1 on GDP. What is the current GDP growth rate for the U.S.? Examine the trend over the past few years. What trends interest you? What stage of the Business Cycle would the U.S. economy be in currently given the trends? Why might GDP not be considered an accurate measure of economic well-being of a country? Identify at least three limitations of GDP as a measure of economic well-being.

Week 4 Midterm Exam Set 1

(TCO 1) As a consequence of the condition of scarcity

ECON 312 Midterm Exam 3

ECON 312 Midterm Exam 3

1. (TCO 3) Mutual interdependence would tend to limit control over price in which market model?

2. (TCO 3) Under which market model are the conditions of entry into the market easiest?

3. (TCO 3) The production of agricultural products such as wheat or corn would best be described by which market model?

4. (TCO 3) The demand curve faced by a purely competitive firm

5. (TCO 3) A profit-maximizing firm in the short run will expand output

6. (TCO 3) A firm should increase the quantity of output as long as its

7. (TCO 3) The short-run supply curve for a competitive firm is the

8. (TCO 3) The classic example of a private, unregulated monopoly is

9. (TCO 3) Barriers to entry

10. (TCO 3) The demand curve confronting a nondiscriminating, pure monopolist is

11. (TCO 3) Which is the best example of price discrimination?

12. (TCO 3) In which industry is monopolistic competition most likely to be found?

13. (TCO 3) Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will

14. (TCO 3) A unique feature of an oligopolistic industry is

15. (TCO 3) A low concentration ratio means that

16. (TCO 3) In which set of market models are there the most significant barriers to entry?

17. (TCO 1) The four factors of production are

18. (TCO 1) Refer to the diagram below which is based on the Circular Flow Model in Chapter 2. Arrows (1) and (2) represent

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. The supply of seats for the game

21. (TCO 2) Which type of goods is most adversely affected by recessions?

22. (TCO 3) The following cost data are for a firm in the short run:

23. (TCO 1) Refer to the diagram. Points A, B, C, D, and E show

24. (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

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 iPods.

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ECON 312 Midterm Exam 2

ECON 312 Midterm Exam 2 in $12 only

1. (TCO 3) Which market model assumes the least number of firms in an industry?

2. (TCO 3) Local electric or gas utility companies mostly operate in which market model?

3. (TCO 3) The fast-food restaurants would be an example 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) T-Shirt Enterprises is selling in a purely competitive market.  It is producing 3,000 units, selling them for $2 each.  At this level of output, the average total cost is $2.50 and the average variable cost is $2.20.  Based on these data, the firm should

6. (TCO 3) A firm should always continue to operate at a loss in the short run if

7. (TCO 3) The short-run supply curve for a competitive firm is the

8. (TCO 3) One feature of pure monopoly is that the monopolist is

9. (TCO 3) Barriers to entry

10. (TCO 3) The demand curve confronting a non discriminating, pure monopolist is

11. (TCO 3) Which is the best example of price discrimination?

12. (TCO 3) Monopolistic competition is characterized by firms

13. (TCO 3) Assume that in a monopolistically competitive industry, firms are earning economic profit.  This situation 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) Money is not an economic resource because

18. (TCO 1) Refer to the diagram which is based on the Circular Flow Model in Chapter 2.  Arrows (3) and (4) represent

19. (TCO 2) Refer to the diagram.  A decrease in demand 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

21. (TCO 2) Which type of goods is most adversely affected by recessions?

22. (TCO 3) The following cost data are for a firm in the short run:…..What is the …..?

23. (TCO 1) Refer to the diagram.  Points A, B, C, D, and E show

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.) 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?

26. (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.

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ECON 312 Sample Midterm Exam 1

ECON 312 Sample Midterm Exam 1

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) (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) Which would not be considered as a capital resource of a business by an economist?

6. (TCO 1) The economy of Germany would best be classified as:…

7. (TCO 1) Markets in which firms sell their output of goods and services are called…

8. (TCO 1) Laissez-faire capitalism is characterized by…

9. (TCO 1) Which is not one of the five fundamental questions that an economy must deal with?

10. (TCO 1) The major “success indicator” for business managers in command economies like the Soviet Union and China in the past was…

11. (TCO 2) An increase in demand means that…

12. (TCO 2) At the point where the demand and supply curves intersect…

13. (TCO 2) Black markets are associated with…

14. (TCO 2) A headline reads “Lumber Prices Up Sharply.”  In a competitive market, this situation would lead to a(n)…

15. (TCO 2) For most products, purchases tend to fall with decreases in buyers’ incomes.  Such products are known as…

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