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ECON 312 Principles of Economics All Quizzes,Midterm and Final Exam Devry

ECON 312 Principles of Economics

Week 1

Week 1 Quiz Set 1

(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) Are the goods that businesses offer for “free” to consumers also free to society?

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

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

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

(TCO 1) The term dollar votes means

(TCO 1) The circular flow model

(TCO 1) In a market system, well-defined property rights are important because they

(TCO 1) Which is necessary to make a trade in a barter economy?

(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.

Week 1 Quiz Set 2

(TCO 2) A demand curve

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

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

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

(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) If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then

(TCO 2) If quantity demanded is completely unresponsive to price

(TCO 2) The state legislature has cut Gigantic State University’s appropriations. GSU’s Board of Regents decides to increase tuition fees to compensate for the loss of revenue. The board is assuming that the

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

(TCO 2) What is the Law of Demand? Why does the demand curve slope downwards?

(TCO 2) Suppose the price of widgets rises from $7 to $9 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 2

Week 2 Quiz

(TCO 2) Economists use the term “demand” to refer to

(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) Which of the following would mostly likely increase the demand for gasoline?

(TCO 2) The supply curve shows the relationship between

(TCO 2) The price elasticity of demand is generally

(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 demand for autos is likely to be

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

(TCO 2) Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 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

Week 3 Quiz Set 1

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

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

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

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

(TCO 3) Which of the following is correct?

(TCO 3) Barriers to entering an industry

(TCO 3) The restaurant, legal assistance, and clothing industries are each illustrations of

(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 monopolistic competitor?

(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) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?

(TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.

Week 3 Quiz Set 2

(TCO 3) Economic profits are calculated by subtracting

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

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

(TCO 3) A purely competitive seller is

(TCO 3) Which of the following is correct?

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

(TCO 3) Monopolistic competition means

(TCO 3) Product variety is likely to be greater in

(TCO 3) Which of the following is the best example of oligopoly?

(TCO 3) Concentration ratios measure the

(TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?

(TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.

Week 4

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

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

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

(TCO 2) An increase in demand means that

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

(TCO 2) Black markets are associated with

(TCO 2) An increase in demand for oil along with a simultaneous increase in supply of oil will

(TCO 2) If Product Y is an inferior good, a decrease in consumer incomes will

(TCO 2) If the price elasticity of demand for a product is equal to 0.5, then a 10 percent decrease in price will increase quantity demanded by

(TCO 2) Total revenue falls as the price of a good is raised, if the demand for the good is

(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 1. To increase total revenues, you should:

(TCO 2) A state government wants to increase the taxes on cigarettes to increase tax revenue. This tax would only be effective in raising new tax revenues if the price elasticity of demand is

(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) Suppose that you could prepare your own tax return in 15 hours, or you could hire a tax specialist to prepare it for you in two hours. You value your time at $11 an hour. The tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return is

(TCO 3) Economic profits are equal to

(TCO 3) The main difference between the short run and the long run is that

(TCO 3) The law of diminishing returns only applies in cases where

(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?

Midterm Exam Set 2

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

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

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

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

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

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

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

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

(TCO 3) Barriers to entry

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

(TCO 3) Which is the best 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) A unique feature of an oligopolistic industry is

(TCO 3) A low concentration ratio means that

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

(TCO 1) The four factors of production are

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

(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. The supply of seats for the game

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

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

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

(TCO 3) Assume that the owners of the only gambling casino in Wisconsin spend large sums of money obbying state government officials to protect their gambling monopoly. Economists refer to these expenditures as

(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?

(TCO 2) Evaluate how the following situations will affect the demand curve for iPods.

Midterm Exam Set 3

(TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to

(TCO 1) The idea in economics that “there is no free lunch” means that

(TCO 1) (TCO 1) The law of increasing opportunity costs indicates that

(TCO 1) A tradeoff exists between two economic goals, X and Y. This tradeoff means that

(TCO 1) Which would not be considered as a capital resource of a business by an economist?

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

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

(TCO 1) Laissez-faire capitalism is characterized by

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

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

(TCO 2) An increase in demand means that

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

(TCO 2) Black markets are associated with

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

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

(TCO 2) When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is

(TCO 2) Total revenue falls as the price of a good is raised, if the demand for the good is

(TCO 2) The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that

(TCO 2) To economists the main differences between “the short run” and “the long run” are that

(TCO 2) Airlines charge business travelers more than leisure travelers because there is a more

(TCO 3) Economic profits are equal to

(TCO 3) The main difference between the short run and the long run is that

(TCO 3) Fixed costs are those costs which are

(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:

(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) Local electric or gas utility companies mostly operate in which market model?

(TCO 3) The fast-food restaurants would be an example of which market model?

(TCO 3) Sam owns a firm that produces tomatoes in a purely competitive market. The firm’s demand curve is

(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

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

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

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

(TCO 3) Barriers to entry

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

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

(TCO 3) Monopolistic competition is characterized by firms

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

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

(TCO 3) You are told that the four-firm concentration ratio in an industry is 20. Based on this information you can conclude 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 is based on the Circular Flow Model in Chapter 2. Arrows (3) and (4) represent

(TCO 2) Refer to the diagram. A decrease in demand is depicted by a

(TCO 2) Refer to the information and assume the stadium capacity is 5,000. If the Mudhens’ management charges $7 per ticket

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

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

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

(TCO 3) Any activity designed to transfer income or wealth to a particular individual or firm at society’s expense is called

(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.

Week 5

Week 5 Quiz Set 1

(TCO 6) Fiscal policy refers to the

(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?

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

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

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

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

(TCO 6) Dissaving means

(TCO 5) Refer to the graph. Which of the following factors will shift AD1 to AD3?

(TCO 6) The multiplier is

(TCO 5) The American Recovery and Reinvestment Act of 2009 was implemented primarily to

(TCO 5) What effect would each of the following have on aggregate demand or aggregate

(TCO 6) Why do some economists believe that tax cuts are critical to help revive an economy experiencing a recession?

Week 5 Quiz Set 2

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

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

(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

(TCO 5) The determinants of aggregate supply

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

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

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

(TCO 5) Refer to the graph. Which of the following factors will shift AD1 to AD3?

(TCO 6) The multiplier can be calculated as:

(TCO 5) The American Recovery and Reinvestment Act of 2009

(TCO 5) What effect would each of the following have on aggregate demand or aggregate supply? Explain. a. A reduction in personal income tax. b. An increase in payroll taxes paid by the employer

(TCO 6) Why do some economists believe that tax cuts are critical to help revive an economy experiencing a recession?

Week 6

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) The amount of money reported as M2

(TCO 7) Answer the question on the basis of the following list of assets:

(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

(TCO 7) A bank temporarily short of required reserves may be able to remedy this situation by

(TCO 7) Which of the following is correct?

(TCO 7) The asset demand for money

(TCO 7) If the quantity of money demanded exceeds the quantity supplied

(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) Explain what is meant by fractional reserve banking. Relate this to money creation and risk to the bank.

(TCO 7) Identify the four major instruments of monetary policy.

Week 7

Week 7 Quiz

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

(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)

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

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

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

(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) As a percentage of GDP, U.S. exports are

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

(TCO 9) What are the economic effects of a depreciation of the US dollar on US trade balances?

(TCO 8) The United States’ most important trading partner quantitatively is

(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)

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

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

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

(TCO 8) Other things equal, economists would prefer

(TCO 8) Refer to the graphs below. Stanville has a comparative advantage in producing

(TCO 9) Suppose the G8 Nations decide that the dollar is too strong (high in value) relative to the yen. These nations might

(TCO 8) Which country has the largest share of total world exports?

(TCO 8 and 10) Evaluate this argument for a trade barrier: “The U.S. needs protection from cheap foreign labor.” Include some reasons why this might be an invalid statement.

(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?

Week 8 Final Exam

(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)
(TCO 2) A profit-maximizing firm in the short run will expand output (Points : 4)
(TCO 2) Which case below best represents a case of price discrimination? (Points : 4)
(TCO 3) A major reason that firms form a cartel is to (Points : 4)
(TCO 3) The main difference between the short run and the long run is that (Points : 4)
(TCO 4) A recession is a decline in (Points : 4)
(TCO 4) The unemployed are those people who (Points : 4)
(TCO 4) GDP is the market value of (Points : 4)
(TCO 4) Nominal GDP differs from real GDP because (Points : 4)
(TCO 6) When the federal government uses taxation and spending actions to stimulate the economy it is conducting (Points : 4)
(TCO 6) Refer to the graph. What combination would most likely cause a shift from AD1 to AD3?
(TCO 6) The American Recovery and Reinvestment Act of 2009 included mostly (Points : 4)
(TCO 6) The lag between the time the need for fiscal action is recognized and the time action is taken is referred to as the (Points : 4)
(TCO 5) A decrease in government spending will cause a(n) (Points : 4)
(TCO 5) The long-run aggregate supply curve is (Points : 4)
(TCO 5) Which would most likely increase aggregate supply? (Points : 4)
(TCO 5) Deflation refers to a situation where (Points : 4)
(TCO 6) Dissaving occurs when (Points : 4)
(TCO 7) The M1 money supply is composed of (Points : 4)
(TCO 7) The basic requirement of money is that it be (Points : 4)
(TCO 7) The Federal Reserve System of the U.S. is the country’s (Points : 4)
(TCO 7) Which of the following is the most important function of the Federal Reserve System? (Points : 4)
(TCO 7) Money is “created” when (Points : 4)
(TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from (Points : 4)
(TCO 7) The purchase and sale of government securities by the Fed is called (Points : 4)
(TCO 7) The Federal Reserve could reduce the money supply by (Points : 4)
(TCO 8) Which country is the United States’ largest trading partner in terms of volume of trade? (Points : 4)
(TCO 8) The principal concept behind comparative advantage is that a nation should (Points : 4)
(TCO 8) A tariff is a (Points : 4)
(TCO 8) Tariffs and quotas are costly to consumers because (Points : 4)
(TCO 8) Tariffs and import quotas would benefit the following groups, except (Points : 4)
(TCO 8) Which organization meets regularly to establish rules and settle disputes related to international trade? (Points : 4)
(TCO 9) U.S. businesses are demanders of foreign currencies because they need them to (Points : 4)
(TCO 9) In the balance of payments statement, a current account surplus will be matched by a (Points : 4)
(TCO 9) A trade deficit means a net (Points : 4)
(TCO 9) Foreign exchange rates refer to the (Points : 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)
(TCO 9) The monetar
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