Couldn't the file. Please check that file. ECO 365T Assignment Week 1 Practice The Fundamentals of Economic Quiz (100% Correct) (February, 2020)

ECO 365T Assignment Week 1 Practice The Fundamentals of Economic Quiz (100% Correct) (February, 2020)

ECO 365T Assignment Week 1 Practice The Fundamentals of Economic Quiz (100% Correct) (February, 2020)

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ECO 365 Week 1 Practice The Fundamentals of Economic Quiz

Complete the Week 1 The Fundamentals of Economics Quiz in McGraw-Hill Connect®. These are randomized questions. 

Note: You have unlimited attempts available to complete practice assignments. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after the due date.

 

The opportunity cost of an action is always equal to:

the next-best alternative for the resources used to undertake the action.

the things you could have done instead of the action you chose to undertake.

the time you give up to undertake the action.

the money you give up to undertake the action.

 

 

 

The fish in the ocean are what type of market resource?

Land

Capital

Entrepreneurial ability

Labor

 

 

 

 

Which of the following scenarios most accurately reflects the concept of scarcity?

The steak Henry did not buy because he is a vegetarian.

The Smith Household produces an average of three bags of trash a week.

Sienna enjoys viewing flowers in the city garden during her walk.

Brett is a farmer with an open field on which he can plant either soybeans or corn.

 

 

 

Bob, the owner of a local deli in town, needs to purchase something that economists would label as “capital” to help him produce sandwiches. Which of the following is an example of capital?

Ham for the sandwiches

An additional worker

A new idea that automates the making of sandwiches

A meat slicer to cut ham for sandwiches

 

 

 

 

In the circular flow model of the market system, households

Multiple Choice

buy products and resources.

sell products and resources.

buy products and sell resources.

sell products and buy resources.

 

 

 

 

 

 

Use the following graph of the market for milk to answer the question below.

 

In this market, the equilibrium price is _______ and equilibrium quantity is _______.

 

Multiple Choice

 

$28 per gallon; 150 million gallons

$1.00 per gallon; 35 million gallons

$1.50 per gallon; 30 million gallons

$1.50 per gallon; 28 million gallons

 

 

 

 

Use the following graph to answer the question below.

 

 

At a quantity of 130, marginal benefit equals ______ and marginal cost equals _____.

 

Multiple Choice

 

$1.60, $0.50

 

$1.00, $1.00

$0.50, $1.60

$1.60, $1.60

 

 

 

 

Use the following market data to answer the question below.

 

Price per Unit

Quantity Purchased by Consumer

Quantity Sold by Producer

$5

2,000

0

10

1,800

300

15

1,600

600

20

1,400

900

25

1,200

1,200

30

1,000

1,500

 

In the market shown in the table, the equilibrium quantity is

 

Multiple Choice

 

900.

1,400.

1,600.

1,200.

 

 

 

 

The problems of inflation and unemployment are

 

Multiple Choice

 

not relevant to the U.S. economy.

major topics of microeconomics.

major topics of macroeconomics.

 

only relevant to European economies.

 

 

 

 

The circular flow model illustrates

 

Multiple Choice

 

how natural and other resources are created.

how money is created by the banking system.

the importance of having a central plan for the economy.

the interdependence of businesses and consumers.

 

 

 

 

The economizing problem is essentially one of deciding how to make the best use of

 

Multiple Choice

 

limited resources to satisfy limited economic wants.

unlimited resources to satisfy limited economic wants.

unlimited resources to satisfy unlimited economic wants.

limited resources to satisfy unlimited economic wants.

 

 

 

 

Microeconomics is concerned with

 

Multiple Choice

 

how government debt affects aggregate economic activity.

a detailed examination of specific economic units that make up the economic system.

 

the establishing of an overall view of the operation of the aggregate economic system.

the aggregate or total levels of income, employment, and output.

 

 

 

 

The basic truth that underlies the study of economics is the fact that we all face

 

Multiple Choice

 

taxes.

risk.

scarcity.

 

death.

 

 

 

 

Which of the following is not a main function of the entrepreneur?

 

Multiple Choice

 

to make routine pricing decisions

 

to make strategic business decisions

to assume the risk of economic losses

to innovate

 

 

 

 

The four factors of production (or types of resources) are

 

Multiple Choice

 

land, labor, capital, and entrepreneurial ability.

 

land, labor, capital, and money.

labor, capital, entrepreneurial ability, and money.

labor, capital, technology, and entrepreneurial ability.

 

 

 

 

Which of the following is a land resource?

 

Multiple Choice

 

a machine for detecting earthquakes

natural gas

 

an oil drilling rig

a farmer

 

 

 

 

 

The main function of the entrepreneur is to

 

Multiple Choice

 

create market demand.

make routine pricing decisions.

purchase capital.

innovate.

 

 

 

The table below represents the demand for bottles of sunscreen at Daytona Beach on a sunny June day.

 

Demand for Sunscreen

Price (dollars)

Quantity of Sunscreen Demanded (bottles)

$4

7,200

6

6,800

8

6,400

10

6,000

12

5,600

 

If the price of a bottle of sunscreen is $8, what will be the quantity demanded?

6,000 bottles

1,600 bottles

8,000 bottles

6,400 bottles

 

 

 

 

Marcus budgets $120 a week for groceries. When the price of all food goes up by 10% he buys less salmon. This can best be explained by:

diminishing marginal utility.

the substitution effect.

the income effect.

 

a change in income.

 

 

 

 

Which of the following scenarios is an example of a person interacting outside of a market?

Mark places his comic book collection up for sale on eBay.

Young buys fresh radishes at the local farmers’ market.

Melissa votes for her favorite performer at a local talent show.

 

Isabella agrees to fix Miguel’s sink if Miguel paints Isabella’s porch.

 

 

 

Tastes and preferences generally do not change for goods or services in markets.

False

True

 

 

 

When economists speak of “demand” in a particular market, they refer to

Multiple Choice

 

the whole demand curve or schedule.

 

how much of an item buyers want to buy at a given price.

one point on the demand curve.

one price-quantity combination on the demand schedule.

 

 

 

 

 

In understanding and analyzing “demand,” we focus on how much of a product the buyers are

Multiple Choice

 

willing and able to buy at different prices.

 

actually buying now and in the recent past at various prices.

willing and wanting to buy at different prices.

willing and able to buy with their given income.

 

 

 

 

 

The most important purpose of a market is to

 

Multiple Choice

 

bring buyers and sellers together so they can trade.

 

bring buyers and sellers together so they can argue.

bring buyers and sellers together so they can barter.

increase the sellers’ wealth.

 

 

 

 

 

 

 

An increase in the demand for music downloads indicates that more music downloads are

 

Multiple Choice

 

demanded because sellers are selling more music downloads.

demanded even if prices of music downloads stay the same.

 

demanded because sellers are putting music downloads on sale.

demanded because music download prices have decreased.

 

 

 

 

 

All else held constant, an increase in the price of tablets will result in a

 

Multiple Choice

 

leftward shift of the demand curve for tablets.

movement up and to the left along the demand curve for tablets.

 

rightward shift of the demand curve for tablets.

decrease in the demand for tablets.

 

 

 

 

 

When economists say that the demand for a product has decreased, they mean that

 

Multiple Choice

 

the product has become more expensive and thus consumers are buying less of it.

consumers are now willing and able to buy less of this product at each possible price.

 

the demand curve has shifted to the right.

the product has become particularly scarce for some reason.

 

 

 

 

 

When the price of a product increases, consumers shift their purchases to other products whose prices are now relatively lower. This statement describes

 

Multiple Choice

 

the income effect.

the rationing function of prices.

the substitution effect.

 

an inferior good.

 

 

 

 

 

 

Prices usually allocate resources efficiently because they allocate

 

Multiple Choice

 

consumption to the highest cost of good or service.

consumption to the lowest value good or service.

resources to the highest value good or service.

 

resources to the lowest value good or service.

 

 

 

 

 

 

If the price of Pepsi decreases, all else held constant, then we’d expect to see a consequent shift of the demand curve for

 

Multiple Choice

 

Coke to the left.

 

Pepsi to the left.

Pepsi to the right.

Coke to the right.

 

 

 

 

The horizontal axis of a graph that shows a market demand curve indicates the

 

Multiple Choice

 

different prices at which a product can be purchased.

various quantities of a product at which the market will be cleared.

quantities that consumers are willing and able to buy at various prices.

 

number of consumers who are in the market for a product.

 

 

 

 

 

All else held constant, the law of demand suggests that as

 

Multiple Choice

 

the price of tablets decreases, the quantity of tablets demanded will decrease.

income increases, the quantity of tablets demanded will increase.

the price of tablets decreases, the quantity of tablets demanded will increase.

 

the demand for tablets increases, the price of tablets will increase.

 

 

 

 

 

 

In moving along a demand curve, which of the following is not held constant?

 

Multiple Choice

 

price expectations

the price of the product for which the demand curve is relevant

 

people’s tastes and preferences

consumer incomes

 

 

 

 

Economists use the term “demand” to refer to

 

Multiple Choice

 

a particular price-quantity combination on a stable demand curve.

a schedule of various combinations of market prices and quantities demanded.

 

anupsloping line on a graph that relates consumer purchases and product price.

the total amount spent on a particular commodity over a fixed time period.

 

 

 

 

Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The supply schedule below shows the quantity of peaches supplied in each state at each price.

 

Individual and Market Supply of Peaches

 

Quantity of Peaches Supplied (pounds)

Price (dollars per pound)

GA

SC

Market

$10

20,000

18,000

38,000 38,000

8

16,000

15,000

31,000 31,000

6

12,000

12,000

24,000 24,000

4

8,000

9,000

17,000 17,000

2

4,000

6,000

10,000 10,000

 

Instructions: Enter your answers as a whole number.

 

  1. In the table, complete the column labeled “Market.”

 

  1. How many pounds of peaches will be supplied to the market when the price is $6 per pound?

 

24,000  pounds

 

 

 

 

 

 

Which of the following scenarios would likely shift the supply of cars to the left (decrease in supply)?

Automobile workers become more productive.

The price of cars decreases.

The price of steel and aluminum increase.

The price of automotive paint decreases.

 

 

 

 

 

 

 

Use the figure below to answer the following question.

 

 

An increase in price, all else held constant, would cause a change from

 

Multiple Choice

 

point 4 to point 5.

point 5 to point 1.

point 3 to point 4.

 

point 1 to point 3.

 

 

 

 

 

 

 

 

 

In order to derive the market supply curve from individual supply curves, we add up the

 

Multiple Choice

 

total number of sellers in the market at a given time.

various quantities that individual sellers are willing and able to supply at different prices.

 

costs that all individual sellers incur in producing the product.

various prices that individual sellers are charging for the quantities of the product available.

 

 

 

 

 

 

Use the figure below to answer the following question.

The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S1 to S3?

 

Multiple Choice

 

a decrease in the price of resources used to produce apples

a decrease in the price of apples in the market

a decrease in the number of apple farmers

 

an increase in the number of apple farmers

 

 

 

 

 

 

 

 

 

 

Use the figure below to answer the following question.

 

The diagram shows three supply curves for cars today. Which of the following would cause the supply of cars to shift from S1 to S2?

 

Multiple Choice

 

expectations of lower car prices in the future

 

a decrease in the number of car producers

an increase in the price of cars in the market

expectations of higher car prices in the future

 

 

 

 

Use the figure below to answer the following question.

 

The figure shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2?

 

Multiple Choice

 

an increase in the price of water

an increase in the price of wheat

a new tax on wheat production

a decrease in the price of water

 

 

 

 

 

 

 

 

Use the figure below to answer the following question.

The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to increase from point a to point b?

 

Multiple Choice

 

a decrease in the price of wheat

a subsidy for wheat production

a tax on wheat production

an increase in the price of wheat

 

 

 

 

 

 

 

The vertical axis of a graph that shows a market supply curve indicates the

 

Multiple Choice

 

number of sellers who are in the market for this product.

various quantities of output at which the market will be cleared.

cost of the amount of output produced.

prices at which firms would be willing and able to sell their different products.

 

 

 

 

 

Use the figure below to answer the following question.

The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2?

 

Multiple Choice

 

a subsidy for wheat production

 

an increase in the price of wheat

a decrease in the price of wheat

a tax on wheat production

 

 

 

 

Use the figure below to answer the following question.

 

The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2?

 

Multiple Choice

 

a decrease in consumer incomes, assuming wheat is a normal good

a change in consumer tastes away from wheat bread

the development of a more effective insecticide against cutworms

 

an increase in the price of fertilizer

 

 

 

 

Use the figure below to answer the following question.

The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S3?

 

Multiple Choice

 

a subsidy for wheat production

a decrease in the price of wheat

a tax on wheat production

 

an increase in the price of wheat

 

 

 

 

Use the figure below to answer the following question.

 

The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to decrease from point b to point a?

 

Multiple Choice

 

an increase in the price of wheat

a tax on wheat production

a decrease in the price of wheat

 

a subsidy for wheat production

 

 

 

 

In understanding and analyzing “market supply,” we focus on how much all firms

 

Multiple Choice

 

have sold in the recent past at various prices.

want to supply at a given price.

are willing and able to supply at different prices.

 

will supply in the future at various prices.

 

 

 

 

 

 

All else being equal, if the price of a product decreases, we would expect

 

Multiple Choice

 

quantity supplied to decrease.

 

supply to decrease.

demand to increase.

quantity supplied to increase.

 

 

 

 

 

 

 

 

When economists say that the supply for a product has increased, they mean that the

 

Multiple Choice

 

product has become particularly scarce for some reason.

supply curve has shifted to the left.

product has become more expensive and thus consumers are buying less of it.

supply curve has shifted to the right.

 

 

 

 

Which of the following can best be characterized as a subject of macroeconomics?

An examination of how much of a particular good gets produced

An examination of inflation

 

An examination of consumer behavior

An examination of where goods come from

 

 

 

 

Which of the following can best be characterized as a subject of microeconomics?

An examination of how much of a particular good gets produced

An examination of inflation

An examination of an economy’s overall level of production

An examination of a country’s imports and exports

 

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