ECON
312 Final Exam Solution
Purchase From Here:
1.
(TCO 1) Opportunity
cost is best defined as :
2.
(TCO1) Which is not a factor
of production?
3.
(TCO1) A point outside
the production possibilities curve is :
4.
(TCO1) A basic
characteristic of a command system is that :
5.
(TCO 2) Which is
consistent with the law of demand?
6.
(TCO 2) A decrease in
supply and a decrease in demand will :
7.
(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:
8.
(TCO 2) The price
elasticity of demand increases with the length of the period considered because
:
9.
(TCO 2) A
profit-maximizing firm in the short run will expand output
10. (TCO 2) Which case below best represents a
case of price discrimination?
11. (TCO 3) A major reason that firms form a
cartel is to:
12. (TCO 3) The main difference between the short
run and the long run is that
13. (TCO 4) A recession is a decline in
14. (TCO 4) The unemployed are those people who
15. (TCO 4) GDP is the market value of
16. (TCO 4) Nominal GDP differs from real GDP
because
17. (TCO 6) When the federal government uses
taxation and spending actions to stimulate the economy it is conducting
18. (TCO 6) Refer to the graph. What combination
would most likely cause a shift from AD1 to AD3?
19. (TCO 6) The American Recovery and Reinvestment
Act of 2009 included mostly
20. (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
21. (TCO 5) A decrease in government spending will
cause a(n)
22. (TCO 5) The long-run aggregate supply curve is
23. (TCO 5) Which would most likely increase
aggregate supply?
24. (TCO 5) Deflation refers to a situation where
25. (TCO 6) Dissaving occurs when
26. (TCO 7) The M1 money supply is composed of
27. (TCO 7) The basic requirement of money is that
it be
28. (TCO 7) The Federal Reserve System of the U.S.
is the country’s
29. (TCO 7) Which of the following is the most
important function of the Federal Reserve System?
30. (TCO 7) Money is “created” when
31. (TCO 7) During the financial crisis of
2007-2008, the FDIC increased deposit insurance coverage from
32. (TCO 7) The purchase and sale of government
securities by the Fed is called
33. (TCO 7) The Federal Reserve could reduce the
money supply by
34. (TCO 8) Which country is the United States’
largest trading partner in terms of volume of trade?
35. (TCO 8) The principal concept behind comparative
advantage is that a nation should
36. (TCO 8) A tariff is a
37. (TCO 8) Tariffs and quotas are costly to
consumers because
38. (TCO 8) Tariffs and import quotas would
benefit the following groups, except
39. (TCO 8) Which organization meets regularly to
establish rules and settle disputes related to international trade?
40. (TCO 9) U.S. businesses are demanders of
foreign currencies because they need them to
41. (TCO 9) In the balance of payments statement,
a current account surplus will be matched by a
42. (TCO 9) A trade deficit means a net
43. (TCO 9) Foreign exchange rates refer to the
44. (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
:
45. (TCO 9) The monetary system for conducting
international trade is usually described as a system of :
46. (TCO 8) a) Explain four problems with the
argument that trade protection is needed to protect American jobs. b) Describe
the economic reasons why businesses use off shoring.
47. (TCO 6) a) Identify the four major tools of monetary
policy. b) How can monetary policy address the problem of inflation?
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