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ECO 365 Complete Class Flashcards

1
Q

ECO 365 Complete Class

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A

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ECO 365 Complete Class + Final exam

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3
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ECO 365 Final Exam Guide 24/30

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1) An economist who is studying the relationship between the money supply,interest rates, and the rate of inflation is engaged in

A. microeconomic research

B. macroeconomic research

C. theoretical research, because there is no data on these variables

D. empirical research, because there is no economic theory related to these variables

2) A basic difference between microeconomics and macroeconomics is that microeconomics

A. focuses on the choices of individual consumers, while macroeconomics considers the behavior of large businesses

B. focuses on financial reporting by individuals, while macroeconomics focuses on financial reporting by large firms

C. examines the choices made by individual participants in an economy, while macroeconomics considers the economy’s overall performance

D. focuses on national markets, while macroeconomics concentrates on international markets

3) The distinction between supply and the quantity supplied is best made by saying that

A. the quantity supplied is represented graphically by a curve and supply as a point on that curve associated with a particular price

B. supply is represented graphically by a curve and the quantity supplied as a point on that curve associated with a particular price

C. the quantity supplied is in direct relation with prices, whereas supply is in inverse relation

D. the quantity supplied is in inverse relation with prices, whereas supply is in direct relation

4) After several years of slow economic growth, world demand for petroleum began to rise rapidly in the 1990s. Much of the increase in demand was met by additional supplies from sources outside the Organization of Petroleum Exp

A

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4
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ECO 365 Week 1 DQ 1

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What is the definition of price elasticity of demand? What is the relationship between price elasticity of demand and total revenue?

How does price elasticity of demand affect a firm’s pricing decisions? How does the availability of substitutes affect the price elasticity of demand? Provide a real-world example that illustrates your points.

A

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5
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ECO 365 Week 1 DQ 2

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Identify a good or service with which you are familiar. What factors have contributed to changes in the supply of and demand for that good or service? What was the effect on the equilibrium price and quantity?

How do you expect changes in the microeconomy and macroeconomy to affect future supply of and demand for that good or service? Do you expect the equilibrium price to increase or decrease as a result?

A

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6
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ECO 365 Week 1 DQ 3

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What is economics? What role does economics play in your personal and organizational decisions? Provide an example of the role of economics in decision making.

A

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7
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ECO 365 Week 1 DQ 4

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What is the difference between a movement along and shift of the demand curve? What would cause the demand curve to shift and provide an example. Explain how the availability of substitutes affect the price elasticity of demand? Provide examples for all.

A

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8
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ECO 365 Week 1 DQ 5

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a. ) Identify a recent purchase in which the price of the product was an important

consideration in the decision making process related to the purchasing of the product. What other

factors affected your decision?

b. ) How important was your income as a factor?
c. ) How important was the price of other goods as a factor?

A

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9
Q

ECO 365 Week 1 DQ 6

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a.) According to the Federal Housing Finance Agency house price index, U.S. housing prices declined throughout 2008 and
2009. What are two demand determinants and two supply determinants that might explain the broad decline in house prices
that occurred in those years?

b.) Is the market currently in equilibrium?

A

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10
Q

ECO 365 Week 1 Individual Article Analysis

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Research the University Library and Internet, and select a recent news article concerning trends in consumption patterns of a specific product, such as gasoline, oil, grain, or coffee. The following article which is located in the Electronic Reserve Readings on the student website is an example of trends in consumption patterns:

Hauser, C. (2011, August 24). Sales of new homes fell again in July. The New York Times. p. 6. Retrieved from EBSCOhost.

Write a 700 – 1,050-word paper in which you do the following:

Analyze the basis for the trends in consumption patterns, as discussed in the article you selected.

· Consider the utility derived from a product or service mentioned in the article.

· Describe what has occurred to change the demand for the product or service and its market and equilibrium prices. Assume that supply remains the same.

· Describe what has occurred to change the supply of the product or service and its market and equilibrium prices. Assume that demand remains the same.

A

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11
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ECO 365 Week 2 DQ 1

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What is the relationship between average and marginal productivity? What would happen to average and marginal productivity if a technological innovation is introduced to the production process? Provide an example.

A

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12
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ECO 365 Week 2 DQ 2

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Under what conditions will a firm shut down operations in the short run? Identify an example you are familiar with, or have identified through research, of a business that has temporarily shut down operations in the short run. What led to this decision? Did the firm resume operations at a later date?

A

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13
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ECO 365 Week 2 DQ 3

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What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation is introduced to the production process?

Why do economists say that it is important to “think on the margin?”

A

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14
Q

CO 365 Week 2 DQ 4

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Why is the demand of labor a derived demand? Explain the shape of the supply of labor curve. What is the relationship between productivity and the wages earned by an employee? What are some factors that determine the level of your income?

A

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15
Q

ECO 365 Week 2 DQ 5

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a. ) What is the law of diminishing marginal productivity?
b. ) How does the law of diminishing marginal productivity affect the costs of production?
c. ) Provide an example of the law of diminishing marginal productivity from your workplace.

A

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16
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ECO 365 Week 2 DQ 6

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Provide a list of variables that may affect economies of scale. Provide examples from your organization or industry which illustrate how economies of scale are realized.

A

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17
Q

ECO 365 Week 2 DQ 7

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a. ) Why is the demand for labor a derived demand?
b. ) What is the relationship between productivity and the wages earned

by employees where you work or at an organization with which you are familiar?

c.) What are some factors that determine the level of your income? Explain.

A

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18
Q

ECO 365 Week 2 DQ 8

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a. ) Describe an example you are familiar with in which a technological innovation led to

an improvement in productivity.

b.) What was the effect on the cost of doing business or activity in which this technology

was employed?

c.) How did this affect the prices of related inputs?

A

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19
Q

ECO 365 Week 2 Individual Supply and Demand Simulation

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Complete the Supply and Demand Simulation

Write 700 - 1,050-word paper of no more than summarizing the content. Address the following:

Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.

Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts?

For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.

How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?

How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

Relating to the simulation, explain how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy.

Format your paper consistent with APA guidelines.

A

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20
Q

ECO 365 Week 2 Learning Team Reflection Production and Cost Analysis

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Discuss this week’s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.

Prepare a 350- to 1,050- word paper detailing the findings of your discussion.

A

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21
Q

ECO 365 Week 3 DQ 1

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What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so.

A

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22
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ECO 365 Week 3 DQ 2

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What are some real-life examples of monopolistically competitive, oligopoly, and monopoly markets? How do market prices differ between perfectly and imperfectly competitive markets? Will a monopoly always produce at a profit-maximizing output level? Explain your answer.

A

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23
Q

ECO 365 Week 3 DQ 3

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We are now talking about firm structures. How do accountants and economists differ on “profit?” What economic conditions exist when economic profits are maximized? In terms of marginal revenues and marginal costs, discuss how price is determined in each of the major firm structures: perfect competition, monopoly, monopolistic competition. Why are these nuances important (from economic, firm, or policy maker perspective)?

A

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24
Q

ECO 365 Week 3 DQ 4

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What is the difference between a normal profit, an economic profit and an accounting profit? Why is it necessary for a firm to earn at least a normal profit in the long run?

A

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25
Q

ECO 365 Week 3 Learning Team Current Market Conditions Competitive Analysis

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Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market.

Select a potential competitive organization and a product in that organization.

Write a 1,400 – 1,750-word paper of no more than analyzing the current market conditions. Address the following topics:

· A short history of the organization and a description of their product

· Factors that affect demand, supply, and equilibrium prices in the market in which the competitor organization operates: Define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers.

· Any issues or opportunities your organization or industry faces that affect its competitiveness and long-term profitability with regards to your product: You should include:

o Price elasticity of demand

o Technological innovation

o The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity

o Cost structure

· Factors affecting variable costs, including productivity and others that change the supply of and demand for labor

A

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26
Q

ECO 365 Week 4 DQ 1

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What is an externality? Provide at least three examples. How does one of the examples you provided affect the market outcome? What is the role of government in addressing the implications of an externality you provided as an example? Is it possible that a government’s solution to a market failure would worsen the failure? Explain your answer.

A

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27
Q

ECO 365 Week 4 DQ 2

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What effect do government intervention, taxation, and regulations have on economic behavior? Explain.

What are real-world examples of government intervention, taxation, and regulations? What are the goals of each?

A

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28
Q

ECO 365 Week 4 DQ 3

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What is the cost-benefit approach a typical economist takes to analyze regulations? What are the goals of taxation? How are economic policies affected by politics? How do politics make a positive or a negative contribution to economic policy? Consider Public Choice economics and the role of rent seeking, shortsideness effect, special interests, etc.

A

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29
Q

ECO 365 Week 4 DQ 4

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Explain how U.S. government antitrust policies affect economic behavior.

A

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30
Q

ECO 365 Week 4 DQ 5

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a. ) What are the differences between horizontal, vertical and conglomerate mergers?
b. ) Provide real-world examples of each type of merger
c. ) What policy do you think the U.S. should follow toward mergers? Why?

A

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31
Q

ECO 365 Week 4 DQ 6

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Conglomerates are defined as corporations with unrelated lines of businesses. Conglomerates are distinguished by the fact that they generally do not have any significant economies of scope.

What do you think are the reasons behind the formation of conglomerate firms? Are there any drawbacks associated with operating as a conglomerate business?

A

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32
Q

ECO 365 Week 4 Individual Differentiating Between Market Structures

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For this assignment, you will choose from the following options:

o Option 1: Differentiating Between Market Structures in Kudler

o Option 2: Differentiating Between Market Structures in an Organization of Your Choice

Read the instructions : Differentiating Between Market Structures located on the student website and select one option to complete the assignment.

A

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33
Q

ECO 365 Week 4 Learning Team Public Policy in Economics

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Discuss this week’s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.

Prepare a 350- to 1,050- word paper detailing the findings of your discussion.

A

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34
Q

ECO 365 Week 5 DQ 2

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Identify an example in which the competitive environment affected the relationship between labor and management. How was the relationship affected? What was the effect on the wages earned by the labor force, and the size of the labor force? What factors at work led to this outcome?

A

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35
Q

ECO 365 Week 5 DQ 2

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Identify an example in which the competitive environment affected the relationship between labor and management. How was the relationship affected? What was the effect on the wages earned by the labor force, and the size of the labor force? What factors at work led to this outcome?

A

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36
Q

ECO 365 Week 5 DQ 3

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a. ) What factors influence a firm’s competitive strategies?
b. ) How does global competition affect the price elasticity of demand in the domestic market and the decisions related to the strategy a firm uses to compete?

A

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37
Q

ECO 365 Week 5 DQ 4

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a. ) How to you define social diversity and business ethics?
b. ) How has a more diversified labor force affected corporate structures and the economy?
c. ) What are some potential roadblocks in promoting a diverse workplace? Explain your answer.

A

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38
Q

ECO 365 Week 5 DQ 5

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a. ) Why do most economists oppose trade restrictions?
b. ) Who have been the winners and losers as a result of the North American Free Trade Agreement?

Explain your answer.

A

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39
Q

ECO 365 Week 5 Learning Team Competitive Strategies and Government Policies Paper And Powerpoint

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Management has recognized the effect of changes in the real-world competitive environment and government policies on other industries and anticipates similar events occurring in their industry, so they ask you for a report considering the following points.

Write 1,400 – 1,750-word paper of no more than in which you describe how each of the following are or potentially will affect your industry or one with which you are familiar:

· New companies entering the market, mergers, and globalization, on pricing and the sustainability of profits: Identify the type of merger activity in your industry or one with which you are familiar–horizontal, vertical, or conglomerate–and explain why you made that choice.

· Current and expected government policies and regulations, including taxes and regulations in place to address issues related to externalities

· Global competition on the decisions made by management with regards to change in labor demand, supply, relations, unions, and rules and regulations in your chosen industry

Recommend how the industry you chose may respond to each of the previous points.

Format your paper consistent with APA guidelines.

A

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