ECO 561T Entire Course New Flashcards
ECO 561T Apply Week 1 Assignment New
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ECO 561T Apply Week 1 Assignment New
ECO 561T Apply Week 1 Assignment
1) For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:
2) Refer to the accompanying table below. The marginal cost of the 4th unit of activity is:
3) Refer to the accompanying table below. The average cost of 5 units of activity is:
4) Suppose the most you would be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is:
5) Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and costs $1.00. How should Pat get to work?
6) Pat earns $25,000 per year (after taxes), and Pat’s spouse, Chris, earns $35,000 (after taxes). They have two pre-school-aged children. Childcare for their children costs $12,000 per year. Given that Chris doesn’t want to stay home with the kids, regardless of what Pat does, Pat should stay home with the kids if, and only if, the value of Pat spending more time with the kids is greater than:
7) The following accompanying table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.
8) The Incentive Principle states that a person:
9) The Cost-Benefit Principle indicates that an action should be taken if:
10) Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry maximizes his economic surplus by attending:
11) In a market in which the government has set a price ceiling below the equilibrium price:
12) According to the textbook, government price controls fail because:
13) Refer to the accompanying figure. If the current market price were $20:
14) Refer to the figure below. There would be an excess supply of 25 at a price of ______.
15) Which of the following is NOT a characteristic of a market in equilibrium?
16) If there is an excess supply of sport utility vehicles, then:
17) Which of the following is NOT a characteristic of rent controls?
18) Refer to the accompanying figure. The equilibrium price is ______, and the equilibrium
19) Refer to the accompanying figure. If the price is $4 today and there is no change in either supply or demand, one would expect the price in the future to be:
20) Refer to the accompanying figure. At a price of $3, there will be:
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ECO 561T Apply Week 2 Assignment New
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ECO 561T Apply Week 2 Assignment New
ECO 561T Apply Week 2 Assignment
1) If the price elasticity of demand for pineapples is 0.75, then a 4 percent increase in the price of pineapples will lead to a:
2) Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. They then notice that they are selling approximately 15 percent fewer sodas. The price elasticity of demand for sodas from the campus vending machines, therefore, is:
3) Suppose the price P on a given demand curve results in a price elasticity of demand equal to 1. Any price higher than P will lie on the ______ part of the demand curve, and any price lower than P will lie on the ______ part of the demand curve.
4) A demand curve that is drawn as a vertical line has a price elasticity of demand equal to:
5) A demand curve that is drawn as a vertical line has a price elasticity of demand equal to:
6) If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is:
7) The demand for a good is elastic if the price elasticity of demand is:
8) Refer to the accompanying graph. What is the price elasticity of demand at point A?
9) Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ___________ and the long-run elasticity as being ____________.
10) Jeans in general have fewer close substitutes than a specific brand of jeans. Therefore, the demand for jeans in general will be _______ than the demand for a specific brand of jeans.
11) Barriers to entry are forces that:
12) Superstar professional athletes can sustain their economic rents because:
13) Adam Smith’s theory of the invisible hand posits the actions of independent, self-interested buyers and sellers will ______ lead to the most efficient allocation of resources.
14) Which of the following best describes how a perfectly competitive industry would respond to a sudden increase in popularity of the product? The market demand curve would shift to the right, leading to:
15) Which of the following is a characteristic of economic rent?
16) Adam Smith’s theory of the invisible hand posits that the most efficient allocation of resources is often achieved by:
17) Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
If S3 is the market supply curve, then in the short run, the profit-maximizing level of output for a single firm in this market is ______ gallons per week.
18) The figure below depicts the short-run market equilibrium in a perfectly competitive market and the cost curves for a representative firm in that market. Assume that all firms in this market have identical cost curves.
A starting assumption about this industry was that all of the firms in the market had identical cost curves. This assumption is:
19) Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
If S3 is the market supply curve, then each firm in this market will earn an economic loss of ______ per week.
20) A cost-saving innovation in a perfectly competitive industry will lead to:
21) If the price elasticity of demand for pineapples is 0.75, then a 4 percent increase in the price of pineapples will lead to a:
22) Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ___________ and the long-run elasticity as being ____________.
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ECO 561T Apply Week 3 Assignment New
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ECO 561T Apply Week 3 Assignment New
ECO 561T Apply Week 3 Assignment
1) The essential feature that differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm:
2) If a firm faces a downward-sloping demand curve, then:
3) Given the demand curve it faces, if an imperfectly competitive firm wants to sell another unit of output, it must:
4) To sell an extra unit of output, a perfectly competitive firm ______, and an imperfectly competitive firm ______.
5) Suppose a perfectly competitive firm and a monopolist are both charging $5 for their respective products. From this, one can infer that:
6) A price setter is a firm that:
7) In many cities in the United States, a single firm provides electricity. Those firms are:
8) A pure monopoly exists when:
9) If a firm functions in an oligopoly, it is:
10) An imperfectly competitive firm faces a demand curve that is:
11) The Weber-Fechner law is the relationship according to which the perceived change in any stimulus:
12) Suppose Michael is willing to drive across town to save 40 percent on a sweatshirt with a list price of $80. If Michael is rational, this implies that he should
13) According to the Weber-Fechner law, the perceived size of a change in a stimulus will be large when the change in the stimulus:
14) Suppose Alyssa is willing to drive across town to save 50 percent on a soccer ball with a list price of $40. If Alyssa is rational, this implies that she should:
15) Consider two coupons: one offers 50 percent off a scarf that costs $20, and the other offers 5 percent off a jacket that costs $200. Using either coupon requires driving to the shopping mall across town. According to the Weber-Fechner law, which coupon will people tend to perceive as being more valuable?
16) Corey is having difficulty deciding between two dishwashers, A and B. As shown in the accompanying diagram, A makes more noise than B, but is cheaper. Ideally, Corey would like a dishwasher that is both quiet and inexpensive.
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ECO 561T Apply Week 4 Assignment New
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ECO 561T Apply Week 4 Assignment New
ECO 561T Apply Week 4 Assignment
1) The optimal amount of information to acquire before making a purchase is:
2) This graph illustrates the marginal costs and marginal benefits of acquiring information before making a major purchase.
Suppose the marginal cost and marginal benefit curves were MC0 and MB0 several decades ago. However, because information about this product is now available online, the:
3) The free-rider problem occurs when:
4) Pat goes to the local electronics store to learn about high-end audio equipment. The salesperson spends an hour talking with Pat and demonstrating equipment. Pat then leaves and orders an audio system on the Internet for $250 less than the price at the store. Pat’s behavior:
5) Obi-Wan is considering whether to buy a lightsaber. With probability 0.50 he will value the lightsaber at $4,000, and with probability 0.50 he will value it at $1,000. If new lightsabers sell for $2,500, then buying a new lightsaber is a:
6) Suppose Mo is considering whether to see Zombie Revenge III at her local movie theater. Tickets cost $12 each, but Mo isn’t sure how much she’s going to like the movie. There’s a 40 percent chance she’ll get $20 worth of enjoyment from seeing the movie, and there’s a 60 percent chance she’ll only get $10 worth of enjoyment from seeing the movie. Mo’s expected value of seeing the movie is:
7) Mel is thinking of going on a cruise. Mel values a cruise in nice weather at $2,000 and values a cruise in bad weather at $50. The probability of nice weather is 60 percent and the probability of bad weather is 40 percent. Trip insurance is sometimes available. If purchased, it allows travelers to delay the cruise until the weather is nice. If Mel is risk-neutral, then in the absence of trip insurance, the most she will be willing to pay for the cruise is:
8) Mel is thinking of going on a cruise. Mel values a cruise in nice weather at $2,000 and values a cruise in bad weather at $50. The probability of nice weather is 60 percent and the probability of bad weather is 40 percent. Trip insurance is sometimes available. If purchased, it allows travelers to delay the cruise until the weather is nice. The amount of money that Mel is willing to pay for trip insurance will be:
9) A gamble that offers a 1 percent chance of winning $699.93 and a 99 percent chance of losing $7.07 would be classified as a(n):
10) If a gamble has an expected value of $10, then one can predict that:
11) Suppose that the salary range for recent college graduates with a bachelor’s degree in economics is $30,000 to $50,000, with 25 percent of jobs offering $30,000 per year, 50 percent offering $40,000 per year and 25 percent offering $50,000 per year and that in all other respects, the jobs are equally satisfying. Assume that in this market, a job offer remains open for only a short time so that continuing to search requires an applicant to reject any current job offer. The expected starting salary for a college graduate with a bachelor’s degree in economics is:
12) Suppose that the salary range for recent college graduates with a bachelor’s degree in economics is $30,000 to $50,000, with 25 percent of jobs offering $30,000 per year, 50 percent offering $40,000 per year and 25 percent offering $50,000 per year and that in all other respects, the jobs are equally satisfying. Assume that in this market, a job offer remains open for only a short time so that continuing to search requires an applicant to reject any current job offer. Who will accept an offer of $30,000?
13) Alex, who is risk-neutral, is looking for a one-bedroom apartment to rent for the month of August while he’s on vacation in Seattle. All of the one-bedroom apartments in the neighborhood where he wants to stay are of equal quality, but 70 percent rent for $700 per month, 20 percent rent for $600 per month, and 10 percent rent for $500 per month. The first apartment Alex finds rents for $700 per month. Suppose Alex is risk-averse. If the cost to Alex of searching for another apartment is $40, then will he search for another apartment?
14) Suppose that there is not enough parking at an urban university. Sometimes students come to campus, spend a few minutes searching for a parking spot, and then decide that going to class isn’t worth the effort of continuing to search for a parking spot, so they go home. Assume that all professors give midterm exams on the same day. You would expect the optimal amount of time spent searching for a parking spot on that day to _____ because ______.
15) There are two employers in Bucolic that hire people who do not have a high school degree: a grocery store and a hardware store. The grocery store pays $10 per hour and the hardware store pays $12 per hour. People who work at either store can work as many hours as they want at those wages. Assume that it takes two hours to interview for a job. Lee works at the grocery store, but would like to work at the hardware store. If Lee interviews at the hardware store, there is a 10 percent probability of being hired. Assume that Lee is risk-neutral. How many hours must Lee anticipate working at the hardware store to justify interviewing for the job?
16) In the market for labor, the demand function describes
17) Technological advances that increase the marginal product of labor will lead to:
18) Kyle works for a perfectly competitive firm where he receives a wage rate of $15. From this, one can infer that:
19) The general rule governing the hiring of workers is to:
20) In order to maximize its profits, a firm that hires workers in a perfectly competitive labor market will hire workers until the:
21) In a perfectly competitive labor market, if the value of marginal product of the last worker hired is $20 and the wage rate is $25, then the firm should:
22) To derive the labor demand curve for a particular market, one should ______for all the firms in the market.
23) Suppose it is observed that the equilibrium wage and employment level have both risen in a competitive labor market. One can infer that the:
24) In a competitive labor market, the equilibrium wage rate is determined by:
25) Suppose that this graph describes the current labor market for high school teachers:
If the wage is w*, then:
26) Suppose that this graph describes the current labor market for high school teachers:
Why might the supply curve in this market shift to the left?
27) Suppose that this graph describes the current labor market for high school teachers:
Given an initial wage of w*, then immediately following a decrease in supply:
28) A reduction in workers’ marginal productivity would result in:
29) A decrease in demand for a firm’s output results in a(n):
30) Assume that the graph below describes the current labor market for nurses in a mid-sized city and that the labor market is perfectly competitive.
If supply shifts from S0 to S1 and demand shifts from D0 to D1, then
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ECO 561T Apply Week 5 Assignment New
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ECO 561T Apply Week 5 Assignment New
ECO 561T Apply Week 5 Assignment
1) The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Karl.
The slope of the PPC between points X and Y is determined by _____ opportunity cost.
2) Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries?
3) The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Kari.
Who has the greatest comparative advantage in shoe production?
4) Refer to the following graph.
The maximum amount of good A can be consumed in this economy without trade is
5) An economy has two workers, Paula and Ricardo. Every day they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the most of each good that can be produced each day if each worker fully specializes according to his/her comparative advantage?
6) ¬¬¬¬¬¬¬¬¬¬¬¬¬¬Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. If both Amy and Mike produce the good in which they have comparative advantage, the total annual output of this economy will be _______.
7) ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. _______ has the comparative advantage in TVs and _______ has the comparative advantage in radios.
8) ¬¬¬¬¬¬¬¬¬¬¬¬¬¬The country Happy Land claims that it is producing everything its citizens consume. This situation is called
9) Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy has a comparative advantage in producing _____, and Mike has a comparative advantage in producing ______.
10) An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing _____ while Rich should specialize in producing _______.
11) If the exchange rate moves from 10 Mexican pesos per U.S. dollar to 8 Mexican pesos per U.S. dollar, then the Mexican peso has ______ and the U.S. dollar has _____.
12) A decrease in the value of a currency relative to other currencies is called a(n):
13) A country’s nominal exchange rate, e, is defined as the number of units of:
14) A decrease in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ______ relative to the foreign currency.
15) ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬An increase in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ______ relative to the foreign currency
16) For a given domestic and foreign price level, an increase in the nominal exchange rate ______ the real exchange rate.
17) If a certain automotive part can be purchased in Mexico for 60 pesos or in the United States for $6.25 and if the nominal exchange rate is 8 pesos per U.S. dollar, then the automotive part:
18) There is ______ connection between the strength of a country’s currency and the strength of its ______.
19) An increase in the real exchange rate will tend to ______ exports and to ______ imports.
20) If the nominal exchange rate were to be expressed as the number of units of domestic currency per unit of foreign currency, and that rate increases, then the domestic currency has:
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ECO 561T Apply Week 5 Think Like an Economist New
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ECO 561T Apply Week 5 Think Like an Economist New
Apply: Think Like an Economist Assignment Instructions
The accompanying table shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.
Complete the following:
- Calculate the total value of donations raised by three employees, and explain the method you used to make this calculation.
- Calculate the total labor cost with four employees, and explain the method you used to make this calculation.
- Analyze the relationship between average benefits and average costs by filling in the blanks in the following statement:
o If the President of State U decides to hire fundraising employees as long as their average benefit exceeds their average cost, then this results in ________ employees being hired and a net benefit (total donations minus total labor costs) of ________.
- Evaluate the marginal benefit (in terms of extra donations) of the 2nd employee.
- Explain how the marginal cost of the 4th employee will increase the total labor cost.
- Determine when the net benefit of hiring fundraisers is the largest.
Please Show your Work:
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ECO 561T Apply Week 6 Assignment New
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ECO 561T Apply Week 6 Assignment New
ECO 561T Apply Week 6 Assignment
1) Average labor productivity times the proportion of the population employed equals:
2) ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬A nation’s standard of living, as measured by real GDP per person, increases:
3) If average labor productivity increases, real GDP per person:
4) Suppose that average labor productivity in Country C is $6,000, and that Countries C and A have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country A?
Country Population (millions) Share of Population Employed (%)
A 100 60
B 150 55
C 75 50
D 250 45
E 95 40
5) Suppose that the share of population employed in Country C is 50 percent, and that Countries C and D have the same real GDP per capita. Based on the information in the table, what share of Country D’s population must be employed?
Country Population (millions) Average Labor Productivity ($)
A 100 2,000
B 150 10,000
C 75 25,000
D 250 50,000
E 95 60,000
6) If the share of population employed in two countries is the same, average living standards will be higher in the country with:
7) The population of Omega totals one million people, 30 percent of whom are employed. Average output per worker in Omega is $30,000. Real GDP per person in Omega totals:
8) Real GDP per person equals average labor productivity:
9) If average labor productivity in two countries is the same, average living standards will be lower in the country with:
10) One factor that contributed to the growth in the share of population employed in the United States between 1960 and 2000 was increased:
11) Each of the following is an example of a financial intermediary EXCEPT a:
12) When the coupon rate on newly issued bonds increases from 5 percent to 6 percent, the prices of existing bonds:
13) You originally required a risk premium of 6 percent in addition to the rate of return on safe assets before you would purchase shares of Techno Company stock. If you and other investors reduce the risk premium you require to 4 percent, the price of Techno Company stock will:
14) Chris pays $10,000 for a newly issued two-year government bond with a $10,000 face value and a 6 percent coupon rate. One year later, after receiving the first coupon payment, Chris sells the bond. If the current one-year interest rate on government bonds is 7 percent, then the price Chris receives is:
15) Savers may prefer to use financial intermediaries rather than lending directly to borrowers because financial intermediaries:
16) If the principal amount of a bond is $2,000,000, the coupon rate is 6 percent , and the inflation rate is 4 percent, then the annual coupon payment made to the holder of the bond is:
17) Financial systems in market economies improve the allocation of saving in each of the following ways EXCEPT by:
18) When the coupon rate on newly issued bonds decreases from 6 percent to 5 percent, the prices of existing bonds:
19) The amount originally lent by a bondholder is called the:
20) A legal promise to repay a debt is called:
ECO 561T Apply Week 6 Assignment New
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ECO 561T Entire Course New
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ECO 561T Entire Course New
ECO 561 Week 1 Discussion Decision Making and Buyer Behavior
ECO 561 Week 2 Discussion Competition and the Invisible Hand
ECO 561 Week 3 Discussion Explaining the Imperfections
ECO 561 Week 4 Discussion Income Distribution and Labor Markets
ECO 561 Week 5 Discussion Money Multiplier
ECO 561 Week 5 Discussion Open Economy Activities
ECO 561T Apply Week 5 Think Like an Economist
ECO 561 Week 6 Discussion System Dynamics
ECO 561 Week 6 Discussion Economic Growth and Capital Flow
ECO 561T Apply Week 1 Assignment
ECO 561T Apply Week 2 Assignment
ECO 561T Apply Week 3 Assignment
ECO 561T Apply Week 4 Assignment
ECO 561T Apply Week 5 Assignment
ECO 561T Apply Week 6 Assignment
ECO 561T Week 1 Video Question
ECO 561T Week 2 Practice Knowledge Check
ECO 561T Week 3 Practice Knowledge Check
ECO 561T Week 5 Practice Knowledge Check
ECO 561T Week 6 Practice Knowledge Check
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ECO 561T Week 1 Video Question New
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ECO 561T Week 1 Video Question New
ECO 561T Week 1 Video Question
1)The table below shows your total benefit measured in dollars from drinking different amounts of coffee each day.what’s your marginal benefit from a second cup of coffee?
Number of cups of coffee per day Total benefit per day(in dollars)
0 0
1 5
2 9
3 12
4 14
5 15
2)The table below shows your total benefit measured in dollars from drinking different amounts of coffee each day.If each cup of coffee costs you $2.50,then how many cups of coffee should you drink each day?
Number of cups of coffee per day Total benefit per day(in dollars)
0 0
1 5
2 9
3 12
4 14
5 15
3) The opportunity cost of an action is equal to:
4) Suppose joe is trying to decide whether to buy a latte at a nearby coffee shop or make a cup of coffee at home.Joe would get $5 worth of value from the latte,and the price of a latte at the coffee shop is $3. Joe would get $2.50 worth of value from a cup of homemade coffee,and it would cost him $1 to make.What is the opportunity cost to joe of buying a latte at the coffee shop?
5) Suppose joe is trying to decide whether to buy a latte at a nearby coffee shop or make a cup of coffee at home.Joe would get $5 worth of value from the latte,and the price of a latte at the coffee shop is $3. Joe would get $2.50 worth of value from a cup of homemade coffee,and it would cost him $1 to make.How much economic surplus would joe get from buying a latte at the coffee shop?
6) If the price of golf clubs felts,then we would expect the demand for golf balls to:
7) If two goods are complements and the price of one good increases, then demand for the other good will:
8) If the demand for bread increases when the price of potatoes increases,then this suggests that potatoes and bread are:
9) An increase in demand is represented by a:
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ECO 561T Week 2 Practice Knowledge Check New
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ECO 561T Week 2 Practice Knowledge Check New
ECO 561T Week 2 Practice Knowledge Check
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ECO 561T Week 3 Practice Knowledge Check New
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ECO 561T Week 3 Practice Knowledge Check New
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ECO 561T Week 5 Practice Knowledge Check New
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ECO 561T Week 5 Practice Knowledge Check New
ECO 561T Week 5 Practice Knowledge Check
1) An economy has two workers, Paula and Ricardo. Every day they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the opportunity cost for Ricardo to produce one computer?
2) An economy has two workers, Paula and Ricardo. Every day they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the most of each good that can be produced each day if each worker fully specializes according to his/her comparative advantage?
3) An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one TV?
4) An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one radio?
5) Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy has a comparative advantage in producing _____, and Mike has a comparative advantage in producing ______.
6) Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Amy should specialize in producing
7) The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Karl.
The slope of the PPC between points X and Y is determined by _____ opportunity cost.
8) The country Happy Land claims that it is producing everything its citizens consume. This situation is called
9) Autarky is a situation in which a country is economically
10) If the United States consumption possibilities are greater than its production possibilities, then the United States must have
11) The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
If both Art and Silvia worked full-time producing beef, how many pounds of beef can they produce per year?
12)The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
If this country has an open economy, Silvia and Art can get _____ pounds of beef in exchange of a computer.
13)The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
With the opportunity to trade, Silvia can trade all the computers she can produce per year if she specializes in producing computers, for _____ pounds of beef.
14)The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
With the opportunity to trade Silvia and Art can _____ the maximum consumption of computers by _____ units.
15)The accompanying figure shows the annual production possibilities curve for a small country that is open to trade with the rest of the world. Suppose the world price of cashews is $12 per pound, and the world price of mangos is $4 per pound. As indicated in the figure, at these prices, this country will produce 21,000 pounds of mangos and 5,000 pounds of cashews each year.
At this country’s current level of production, what is the opportunity cost of a pound of mangos in terms of cashews?
15) Trade within a country typically involves ______, while trade between countries normally involves _____.
16) The following table provides nominal exchange rates for the U.S. dollar.
Country Foreign currency/dollar Dollar/foreign currency
Switzerland (franc) 1.730 0.578
Brazil (real) 1.821 0.549
Based on these data, the nominal exchange rate equals approximately ______ reals per Swiss franc or, equivalently, ______ Swiss francs per real.
17) An increase in the value of a currency relative to other currencies is called a(n):
18) A country’s nominal exchange rate, e, is defined as the number of units of:
19) A decrease in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ______ relative to the foreign currency.
20) When the nominal exchange rate changes from 4 francs per dollar to 6 francs per dollar, the dollar has:
21) If the exchange rate moves from 10 Mexican pesos per U.S. dollar to 12 Mexican pesos per U.S. dollar, then the Mexican peso has ______ and the U.S. dollar has _____.
22) A flexible exchange rate is an exchange rate whose value:
23) A fixed exchange rate is an exchange rate whose value:
24) The price of the average domestic good or service relative to the price of the average foreign good or service, when prices are expressed in terms of a common currency is called the ______ exchange rate.
25) An increase in the real exchange rate will tend to ______ exports and to ______ imports.
26) A decrease in the real exchange rate will tend to ______ exports and to ______ imports.
27) Net exports will tend to be low when the real exchange rate:
28) For a given nominal exchange rate and domestic price level, a decrease in the foreign price level ______ the real exchange rate.
29) If a certain automotive part can be purchased in Mexico for 32 pesos or in the United States for $5.25, and if the nominal exchange rate is 8 pesos per U.S. dollar, then the automotive part:
30) Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries?
31) The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Kari.
Who has the greatest comparative advantage in shoe production?
32)Refer to the following graph.
The maximum amount of good A can be consumed in this economy without trade is
33) Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. If both Amy and Mike produce the good in which they have comparative advantage, the total annual output of this economy will be _______.
34) An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. _______ has the comparative advantage in TVs and _______ has the comparative advantage in radios.
35) An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing _____ while Rich should specialize in producing _______.
36) A decrease in the value of a currency relative to other currencies is called a(n):
37) A decrease in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ______ relative to the foreign currency.
38) An increase in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ______ relative to the foreign currency.
39) For a given domestic and foreign price level, an increase in the nominal exchange rate ______ the real exchange rate.
40) If a certain automotive part can be purchased in Mexico for 60 pesos or in the United States for $6.25 and if the nominal exchange rate is 8 pesos per U.S. dollar, then the automotive part:
41) There is ______ connection between the strength of a country’s currency and the strength of its ______.
42) If the nominal exchange rate were to be expressed as the number of units of domestic currency per unit of foreign currency, and that rate increases, then the domestic currency has:
43) If the exchange rate moves from 10 Mexican pesos per U.S. dollar to 8 Mexican pesos per U.S. dollar, then the Mexican peso has ______ and the U.S. dollar has _____.
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ECO 561T Week 6 Practice Knowledge Check New
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ECO 561T Week 6 Practice Knowledge Check New
ECO 561T Week 6 Practice Knowledge Check
1) How is real output per person calculated?
2) Y/POP=Y/N xN/POP is an:
3) The most important factor for long run economic growth is:
4) If the share of the population employed is unchanged and real output per person increases by 20 percent,then it means that:
5) In the last 50years,the share of population employed in the U.S. has increased because:
6) If Y/N equals $3,000/person and N/Pop equals 0.9,then real output per person is:
7) An open economy is characterized by:
8) Who are the suppliers in the saving and investment market of an open economy?
9) In the following figure,the equilibrium interest rate is —— and the equilibrium saving investment is —– compared to a closed economy
10) The introduction of new a technology in an economy implies:
11) The introduction of new technologies in the given figure will shift which curve and in which direction?
12) In either an open or a closed economy,the introduction of new technologies —— the domestic interest rate and ——— the equilibrium saving investment
13) Average labor productivity times the proportion of the population employed equals:
14) Growth of real GDP per person is totally determined by the growth of average:
15) A nation’s standard of living as measured by real GDP per person,increases:
16) If the share of population employed in two countries is the same,average living standards will be higher in the country with:
17) If average labor productivity in two countries is the same, average living standards will be lower in the country with:
18) If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:
19) Return to questionItem 6Item 6 0.33 points
If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:
20) In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals:
21) The growth of real GDP per person in the United States between 1960 and 2016 was the result of:
22) Assume that the share of population employed in all countries is 50 percent. Based on the information in the table, which country has the smallest real GDP per capita?
Country Population (millions) Average Labor Productivity ($)
A 100 2,000
B 150 10,000
C 75 25,000
D 250 50,000
E 95 60,000
23)Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the highest real GDP per capita?
Country Population (millions) Share of Population Employed (%)
A 100 60
B 150 55
C 75 50
D 250 45
E 95 40
24)Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita?
Country Population (millions) Share of Population Employed (%)
A 100 60
B 150 55
C 75 50
D 250 45
E 95 40
25)Suppose that average labor productivity in Country C is $5,000, and that Countries C and E have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country E?
Country Population (millions) Share of Population Employed (%)
A 100 60
B 150 55
C 75 50
D 250 45
E 95 40
26) In the long run, increases in output per person arise primarily from:
27) Long-run increases in living standards, as measured by real GDP per person, are primarily the result of increases in:
28) Privately-owned firms that accept deposits from individuals and businesses and use those deposits to make loans are called:
29) Banks help savers find productive uses for their funds because banks are specialized in:
30) Financial intermediaries, such as commercial banks, provide benefits to:
31) Savers may prefer to use financial intermediaries rather than lending directly to borrowers because financial intermediaries:
32) The interest rate promised when a bond is issued is called the:
33) The coupon rate on newly issued bonds is usually higher for bonds with ______ terms and ______ risk that the borrower will go bankrupt.
34) Fred purchases a bond, newly issued by the Big Time Corporation, for $10,000. The bond pays $400 to its holder at the end of the first, second, and third years and pays $10,400 upon its maturity at the end of four years. The principal amount of this bond is ___, the coupon rate is ____, and the term of this bond is _____.
35) Fred purchases a bond, newly issued by the Big Time Corporation, for $20,000. The bond pays $1,000 to its holder at the end of the first, second, and third years and pays $21,000 upon its maturity at the end of four years. The principal amount of this bond is ___, the coupon rate is ____, and the term of this bond is _____.
36) The rate of return that financial investors require to hold a risky asset minus the rate of return on a safe asset is called the:
37) An increase in the perceived riskiness of Company A stock ______ the risk premium investors require to purchase Company A stock and ______ the price of Company A stock.
38) A decrease in the perceived riskiness of Company A stock ______ the risk premium investors require to purchase Company A stock and ______ the price of Company A stock.
39) An increase in interest rates results in a(n) ______ in the required rate of return to hold stocks and ______ current stock prices.
40) ou expect a share of EconNews.Com to sell for $65 a year from now. If you are willing to pay $65.74 for one share of the stock today, and you require a return of 8 percent, what dividend payment must you expect to receive from the stock?
41) Stock prices increase when expected future dividends ____, interest rates _____, and/or the risk premium ______.
42) Shares of stock are:
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