UOP ECO 365 ENTIRE COURSE

Question 1

ECO 365 Complete Class + Final Exam

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Answer 1

ECO 365 Complete Class + Final Exam

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Question 2

ECO 365 Complete Class

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Answer 2

ECO 365 Complete Class

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Question 3

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 Exporting Countries (OPEC). OPEC, during this time, was unable to restrain output among members in its effort to lift oil prices. What best describes these events?

A. The rise in demand shifted the demand for oil to the right. OPEC actions shifted the demand for oil back to the left.
B. The rise in demand shifted the demand for oil to the right. As price rose, the supply of oil also rose.
C. The rise in demand shifted the demand for oil to the right. As price rose, the quantity of oil supplied rose.
D. The rise in demand reflects a movement down along the demand curve as supply shifted to the right when suppliers produced more oil.

5) Price elasticity of demand is the:

A. change in the quantity of a good demanded divided by the change in the price of that good
B. change in the price of a good divided by the change in the quantity of that good demanded
C. percentage change in price of that good divided by the percentage change in the quantity of that good demanded
D. percentage change in quantity demanded of a good divided by the percentage change in the price of that good

6) If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about:

A. 0.0
B. 0.4
C. 0.6
D. 2.5

7) When labor is the variable input, the average product equals the

A. marginal product divided by the number of workers
B. marginal product multiplied by the number of workers
C. number of workers divided by the quantity of output
D. quantity of output divided by the number of workers

8) The increase in output obtained by hiring an additional worker is known as

A. the average product
B. the marginal product
C. the total product
D. value added

9) Which of the following is the best example of a long-run decision?

A. An automobile manufacturing company is considering whether or not to invest in robotic equipment to develop a more cost-effective production technique.
B. An automobile manufacturing company is considering whether or not to expand its existing workforce, while keeping the same factory and equipment.
C. A business consulting firm is considering whether or not to hire interns to assist with research and data processing.
D. A business consulting firm is considering whether or not to add new computers while maintaining the same number of employees.

10) Other things being equal, when average productivity falls,

A. average fixed cost must rise
B. marginal cost must rise
C. average total cost must rise
D. average variable cost must rise

11) According to economist Colin Camerer of the California Institute of Technology, many New York taxi drivers decide when to finish work by setting an income goal for themselves. If this is true, then on busy days when the effective hourly wage is higher, taxi drivers will

A. work the same number of hours as they will on slower days
B. work fewer hours than they will on slower days
C. work more hours than they will on slower days
D. not work any hours

12) A firm’s demand for labor is derived from the

A. opportunity costs associated with labor and leisure
B. desires and needs of the entrepreneur
C. cost of labor inputs
D. demand for its output

13) Owen runs a delivery business and currently employs three drivers. He owns three vans that employees use to make deliveries, but he is considering hiring a fourth driver. If he hires a fourth driver, he can schedule breaks and lunch hours so all three vans are in constant use, allowing him to increase deliveries per day from 60 to 75. This will cost an additional $75 per day to hire the fourth driver. The marginal cost per delivery of increasing output beyond 60 deliveries per day
A. is $0 because Owen does not have to purchase another van
B. is $5
C. is $75
D. cannot be calculated without knowing Owen’s total fixed costs

14) Expected economic profit per unit is equal to

A. expected price
B. expected average total cost
C. the difference between expected average price and expected average total cost
D. the difference between expected total revenue and expected total cost

15) If a firm in a perfectly competitive market experiences a technological breakthrough,

A. other firms would find out about it eventually
B. other firms would find out about it immediately
C. other firms would not find out about it
D. some firms would find out about it, but others would not

16) A significant difference between monopoly and perfect competition is that

A. free entry and exit is possible in a monopolized industry, but impossible in a competitive industry
B. competitive firms control market supply, but monopolies do not
C. the monopolist’s demand curve is the industry demand curve, while the competitive firm’s demand curve is perfectly elastic
D. profits are driven to zero in a monopolized industry, but may be positive in a competitive industry.

17) A monopoly firm is different from a competitive firm in that

A. there are many substitutes for a monopolist’s product while there are no substitutes for a competitive firm’s product
B. a monopolist’s demand curve is perfectly inelastic while a competitive firm’s demand curve is perfectly elastic
C. a monopolist can influence market price while a competitive firm cannot
D. a competitive firm has a U-shaped average cost curve while a monopolist does not

18) The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a

A. horizontal demand curve and price equals marginal cost in equilibrium
B. horizontal demand curve and price exceeds marginal cost in equilibrium
C. downward-sloping demand curve and price equals marginal cost in equilibrium
D. downward-sloping demand curve and price exceeds marginal cost in equilibrium

19) As long as marginal cost is below marginal revenue, a perfectly competitive firm should

A. increase production
B. hold production constant
C. decrease production
D. reconsider past production decisions

20) Because a monopolistic competitor has some monopoly power, advertising to increase that monopoly power makes sense as long as the marginal

A. benefit of advertising is positive
B. cost of advertising is positive
C. benefit of advertising exceeds the marginal cost of advertising
D. cost of advertising exceeds the marginal benefit of advertising

21) In the Flint Hills area of Kansas, proposals to build wind turbines to generate electricity have pitted environmentalist against environmentalist. Members of the Kansas Sierra Club support the turbines as a way to reduce fossil fuel usage, while local chapters of the Nature Conservancy say they will befoul the landscape. The Sierra Club argues that wind turbines

A. are a source of negative externalities
B. reduce negative externalities elsewhere in the economy
C. create a free-rider problem
D. are a way of solving a free-rider problem

22) When negative externalities are present, market failure often occurs because

A. the marginal external cost resulting from the activity is not reflected in the market price
B. the marginal external cost resulting from the activity is reflected in the market price
C. the existence of imports from foreign countries takes jobs and income away from U.S. citizens
D. consumers will consume the good at a level where their individual marginal benefits exceed the marginal costs borne by the firm producing the good

23) A merger between a textile mill and a clothing manufacturing company would be considered a

A. horizontal merger
B. vertical merger
C. conglomerate merger
D. diagonal merger

24) A merger between a baby food company and a life insurance company would be considered a

A. horizontal merger
B. vertical merger
C. conglomerate merger
D. diagonal merger

25) From the point of view of consumer and producer surplus, what problem may be created when a country subsidizes the cost of energy to consumers to help alleviate the burden of higher energy costs?

A. It hurts the poor and benefits the rich.
B. It leads to less fuel being used than the amount that maximizes consumer surplus.
C. It encourages the consumption of too much fuel at the expense of other goods.
D. It has no effect; consumers gain a surplus, but taxpayers lose the same amount because they must finance the subsidy.

26) Suppose people freely choose to spend 40 percent of their income on health care, but the government decides to tax 40 percent of a person’s income to provide the same level of coverage as before. What can be said about deadweight loss in each case?

A. Taxing income results in deadweight loss, while purchasing health care on one’s own does not result in deadweight loss.
B. Taxing income results in less deadweight loss, because government knows better what health care coverage is good for society.
C. There is no difference because the goods are purchased in the market in either case.
D. There is no difference because the total spending remains the same and the health care purchased remains the same.

27) The U.S. textile industry is relatively small because the US imports most of its clothing. A clear result of the importation of clothing is

A. there is less variety available than there would be without imports
B. the quality of clothing is lower than it would be without imports
C. the price of clothing is higher than it would be without imports
D. the price of clothing is lower than it would be without imports

28) Countries can expect to gain from international trade as long as they

A. keep production diversified
B. specialize according to their comparative advantage
C. produce only those goods for which they have a relatively high opportunity cost
D. use trade restrictions to reduce competition for domestic producers

29) Which of the following is an example of the law of one price?

A. Exchange rates tend to have equivalent values. For example, one Italian lire equals one U.S. dollar.
B. Because people have essentially the same basic needs wherever they live, they tend to buy the same bundle of goods.
C. Because wages are so much lower in China, eventually all U.S. jobs will be outsourced to China, leaving the US to import all goods at one price.
D. Because their countries have similar institutions, the price paid for a computer in Germany and the United States are about the same when converted into the same currency.

30) The fact that U.S. managers’ salaries are substantially greater than those of comparable managers in Japan may be related to

A. an increase in the demand for CEOs
B. an increase in the supply of CEOs
C. the comparatively greater competitive markets in Japan
D. the greater number of public goods provided in the United States

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Answer 3

ECO 365 Final Exam Guide 24/30

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Question 4

ECO 365 Week 1 DQ 1
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.
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Answer 4

ECO 365 Week 1 DQ 1

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Question 5

ECO 365 Week 1 DQ 2
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?
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Answer 5

ECO 365 Week 1 DQ 2

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Question 6

ECO 365 Week 1 DQ 3
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.
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Answer 6

ECO 365 Week 1 DQ 3

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Question 7

ECO 365 Week 1 DQ 4
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.
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Answer 7

ECO 365 Week 1 DQ 4

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Question 8

ECO 365 Week 1 DQ 5
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?
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Answer 8

ECO 365 Week 1 DQ 5

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Question 9

ECO 365 Week 1 DQ 6
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?
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Answer 9

ECO 365 Week 1 DQ 6
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Question 10

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.
• In your opinion, is demand for this product or service price elastic or inelastic? What does this imply about how consumers respond to changes in the price of this product or service? Support your determination of the price elasticity of demand with a reference.
Format your paper consistent with APA guidelines.
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Answer 10

ECO 365 Week 1 Individual Article Analysis

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Question 11

ECO 365 Week 2 DQ 1

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.

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Answer 11

ECO 365 Week 2 DQ 1

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Question 12

ECO 365 Week 2 DQ 2

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?

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Answer 12

ECO 365 Week 2 DQ 2

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Question 13

ECO 365 Week 2 DQ 3

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?”

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Answer 13

ECO 365 Week 2 DQ 3

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Question 14

ECO 365 Week 2 DQ 4
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?
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Answer 14

ECO 365 Week 2 DQ 4

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Question 15

ECO 365 Week 2 DQ 5
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.
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Answer 15

ECO 365 Week 2 DQ 5

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Question 16

ECO 365 Week 2 DQ 6
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.
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Answer 16

ECO 365 Week 2 DQ 6

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Question 17

ECO 365 Week 2 DQ 7
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.
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Answer 17

ECO 365 Week 2 DQ 7

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Question 18

ECO 365 Week 2 DQ 8
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?
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Answer 18

ECO 365 Week 2 DQ 8

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Question 19

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.
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Answer 19

ECO 365 Week 2 Individual Supply and Demand Simulation

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Question 20

ECO 365 Week 2 Learning Team Reflection Production and Cost Analysis
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.
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Answer 20

ECO 365 Week 2 Learning Team Reflection Production and Cost Analysis

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Question 21

ECO 365 Week 3 DQ 1
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.
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Answer 21

ECO 365 Week 3 DQ 1

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Question 22

ECO 365 Week 3 DQ 2
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.
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Answer 22

ECO 365 Week 3 DQ 2

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Question 23

ECO 365 Week 3 DQ 3
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.
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Answer 23

ECO 365 Week 3 DQ 3

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Question 24

ECO 365 Week 3 DQ 4
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?
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Answer 24

ECO 365 Week 3 DQ 4

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Question 25

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
• Factors affecting fixed costs

Make recommendations on how your organization can maximize their profit-making potential, and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs.

Format your paper consistent with APA guidelines.

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Answer 25

ECO 365 Week 3 Learning Team Current Market Conditions Competitive Analysis

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Question 26

ECO 365 Week 4 DQ 1
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.
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Answer 26

ECO 365 Week 4 DQ 1

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Question 27

ECO 365 Week 4 DQ 2
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?
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Answer 27

ECO 365 Week 4 DQ 2

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Question 28

ECO 365 Week 4 DQ 3
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.
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Answer 28

ECO 365 Week 4 DQ 3

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Question 29

ECO 365 Week 4 DQ 4
Explain how U.S. government antitrust policies affect economic behavior.
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Answer 29

ECO 365 Week 4 DQ 4

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Question 30

ECO 365 Week 4 DQ 5
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?
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Answer 30

ECO 365 Week 4 DQ 5

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Question 31

ECO 365 Week 4 DQ 6
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?
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Answer 31

ECO 365 Week 4 DQ 6

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Question 32

ECO 365 Week 4 Individual Differentiating Between Market Structures
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.
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Answer 32

ECO 365 Week 4 Individual Differentiating Between Market Structures

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Question 33

ECO 365 Week 4 Learning Team Public Policy in Economics

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.
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Answer 33

ECO 365 Week 4 Learning Team Public Policy in Economics

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Question 34

ECO 365 Week 5 DQ 1
What are the effects of innovation and technology on the cost of production? How does technology affect market structure and real-world competition? Which market structure is best suited for technological innovation? Explain your answer. How have technological innovations affected your organization?
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Answer 34

ECO 365 Week 5 DQ 1

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Question 35

ECO 365 Week 5 DQ 2
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?
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Answer 35

ECO 365 Week 5 DQ 2

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Question 36

ECO 365 Week 5 DQ 3
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?
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Answer 36

ECO 365 Week 5 DQ 3

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Question 37

ECO 365 Week 5 DQ 4
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.
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Answer 37

ECO 365 Week 5 DQ 4

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Question 38

ECO 365 Week 5 DQ 5
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.
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Answer 38

ECO 365 Week 5 DQ 5

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Question 39

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.

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Answer 39

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

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