ECO/561: Economics Entire Course

ECO/561: Economics Entire Course

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ECO/561: Economics Entire Course

 

ECO 561 Wk 1 Individual: Influence of Economics on Household Decision Making

 

Resources: Influence of Economics on Household Decision Making Grading Guide

 

Purpose of Assignment 

 

To locate, retrieve, and evaluate the effects of macroeconomic indicators on your own decision making.

 

Assignment Steps 

 

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. 

Scenario: Consider your last big purchase such as a car, appliances, home repairs, home purchase, computer equipment, college tuition, or another “big-ticket” item, which are often purchased using loans/financing (by borrowing money). Also consider your decision-making process that led you to choose a particular make, model, or brand of the product (or service) you purchased and whether it was the right time to make the purchase given economic conditions at the time of your purchase. While analyzing your decision, keep in mind everything from interest rates to the prices of complementary and substitute goods are driven by human economic behavior.

Develop a minimum 1,050-word analysis of your decision-making process in which you include the following:

  • Retrieve statistics on Real Gross Domestic Product (GDP) and on Real Personal Consumption Expenditures (PCE) by year for the last ten years. You can retrieve those statistics from internet sources including, but not limited to, the Federal Reserve of St. Louis’s FRED web site, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) web site, or another credible source of your choice. Post these statistics in a single worksheet of an Excel® workbook and submit your Excel® file with your report. In your report, discuss the latest 10-year trends in both GDP and PCE. Also discuss how the trends in GDP compare with trends in PCE. You are encouraged to include graphs of these statistics in your report; you could create the graphs in Excel® and copy them into your report.
  • Retrieve statistics on the Effective Federal Funds Rate and on the Consumer Price Index: All Items Less Food and Energy by year for the last 30 years. You can retrieve those statistics from internet sources including, but not limited to, the Federal Reserve of St. Louis’s FRED web site, the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) web site, or other credible sources of your choice. Post these statistics in a single worksheet of an Excel® workbook and submit your Excel® file with your report. In your report, discuss how the trends in the Effective Federal Funds Rate compare with trends in inflation. If you took out a loan to pay for your “big-ticket” purchase, what was the interest rate on your loan? Were interest rates rising or falling at that time? Were interest rates relatively high or low at that time? You are also encouraged to include graphs of these statistics in your report.
  • Discuss the influence of any Federal government or state government programs, such as tax credits or tax deductions for energy-saving/efficiency purchases, on your decision to make your last big purchase; or if government incentives did not factor into your decision, explain why not.
  • Develop conclusions about the economy’s influence on personal and business decision-making relative to purchases of big-ticket items, investments, or other major purchases.

Cite a minimum of three peer-reviewed sources. Note: The Federal Reserve of St. Louis, the Bureau of Economic Analysis, and the Bureau of Labor Statistics can be cited to fulfill this requirement.

Format your paper consistent with APA guidelines. 

Submit your assignment. Be sure you submit your paper as well as the two required Excel® files..

Resources

 

ECO 561 Wk 2 Team Assignment: Learning Team Charter

 

Overview

In this course, your team will work together to complete a few assignments. This chartering assignment is designed to help you apply your project management skills to understand the scope of your project, then break the project into goals, tasks, responsibilities, resources, and milestones. The assignment also asks you to discuss and answer some questions that will lay the foundation for developing your project.

Beyond the Standard Charter

You will notice that this chartering process goes beyond your standard University of Phoenix Charter by helping your team create a project plan for team success by providing you with opportunities to define your deliverables, recognize the connections between the deliverables and other classroom activities, determine your timelines and milestones, identify each team member’s expected contribution, and answer questions that lay the foundation for building your projects.

Putting “I” in “Team”

Important to note is the section for defining learning team expectations related to participation, collaboration, communication, team contributions, assignment deadlines, and other considerations. Please take the time to discuss and document how your team will address each area and any challenges that may arise. It is important to understand that we are “Putting ‘I’ in ‘Team’”. In short, we will recognize and reward individuals according to their contributions to team output, not according to their team membership. This means that individual grades may be different from the team grade depending on each individual’s contribution to each team deliverable.

Completing This Assignment

Do the following to complete the assignment:

  • Review the Charter and Project
  • Review the weekly Learning Team deliverables.
  • Complete the provided Learning Team Charter and Project Plan, including the following: team member contact information, project by week, learning team expectations, team discussion questions.

Submit your assignment

Resources

 

ECO 561 Wk 2 Individual: Government Intervention

 

Resource: Government Intervention Grading Guide

Purpose of Assignment 

The theory of market economies emphasizes freedom of choice and limited government intervention. The classic argument for government intervention is market failure – the inability of the market economy to correct itself from a dysfunctional state (such as the Great Depression). Students will examine articles from the University library to analyze real-world examples of U.S. government intervention programs and apply current week readings to make intelligent conclusions about the economic policies. 

Assignment Steps 

Resources: Tutorial help on Excel and Word functions can be found on the Microsoft Office website. There are also additional tutorials via the web offering support for Office products. 

Locate up to three different articles/publications and/or use The Economist Online. Examine one case of significant government intervention as it relates to your current industry of employment or an industry in which you are interested in working. You may access EBSCOhost, ProQuest or The Economist Online.

Examples of intervention programs you may select, but are not limited to:

  • US agriculture support programs
  • Low income support programs (Food Stamps, Earned Income Tax Credit, Child Tax Credit, and Temporary Assistance to Needy Families)
  • Medicaid, Children’s Health Insurance Program, The Affordable Care Act (Obamacare)
  • Low-income rent controls and housing vouchers
  • Government promotion of renewable energy sources to discourage use of fossil fuels such as coal and oil
  • Unemployment Insurance
  • Bailout of U.S. banks and other financial institutions during the Great Recession
  • Bailout of U.S. auto makers during the Great Recession
  • Social Security retirement benefits

Develop a minimum 10-slide Microsoft® PowerPoint® presentation including detailed speaker notes or voiceover including the following:

  • Describe the intervention and detail its history.
  • Analyze the arguments for government intervention as opposed to arguments for market-based solutions. Hint: See the information in our course textbook on market failures.
  • Examine who may be helped and who may be hurt by the selected government intervention.
  • Examine externalities and/or unintended consequences of such intervention.
  • Determine the cost trend of the intervention program since its implementation including whether costs are increasing, decreasing, or vary with the state of the economy.
  • Evaluate the success or failure of the intervention in achieving its objectives and develop conclusions.
  • Recommend whether the program should be continued as is, discontinued, or modified and defend your recommendation.

Note: The use of tables and/or charts to display economic data over the time period discussed is highly encouraged. However, if your source includes the copyright symbol, which looks like this: ©, then you should not copy any table and/or charts from that source. You could use, but are not required to use, charts/graphs retrieved from the Federal Reserve Bank of St. Louis FRED web site as long as the data sources used by FRED to create those charts are government sources such as the Bureau of Economic Analysis or the Bureau of Labor Statistics.

Cite a minimum of three scholarly, peer-reviewed references. 

Format your paper consistent with APA guidelines. 

Submit your assignment.

Resources

 

ECO 561 Wk 3 Team Assignment: Managing Fixed and Variable Costs for Organization

 

Resource: Managing Fixed and Variable Costs for Organization Grading Guide

Purpose of Assignment 

In this week, students are learning about managing different types of economic costs. Organizations typically have either high fixed costs or low fixed costs, and it is important to understand how business decisions differ in organizations with high fixed costs from organizations with low fixed costs. 

Assignment Steps 

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. Hoover’s Company Profiles by ProQuest located in the University Library 

Choose two publicly-held organizations. One organization must have high fixed costs and low variable costs, and the other organization must have low fixed costs and high variable costs. Do NOT pick two companies in the same industry, as they will have similar costs structures. You need to chose from companies from different industries. (For example if one of the companies you chose is Walmart, the other company cannot be Target, Best Buy, or Amazon, etc. and vice versa)

Note: A publicly-held organization is a private-sector firm that is owned by stock holders. Companies with high fixed costs include manufacturing companies, such as automobile manufactures, whereas service companies, such as accounting firms, might have low fixed costs. 

Create a minimum 8-slide Microsoft® PowerPoint® presentation, including detailed speaker notes or voiceover, analyzing the methods of managing cost depending on the cost construction. Research the University Library for recent publications regarding each company and the industry data. The analysis should include the following:

  • Analyze your two chosen companies’ cost construction. Do the companies have high fixed costs or low fixed costs? Do the companies have high variable costs or low variable costs? What evidence presents itself to support your findings?
  • In Excel®, chart the relationship between total cost and the number of units produced (output) for each organization/company. Plot two lines on the graph – one line for each company you analyzed. Copy your graph from Excel® and paste it into your PowerPoint® presentation.
  • Analyze currently used methods to minimize costs for the companies and provide recommendations how to improve the process of minimizing costs based on the available information for the industries in which the companies operate. Note: Companies are categorized by the industries they operate in. For example, Wal-Mart is a company operating within the retail trade industry. Hoover’s Company Profiles by ProQuest located in the University Library may be helpful.

Cite a minimum of three peer-reviewed sources.

Format the assignment consistent with APA guidelines. 

Submit your assignment.

Note: Grades are awarded based upon individual contributions to the Learning Team assignment. Each Learning Team member receives a grade based upon his/her contributions to the team assignment. Students might receive different grades for the team assignment depending on their contributions to the team assignment.

Resources

ECO 561 Wk 3 Individual: Research Analysis for Business

 

Resource: Research Analyses for Business Grading Guide

Purpose of Assignment

The purpose of this assignment is the creation of a research analysis. Every day, consumers make millions of decisions that impact the marketplace and influence firms’ decisions. Firms use economic concepts, models, and other “tools” of economics to help determine pricing, output, and profit maximization. As an MBA student of economics, you can apply the “tools” of economics to microeconomic and macroeconomic data to create recommendations for how firms can maximize revenue, profit and market share.

Assignment Steps 

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.

Scenario: Imagine you are a business consultant to a firm of your choice. You have been asked to analyze, advise, and create recommendations on how the firm can ensure its future success in its current market.

Work with your instructor to choose a firm that matches the following criteria: a publicly-traded company operating in the U.S. market. Note: A publicly-traded company is a private-sector firm owned by its shareholders/stock holders.

Prepare a minimum 1,050-word analysis of economic data and business data to explain how the core economic principles impact the sustainability of the firm and what actions the firm can take to ensure success.

Address the following:

  • Identify the market structure your chosen firm operates in, analyze your chosen firm’s current market share, and identify the firm’s local/global competitors. Analyze the barriers to entry in this market to illustrate the potential for new competition and its impact on your firm’s future in the market. Hints: Be sure you review the barriers to entry discussed in the course text. You might consider presenting the data graphically.
  • Identify and explain trends in current macroeconomic indicators for last three years including:
  • Current stage of the business cycle.
  • Real gross domestic product (GDP).
  • Inflation as measured by the consumer price index (CPI).
  • Unemployment rate.
  • Federal funds rate.
  • Current rate for borrowing funds such as the so-called “prime rate.”  Note: A requirement of the Week 1 Influence of Economics on Household Decision Making report was to gather data on the CPI, GDP, and interest rates, so you should consider reviewing the feedback you received on the Week 1 report.
  • Evaluate trends in demand over last three years and explain their impact on the industry and the firm. Include quarterly (last two quarters) and annual sales (last three years) figures for the product your firm sells. Create business strategies by analyzing information and data related to the demand for and supply of your firm’s product(s) to support your recommendation for the firm’s actions. Remember to include a graphical representation of the data and information used in your analysis.
  • Examine available, current data and information, such as pricing and the availability of substitutes, and explain how you could determine the price elasticity of demand for your firm’s product. Assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth.
  • Apply the concepts of variable and fixed costs to your firm for informing its output decisions. For instance, analyze how different kinds of costs (labor, research and development, raw materials) affect the firm’s level of output.
  • Based on the data gathered and analysis performed for this report write a conclusion in which you:
  • Create business strategies, including price and non-price strategies, based on your market structure to ensure the market share and potential market expansions and explore global opportunities for your business in a dynamic business environment and provide recommendations.
  • Develop a recommendation for how the firm can manage its future production by synthesizing the macroeconomic and microeconomic data presented.
  • Propose how the firm’s position within the market and among its competitors will allow it to take your recommended action.
  • Recommend strategies for the firm to sustain its success going forward by evaluating the findings from demand trends, price elasticity, current stage of the business cycle, and government policies.

Cite a minimum of three peer-reviewed references and a minimum of two government economic data sources/references.

Format your assignment consistent with APA guidelines.

Submit your assignment.

Resources

 

ECO 561 Wk 4 Individual: Inflation and Analyses of Monetary Policies

 

ResourceInflation and Analyses of Monetary Policies Grading Guide

Purpose of Assignment 

This assignment will introduce students to the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) data and provide students with the skills to calculate inflation and interpret the Consumer Price Index (CPI). Note: The BLS is the primary source of information on inflation, but their data is re-posted in other sources, such as the St. Louis Federal Reserve FRED site, among others. 

Assignment Steps 

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. 

Use an internet search or the University Library to locate information on the Consumer Price Index (CPI). Internet sites you might find useful include the Bureau of Labor Statistics (BLS) and the Federal Reserve of St. Louis FRED web site although you are allowed to use other sources. 

Develop a minimum 700-word analysis of inflation by including the following:

  • Choose a product or service you currently consume/use, such as apparel or educational services, that is included in the CPI’s “market basket.” Find the annual CPI index numbers for your chosen good or service for the years 1995, 2005, 2010, and 2015. Enter those index numbers in an Excel® file and calculate the percent change (inflation rates) in those index numbers from 1995 to 2005, from 1995 to 2010, and from 1995 to 2015.
  • Analyze the trends in overall inflation over the last five years and whether your income has kept pace with inflation. How has inflation over the last five years affected you and/or your family?
  • Discuss how a business manager, such as a human resources manager, might use CPI statistics.

Cite a minimum of three scholarly, peer-reviewed references. 

Format your paper consistent with APA guidelines. 

Submit your assignment.

Resources

 

ECO 561 Wk 5 Individual: Effectiveness of the Counter-Cyclical Policies

 

Purpose of Assignment 

This assignment addresses how both monetary and fiscal policies have been used during the so-called Great Recession, which began in December 2007 and ended in June 2009, to the present to moderate the business cycle. 

Assignment Steps 

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. 

Create a minimum 10-slide PowerPoint® presentation, including detailed speaker notes or voiceover, in which you analyze your choice of one the following markets or industries:

  • The housing market
  • Financial markets
  • Commodity and stock markets
  • An industry of your choice, such as the automobile industry, the airline industry, retail trade, or any other major industry that suffered heavy losses during the Great Recession

Your analysis will extend from the beginning of the Great Recession, which was December 2007, to the present and should include the following:

  • An Excel®workbook with the following datasets:
  • One dataset related to the U.S. housing industry such as housing starts, the FHFA housing price index, or another dataset of your choice related to the housing market.
  • One dataset related to personal or household income or to personal or household saving.
  • One dataset related to the labor market such as the unemployment rate, initial claims for unemployment insurance, or another dataset of your choice related to the U.S. labor force.
  • One dataset related to production and business activity within the market or industry you choose to analyze.
  • Find your datasets by using different internet data sources, including, but not limited to, the Federal Reserve Bank of St. Louis’s FRED site, U.S. Dept. of Commerce’s Bureau of Economic Analysis (BEA), U.S. Dept. of Labor’s Bureau of Labor Statistics, U.S. Census Bureau, and The Organization for Economic Co-operation and Development (OECD). Using data results analyze the economic and sociological forces that drove the market equilibrium to unsustainable heights, commonly referred to as “bubbles,” and the shocks that brought the markets back down.
  • Discuss specific changes in supply and demand within the markets and/or industries you chose to analyze.
  • Examine prior government policies and legislation that might have exacerbated the impact of the shocks. Also, discuss government actions/regulations that might be undertaken, and/or have been undertaken, to moderate the effects of extreme economic fluctuations.
  • Evaluate the actions of the federal government (fiscal policy) and the Federal Reserve (monetary policy) to restore the economy and foster economic growth. Base your evaluation on information available at Internet sources such as, but not limited to, the Fed’s The Economy Crisis and Responsewebsite as well as other appropriate sources found on the Internet and in the University Library. Be sure you address the effectiveness of those counter-cyclical policies.

Cite a minimum of three peer-reviewed sources and economic data not including the course text. Submit the data results in a separate Microsoft® Excel® file.

Format the assignment consistent with APA guidelines. 

Submit your assignment.

Resources

 

ECO 561 Wk 6 Individual: Signature Assignment: Challenges of Expansion to a Foreign Location

 

Purpose of Assignment 

This week students will review and revise their Week 3 Research Analysis for Business Signature Assignment based on economic analysis and the feedback provided by their facilitator. Students will also expand their Week 3 analyses to evaluate the challenges of expanding their chosen company’s production to a foreign market.

About Your Signature Assignment

This signature assignment is designed to align with specific program student learning outcome(s) in your program. Program Student Learning Outcomes are broad statements that describe what students should know and be able to do upon completion of their degree. The signature assignments might be graded with an automated rubric that allows the University to collect data that can be aggregated across a location or college/school and used for program improvements.

Assignment Steps 

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. 

Revise your Week 3 assignment, Research Analysis for Business, using the feedback provided by your facilitator. This Week 6 report should only include one conclusion, so you will need to rewrite the conclusion you included in your Week 3 assignment, Research Analysis for Business.

Select a foreign market in which to expand your chosen product. If you wish, you may use one of the countries your team analyzed in their Week 5 Comparative and Absolute Advantage Assignment. 

Prepare a minimum1,750-word report addressing the points listed below. The use of tables and/or charts to display economic data over the time period discussed is highly encouraged, you may submit any economic data in Microsoft® Excel® format in a separate file. You may use the U.S. Department of Labor’s Bureau of Labor Statistics (BLS), U.S. Dept. of Commerce’s Bureau of Economic Analysis (BEA), the Federal Reserve of St. Louis’s FRED data, the CIA World Fact Book, World Bank data, and World Trade Organization, or other appropriate sources you might find on the Internet or in the University Library. The new sections of your report should:

  • Evaluate current global economic conditions and their effects on macroeconomic indicators in your selected country. Provide forecasts for population growth, gross domestic product (GDP) growth, GDP per capita growth, export growth, and sales growth.
  • Evaluate any competitors’ existing production in the chosen country.
  • Assess sales forecasts in the selected country by using the Federal Reserve of St. Louis’s FRED data, the CIA World Fact Book, World Bank data, World Trade Organization, or other appropriate sources you might find on the Internet or in the University Library.
  • Categorize the type of economy that exists in your selected country as closed, mixed, or market. What is the difference between these types of economies and how might this affect your expansion?
  • Assess how your chosen country’s current credit market conditions, especially interest rates and the availability of financing, affect demand for your product or service and your planning or operating decision for your production in that country.
  • Analyze the role of the selected country’s central bank on that country’s economy.
  • Compare the availability, education, and job skills of the work force in the selected country. Discuss any additional challenges of international production, such as political stability, availability of government financing or other incentives, threat of capital controls, and exchange rate risks.
  • Explain any additional supply chain challenges you anticipate if attempting to make your product in your chosen country and selling the product in other countries.
  • Based on the data gathered and analysis performed for this report write a conclusion in which you:
  • Create business strategies, including price and non-price strategies, based on your market structure to ensure the market share and potential market expansions and explore global opportunities for your business in a dynamic business environment and provide recommendations.
  • Develop a recommendation for how the firm can manage its future production by synthesizing the macroeconomic and microeconomic data presented.
  • Propose how the firm’s position within the market and among its competitors will allow it to take your recommended action.
  • Recommend strategies for the firm to sustain its success going forward by evaluating the findings from demand trends, price elasticity, current stage of the business cycle, and government.
  • Recommend any comparative advantages your company will have over competitors currently operating in that country, and defend your position, either for or against, expanding your company’s production into your chosen country based on your research.

Integrate with the Week 3 Individual Assignment, and incorporate corrections and suggestions from the instructor’s feedback. The final report should be a minimum of 2,800 words.

Cite a minimum of three peer reviewed sources not including the textbook. 

Include all peer-reviewed references and government economic data sources/references from Week 3. 

Format your assignment consistent with APA guidelines.

Submit your assignment.

Resources

 

ECO 561 Wk 5 Team Assignment: Comparative and Absolute Advantage

 

Resource: Comparative and Absolute Advantage Grading Guide

Purpose of Assignment

This assignment will help students master research and other analytical skills and will help students recognize reasons why economic growth varies by country. By using macroeconomic indicators, students will complete analysis and determine comparative and absolute advantage in different product categories for each country’s economy. 

Assignment Steps 

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. 

Develop a minimum 1,050-word analysis of the international economy in which you do the following:

  • As a team, choose three countries, one from each group in the list below. Research each country, using resources such as the CIA World Fact Book, World Bank data, World Trade Organization (WTO), and the Federal Reserve Bank. Research each of your three chosen country’s economic, political, and cultural development:

Group 1

  • USA
  • Australia
  • Canada
  • Germany

Group 2

  • Great Britain
  • Italy
  • Japan
  • France

Group 3

  • China
  • Saudi Arabia
  • Democratic Republic of Congo
  • Kenya
  • Analyze measures of economic growth and of comparative and absolute advantage in international trade.
  • Use tables and/or graphs to compare the following economic statistics/indicators of your three chosen countries for the most recent year available and for 2009 (the trough of the last economic cycle):
  • Country Real GDP
  • Country CPI
  • Country Real Exports
  • Country Real Imports
  • Country Unemployment Rate
  • Country Industrial Production
  • Discuss reasons why the economic growth of the three countries varies. How does international trade influence the strength of the economy worldwide?
  • Discuss the following for each country:
  • At least two products that have provided the country an absolute advantage in trade (if any).
  • At least two products that have provided the country a comparative advantage in trade.
  • Factors that might have prevented any of your three chosen countries from achieving absolute and/or comparative advantages.

Cite a minimum of three peer-reviewed sources. 

Format the assignment consistent with APA guidelines.

Submit your assignment.

Note: Grades are awarded based upon individual contributions to the Learning Team assignment. Each Learning Team member receives a grade based upon his/her contributions to the team assignment. Not all students may receive the same grade for the team assignment.

Resources

 

ECO 561 Wk 6 Individual Final Examination

 

Question 1

/ 5

Macroeconomics approaches the study of economics from the viewpoint of:

 

 

Question 2

/ 5

All else equal, a large decline in the real interest rate will shift the:​

 

 

Question 3

/ 5

If an unintended increase in business inventories occurs at some level of GDP, then GDP:​

 

 

Question 4

/ 5

The simple circular flow model shows that:

 

 

Question 5

/ 5

The two basic markets shown by the simple circular flow model are:

 

Question 6

/ 5

Two major virtues of the market system are that it:

 

 

Question 7

/ 5

Because the federal government typically provides disaster relief to farmers, many farmers do not buy crop insurance even through it is federally subsidized. This illustrates:

 

 

Question 8

/ 5

Buyers will opt out of markets in which:

 

Question 9

/ 5

Which of the following statements best describes the 12 Federal Reserve Banks?

 

 

Question 10

/ 5

Research for industrially advanced countries indicates that:​

 

 

Question 11

/ 5

Normal profit is:​

 

 

Question 12

/ 5

Pure monopolists may obtain economic profits in the long run because:

 

 

Question 13

/ 5

​A monopolistically competitive industry combines elements of both competition and monopoly. The monopoly element results from:

 

 

Question 14

/ 5

As output increases, total variable cost:​

 

 

Question 15

/ 5

The business cycle depicts:

 

 

Question 16

/ 5

The term “recession” describes a situation where:​

 

 

Question 17

/ 5

Mrs. Arnold is spending all her money income by buying bottles of soda and bags of pretzels in such amounts that the marginal utility of the last bottle is 60 utils and the marginal utility of the last bag is 30 utils. The prices of soda and pretzels are $.60 per bottle and $.40 per bag respectively. It can be concluded that:

 

 

Question 18

/ 5

Suppose you have a limited money income and you are purchasing products A and B, whose prices happen to be the same. To maximize your utility, you should purchase A and B in such amounts that:

 

 

Question 19

/ 5

Countercyclical discretionary fiscal policy calls for:​

 

 

Question 20

/ 5

Contractionary fiscal policy is so named because it:​

 

Question 21

/ 5

Assume the reserve ratio is 25 percent and Federal Reserve Banks buy $4 million of U.S. securities from the public, which deposits this amount into checking accounts. As a result of these transactions, the supply of money is:​

 

 

Question 22

/ 5

If the Federal Reserve System buys government securities from commercial banks and the public:

 

 

Question 23

/ 5

In order for mutually beneficial trade to occur between two otherwise isolated nations:​

 

Question 24

/ 5

The primary gain from international trade is:

 

 

Question 25

/ 5

The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that:

 

 

Question 26

/ 5

In the theory of comparative advantage, a good should be produced in that nation where:​

 

 

Question 27

/ 5

Why are economists concerned about inflation?

 

 

Question 28

/ 5

If the prices of all goods and services rose, but the quantity produced remained unchanged, what would happen to nominal and real GDP?​

 

 

 

Question 29

/ 5

Which of the following will generate a demand for country X’s currency in the foreign exchange market?​

 

 

Question 30

/ 5

Which of the following have substantially equivalent effects on a nation’s volume of exports and imports?​

 

 

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