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1

ECO 212 Week 5 DQ’s
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ECO 212 Week 5 Learning Team International Trade Simulation and Report
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ECO 212 Week 5 Learning Team International Trade Simulation and Report
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ECO 212 Week 5 Individual Federal Reserve Paper
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ECO 212 Week 5 Individual Federal Reserve Paper
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• Resources: U.S. Federal Reserve Web site
• Locate the section for Monetary Policy and the section for Monetary Policy Report to the Congress, from the U.S. Federal Reserve Web site http://www.federalreserve.gov
• Read the most recent report by the Federal Reserve Chairman.
• Write a 700- to 1,050-word paper on the U.S. Federal Reserve’s monetary policy that addresses the following points:

o Define the purpose and function of money
o Explain how the central bank manages a nation’s monetary system.
o Outline the stated direction of recent monetary policy in the United States.
o List at least one policy action that the Federal Reserve has taken to confirm that direction.
o Explain the effects of monetary policies on the economy’s production and employment.



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ECO 212 Week 4 Individual Measuring Economic Health Memo
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ECO 212 Week 4 Individual Measuring Economic Health Memo
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• Resources: Principles of Economics textbook and Tomlinson Economics Videos
• Write a 350- to 700-word memo addressing the following:

o Describe the use of Gross Domestic Policy (GDP) to measure the business cycle.

o Describe the roles of government bodies that determine national fiscal policies.

o Explain the effects of fiscal policies on the economy’s production and employment. How do changes in government spending and taxes positively or negatively affect the economy’s production and employment?



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ECO 212 Week 4 DQ’s
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ECO 212 Week 3 Learning Team Differentiating Between Market Structures Table and Paper
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ECO 212 Week 3 Learning Team Differentiating Between Market Structures Table and Paper
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Resources: Principles of Economics textbook, articles, and Tomlinson Economics Videos
• Prepare the Market Structures Table and Paper based on your learning, readings, and videos.
• Complete Part I: Differentiating Between Market Structures Table

o Prepare a table that describes the characteristics of competitive markets, monopolies, and oligopolies. Format the table as follows:

• Column headings must be the four market structures.
• Row headings must explain the basis for your market characterization.

Perfect competition Monopoly Monopolistic Competition Oligopoly
An example of an organization
Goods or services produced by the organization
Barriers to entry
Numbers of organizations
Price elasticity of demand
Economic profits: Is there a presence of economic profits? (Yes or no)
• Complete Part II: Differentiating Between Market Structures Paper

o Write a 1,050- to 1,400-word paper summarizing the content of the table. Address the following questions:

• Compare and contrast public goods, private goods, common resources, and natural monopolies.
• Explain how labor market equilibrium is affected by the supply and demand of labor.
• Select an organization with which you are familiar and identify the market structure of that organization. Evaluate the effectiveness of this structure for the organization.
• For your selected organization, summarize the factors that affect labor supply and demand.



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ECO 212 Week 3 DQ’s
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ECO 212 Week 2 Learning Team Supply and Demand and Price Elasticity Paper
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ECO 212 Week 2 Learning Team Supply and Demand and Price Elasticity Paper
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Resources: Principles of Economics textbook and Tomlinson Economics Videos

Review the following Tomlinson Economics Videos available on your student Web site:
Demand (4.2-1 to 4.2-5)

Supply (4.3-1 to 4.3-5)

Putting Supply and Demand Together (4.4-1 to 4.4.-3)

Write a 700- to 1,050-word paper summarizing the content presented in the videos. In the paper, be sure to address the following:

Explain what causes changes in supply and demand.

Determine how changes in price and quantity influence market equilibrium.

Describe how the necessity of a good and the availability of substitutions affect price elasticity.

Compare and contrast market systems and the role of an economist within these systems.



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ECO 212 Week 2 Individual Supply and Demand and Price Elasticity Quiz
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ECO 212 Week 2 Individual Supply and Demand and Price Elasticity Quiz
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Resources: Principles of Economics textbook and Tomlinson Economics Videos

• Prepare to take the Supply and Demand and Price Elasticity Quiz.



Questions Quiz week 2

1. The word that comes from the Greek word for “one who manages a household” is

a. market.

b. consumer.

c. producer.

d. economy.

2. The word “economy” comes from the Greek word oikonomos, which means

a. “environment.”

b. “production.”

c. “one who manages a household.”

d. “one who makes decisions.”

3. Resources are

a. scarce for households but plentiful for economies.

b. plentiful for households but scarce for economies.

c. scarce for households and scarce for economies.

d. plentiful for households and plentiful for economies.

4. Economics deals primarily with the concept of

a. scarcity.

b. poverty.

c. change.

d. power.

5. Which of the following questions is not answered by the decisions that every society must make?

a. What determines consumer preferences?

b. What goods will be produced?

c. Who will produce the goods?

d. Who will consume the goods?



6. Albert Einstein once made the following observation about science:

a. “The whole of science is nothing more than the refinement of everyday thinking.”

b. “The whole of science is nothing more than an interesting intellectual exercise.”

c. “In order to understand science, one must rely solely on abstraction.”

d. “In order to understand science, one must transcend everyday thinking.”

7. Sir Isaac Newton’s development of the theory of gravity after observing an apple fall from a tree is an example of

a. controlled experiments that lead to the formulation of scientific theories.

b. being in the right place at the right time.

c. an idea whose time had come.

d. the interplay between observation and theory in science.

8. Which of the following statements applies to economics, as well as to other sciences such as physics?

a. Experiments are considered valid only when they are conducted in a laboratory.

b. Good theories do not need to be tested.

c. Real-world observations often lead to theories.

d. Economics, as well as other sciences, are concerned primarily with abstract concepts.

9. The use of theory and observation is more difficult in economics than in sciences such as physics due to the difficulty in

a. performing an experiment in an economic system.

b. applying mathematical methods to economic analysis.

c. analyzing available data.

d. formulating theories about economic events.

10. Which of the following statements is true?

a. Economists almost always find it easy to conduct experiments in order to test their theories.

b. Economics is not a true science because economists are not usually allowed to conduct experiments to test their theories.

c. Economics is a social science rather than a true science because it cannot employ the scientific method.

d. Economists are usually not allowed to conduct experiments, and so they must rely on natural experiments offered by history.

11. For each good produced in a market economy, the interaction of demand and supply determines

a. the price of the good, but not the quantity.

b. the quantity of the good, but not the price.

c. both the price of the good and the quantity of the good.

d. neither price nor quantity, because prices and quantities are determined by the sellers of the goods alone.

12. A competitive market is a market in which

a. an auctioneer helps set prices and arrange sales.

b. there are only a few sellers.

c. the forces of supply and demand do not apply.

d. no individual buyer or seller has any significant impact on the market price.

13. The demand for a good or service is determined by

a. those who buy the good or service.

b. the government.

c. the producers who create the good or service.

d. those who supply the raw materials used in the production of the good or service.

14. A competitive market is one in which

a. there is only one seller, but there are many buyers.

b. there are many sellers and each seller has the ability to set the price of his product.

c. there are many sellers and they compete with one another in such a way that some sellers are always being forced out of the market.

d. there are so many buyers and so many sellers that each has a negligible impact on the price of the product.

15. In a competitive market,

a. only a few sellers sell the same product.

b. each seller has a limited degree of control over the price of his product.

c. if one buyer chooses to purchase a large quantity of the product, the price will rise.

d. if one seller withholds his product from the market, prices will rise.

16. A good will have a more inelastic demand,

a. the greater the availability of close substitutes.

b. the broader the definition of the market.

c. the longer the period of time.

d. the more it is regarded as a luxury.

17. It is likely that

a. the demand for flat-screen computer monitors is more elastic than the demand for monitors in general.

b. the demand for grandfather clocks is more elastic than the demand for wristwatches.

c. the demand for cardboard is more elastic over a long period of time than over a short period of time.

d. All of the above are correct.

18. It is likely that

a. the demand for natural gas is more elastic over a short period of time than over a long period of time.

b. the demand for smoke alarms is more elastic than the demand for Persian rugs.

c. the demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general.

d. All of the above are correct.

19. When the price of bubble gum is $0.50, the quantity demanded is 400 packs per day. When the price falls to $0.40, the quantity demanded increases to 600. Given this information and using the midpoint method, we know that the demand for bubble gum is

a. inelastic.

b. elastic.

c. unit elastic.

d. perfectly inelastic.

20. Economists compute the price elasticity of demand as the

a. percentage change in price divided by the percentage change in quantity demanded.

b. change in quantity demanded divided by the change in the price.

c. percentage change in quantity demanded divided by the percentage change in price.

d. percentage change in quantity demanded divided by the percentage change in income.

21. Economic profit is equal to

a. total revenue minus the explicit cost of producing goods and services.

b. total revenue minus the opportunity cost of producing goods and services.

c. total revenue minus the accounting cost of producing goods and services.

d. average revenue minus the average cost of producing the last unit of a good or service.

22. Accounting profit is equal to

a. marginal revenue minus marginal cost.

b. total revenue minus the explicit cost of producing goods and services.

c. total revenue minus the opportunity cost of producing goods and services.

d. average revenue minus the average cost of producing the last unit of a good or service.

23. Economic profit

a. will never exceed accounting profit.

b. is most often equal to accounting profit.

c. is always at least as large as accounting profit.

d. is a less complete measure of profitability than accounting profit.

24. To an economist, it is conceivable that the objective that motivates an individual entrepreneur to start a business arises from

a. an innate love for the type of business that he or she starts.

b. a desire to earn a profit.

c. an altruistic desire to provide the world with a good product.

d. All of the above are correct.

25. When a firm is making a profit-maximizing production decision, which of the following principles of economics is likely to be most important to the firm’s decision?

a. The cost of something is what you give up to get it.

b. A country’s standard of living depends on its ability to produce goods and services.

c. Prices rise when the government prints too much money.

d. Governments can sometimes improve market outcomes.

26. Because the goods offered for sale in a competitive market are largely the same,

a. there will be few sellers in the market.

b. there will be few buyers in the market.

c. buyers will have market power.

d. sellers will have little reason to charge less than the going market price.

27. Which of the following is NOT a characteristic of a perfectly competitive market?

a. Firms are price takers.

b. Firms have difficulty entering the market.

c. There are many sellers in the market.

d. Goods offered for sale are largely the same.

28. When buyers in a competitive market take the selling price as given, they are said to be

a. market entrants.

b. monopolists.

c. free riders.

d. price takers.

29. When firms are said to be price takers, it implies that if a firm raises its price,

a. buyers will go elsewhere.

b. buyers will pay the higher price in the short run.

c. competitors will also raise their prices.

d. firms in the industry will exercise market power.

30. Which of the following statements best reflects a price-taking firm?

a. If the firm were to charge more than the going price, it would sell none of its goods.

b. The firm has an incentive to charge less than the market price to earn higher revenue.

c. The firm can sell only a limited amount of output at the market price before the market price will fall.

d. Price-taking firms maximize profits by charging a price above marginal cost.

31 . In a competitive market, no single producer can influence the market price because

a. many other sellers are offering a product that is essentially identical.

b. consumers have more influence over the market price than producers do.

c. government intervention prevents firms from influencing price.

d. producers agree not to change the price.

32. Which of the following statements is correct?

a. A competitive firm is a price maker and a monopoly is a price taker.

b. A competitive firm is a price taker and a monopoly is a price maker.

c. Both competitive firms and monopolies are price takers.

d. Both competitive firms and monopolies are price makers.

33. Angelo is a wholesale meatball distributor. He sells his meatballs to all the finest Italian restaurants in town. Nobody can make meatballs like Angelo. As a result, his is the only business in town that sells meatballs to restaurants. Assuming that Angelo is maximizing his profit, which of the following statements is true?

a. Meatball prices will be less than marginal cost.

b. Meatball prices will equal marginal cost.

c. Meatball prices will exceed marginal cost.

d. Meatball prices will be a function of supply and demand and will therefore oscillate around marginal costs.

34. A monopoly’s marginal cost will

a. be less than its average fixed cost.

b. be less than the price per unit of its product.

c. exceed its marginal revenue.

d. equal its average total cost.



35. Which of the following statements is (are) true of a monopoly?

(i) A monopoly has the ability to set the price of its product at whatever level it desires.

(ii) A monopoly’s total revenue will always increase when it increases the price of its product.

(iii) A monopoly can earn unlimited profits.

a. (i) only

b. (ii) only

c. (i) and (ii)

d. (ii) and (iii)

36. Young Johnny inherited the only local cable TV company in town after his father passed away. The company is completely unregulated by the government and is therefore free to operate as it wishes. Assuming that Johnny understands the true power of his new monopoly, he is probably most excited about which of the following statements?

(i) He will be able to set the price of cable TV service at whatever level he wishes.

(ii) The customers will be forced to purchase cable TV service at whatever price he wants to set.

(iii) He will be able to achieve any profit level that he desires.

a. (i) only

b. (ii) only

c. (i) and (iii)

d. All of the above are correct.





37. An oligopoly is a market in which

a. there are only a few sellers, each offering a product similar or identical to the products offered by other firms in the market.

b. firms are price takers.

c. the actions of one seller in the market have no impact on the other sellers’ profits.

d. there are many price-taking firms, each offering a product similar or identical to the products offered by other firms in the market.

38. The general term for market structures that fall somewhere in-between monopoly and perfect competition is

a. incomplete markets.

b. imperfectly competitive markets.

c. oligopoly markets.

d. monopolistically competitive markets.

39. In a market that is characterized by imperfect competition,

a. firms are price takers.

b. there are always a large number of firms.

c. there are at least a few firms that compete with one another.

d. the actions of one firm in the market never have any impact on the other firms’ profits.

40. There are two types of imperfectly competitive markets:

a. monopoly and monopolistic competition.

b. monopoly and oligopoly.

c. monopolistic competition and oligopoly.

d. monopolistic competition and cartels.

41. Monopolistically competitive firms are typically characterized by

a. many firms selling products that are similar, but not identical.

b. many firms selling identical products.

c. a few firms selling products that are similar, but not identical.

d. a few firms selling highly different products.

42 . Firms in industries that have competitors but, at the same time, do not face so much competition that they are price takers, are operating in either a(n)

a. oligopoly or perfectly competitive market.

b. oligopoly or monopoly market.

c. oligopoly or monopolistically competitive market.

d. monopoly or monopolistically competitive market.

43. One characteristic of an oligopoly market structure is:

a. firms in the industry are typically characterized by very diverse product lines.

b. firms in the industry have some degree of market power.

c. products typically sell at a price that reflects their marginal cost of production.

d. the actions of one seller have no impact on the profitability of other sellers.

44. One key difference between an oligopoly market and a competitive market is that oligopolistic firms

a. are price takers while competitive firms are not.

b. can affect the profit of other firms in the market by the choices they make while firms in competitive markets do not affect each other by the choices they make.

c. sell completely unrelated products while competitive firms do not.

d. sell their product at a price equal to marginal cost while competitive firms do not.

45. A typical firm in the U. S. economy would be classified as

a. perfectly competitive.

b. imperfectly competitive.

c. a duopolist.

d. an oligopolist.

46. When an industry has many firms, the industry is

a. an oligopoly if the firms sell differentiated products, but it is monopolistically competitive if the firms sell identical products.

b. an oligopoly if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.

c. monopolistically competitive if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.

d. perfectly competitive if the firms sell differentiated products, but it is monopolistically competitive if the firms sell identical products.



1. If a 20% decrease in the price of long distance phone calls leads to a 35% increase in the quantity of calls demanded, we can conclude that the demand for phone calls is:

a. elastic.

b. inelastic.

c. unit elastic.

d. stretchy elastic.

2. Which of the following pairs are examples of substitutes?

a. Popcorn & Pepsi

b. Automobiles & Bicycles

c. Boats & Fishing Tackle

d. Wine & Cheese



B 3. When we say that a price in a competitive market is “too high to clear the market” we usually mean that (given upward-sloping supply curves).

a. no producer can cover the costs of production at that price

b. quantity supplied exceeds quantity demanded at that price

c. producers are leaving the industry

d. consumers are willing to buy all the units produced at that price



4. Which of the following statements is incorrect? Assume upward-sloping supply curves.

a. If the supply curve shifts left and the demand remains constant, equilibrium price will rise.

b. If the demand curve shifts left and the supply increase, equilibrium price will rise.

c. If the supply curve shifts right and the demand curve shifts left, equilibrium price will fall.

d. If the demand curve shifts right and the supply curve shifts left, price will rise.





Section Two: Short Answer (250 words or less)

2. Define “Elasticity of Demand”. Give an example.

3. Define the “Law of diminishing Marginal utility”. Give an example.

4. Describe what likely happens initially given the conditions in the examples to market price and quantity for the particular goods in each of the following examples. Will market price increase, decrease, stay the same or is it in-determinant? Will market quantity increase, decrease, stay the same or is it in-determinant?



a) A technological breakthrough lowers the cost of producing tractors in India while there is an increase in incomes of all citizens in India.

b) The United States imposes a ban on the sale of oil by companies that do business with Libya and Iran. At the same time, very surprisingly. A large reserve of drillable oil is discovered in Barrington, Rhode Island.

Market price remains the same if Barrington’s reserve of oil is the same as oil from Libya and Iran in terms of cost-price and quantity available. Market demand remains the same if Barrington’s reserve of oil is the same as oil from Libya in terms of cost-price and quantity available.

c) In the summer of 1996, many people watched the Atlanta Summer Olympics on NBC instead of going to the movies. At the same time, thinking that summer time is the peak season for movies, Hollywood released a record number of movies.

d) After a promotional visit by Michael Jordan to France, a craze for Nike Air shoes develops, while workers in Nike’s manufacturing plants in China go on strike decreasing the production of these shoes.

5. Determine if the demand for the following products is price elastic or price inelastic, and explain your answer.

a. Newspapers

b. Fresh peas

c. Gasoline sold at a local gasoline station

d. Major League Baseball tickets

e. Hotel rooms for people planning a vacation

f. Beer

g. Residential land

h. Medical care

i. Beef

j. Electricity (households)



6. Name three types of market systems and give an example of each.



7. Define the “Law of Demand” and the “Law of Supply”. Give an example for each.





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ECO 212 Week 2 DQ's
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ECO 212 Week 1 Individual How People Make Economic Decisions Paper
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ECO 212 Week 1 Individual How People Make Economic Decisions Paper
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• Resources: Principles of Economics textbook, articles, and personal experience.

• Write a 350- to 700-word paper in which you address the following:

o List and briefly explain the four principles of individual decision-making.

o Provide an example of a decision in which you compared the marginal benefits and the marginal costs associated with that decision.

o What were the marginal benefits and marginal costs associated with that decision?

o What incentives could have led you to make a different decision?

o Explain how the principles of economics affect decision-making, interaction, and the workings of the economy as a whole.

• Cite your references appropriately. If you used an electronic source, follow the rules found on the Hyperlink located in the Course materials folder. Electronic and hard copy articles require the same treatment. They require the same information including but not limited to, author, publication, volume, issue (if available) and page number. Be sure to look articles up for complete information. Do not use Hyperlinks unless all required information is included. The hyperlink in the course materials folder includes access to APA V. 5 criteria for non-traditional citation formats.

• Format your paper according to APA standards.



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ECO 212 Week 1 DQ's
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ECO 212 Final Exam Guide
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ECO 212 Principles of Economics
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ECO 212 Principles of Economics
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