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Flashcards in ECO 365 NEW Complete Class,ECO 365 NEW Assignment,ECO 365 NEW Course Deck (33):
1

ECO 365 Week 5 Learning Team Competitive Strategies and Government Policies NEW
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ECO 365 Week 5 Knowledge Check NEW
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1. What problem do economists see with free trade areas such as NAFTA and the European Union?

A. They tend to lead to free trade rather than fair trade.

B. They can lead to regional trading blocs then restrict trade.

C. They lead to globalization.

D. They encourage countries to rely on others rather than being self-sufficient.

2. A group of countries that allows free trade among its members and puts up common barriers against all other countries’ goods is called

A. a tariff-free zone

B. a most-favored nation agreement

C. an autarky

D. a free trade association

3. Mexico has a comparative advantage in producing corn

A. if its opportunity cost of producing corn is higher than the opportunity cost in other countries

B. if its opportunity cost of producing corn is the same as the opportunity cost in other countries

C. if its opportunity cost of producing corn is lower than opportunity cost in other countries

D. regardless of the opportunity cost in other countries

4. Workers in education, health care, and government sectors have

A. seen their incomes fall just like in manufacturing

B. been mostly hurt from globalization

C. benefited from globalization in terms of lower consumer prices

D. been hurt because the sector has been shrinking

5. In the United States globalization has

A. played a significant role in growing income disparity because some sectors have benefited and others have not

B. played little role in growing income disparity because all Americans are consumers who have enjoyed lower prices

C. played a significant role in growing income disparity because foreign workers’ incomes have risen

D. played little role in growing income disparity because while some jobs were lost, the gain in jobs balanced out those that were lost

6. Most economists

A. oppose free trade

B. favor free trade

C. have no opinion on free trade

D. would prefer to have no trade with other nations

7. World trade declined in the 1930s. Which of the following is the best explanation of that decline?

A. World income shrank and trade restrictions increased.

B. World income shrank, but there were few changes in trade restrictions

C. Trade restrictions increased, but there was little change in world income

D. The incomes of most nations increased, allowing them to become more self-sufficient.

8. As a country develops economically, what changes usually take place in the goods it exports?

A. There is little change because comparative advantage does not change.

B. Raw materials and agricultural products decline in importance and are replaced by services and manufactured goods.

C. Services and manufactured goods decline in importance and are replaced by raw materials and agricultural products.

D. Exports go from being diversified to being specialized in whatever the country finds to be its comparative advantage.

9. When a U.S. company establishes a call center in India that answers its customer service calls, the United States is

A. outsourcing, a form of importing services

B. outsourcing, a form of exporting services

C. insourcing, a form of importing services

D. insources, a form of exporting services

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ECO 365 Week 5 DQ 4 NEW
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Globalization involves more than the ability to trade with different countries. I wanted to share with you this article regarding the new 10 year Visa agreement between China and the U.S. In order to travel between the U.S. and China, you must get a travel document amended to your passport that states you are eligible to do so. Previously this visa was only valid for up to one year. Now they are valid for 10 years. The attached article states that 7.3 million Chinese people will come to the U.S. contributing 85 billion per year to the U.S. economy. Chinese people who have disposable income like to shop and they like brands! They come to the U.S ad contribute to our economy through the tourism industry.

http://usa.chinadaily.com.cn/us/2015-02/04/content_19484864.htm

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ECO 365 Week 5 DQ 3 NEW
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ECO 365 Week 5 DQ 3 NEW
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How does globalization affect the PPC for goods and services?

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ECO 365 Week 5 DQ 2 NEW
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ECO 365 Week 5 DQ 2 NEW
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Does globalization hurt or help the economy? Why or why not?

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ECO 365 Week 5 DQ 1 NEW
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I also found this article about possibly exporting more Agricultural products to Asia because the U.S. has strict regulations on Food.

We talked about regulations in other discussions. Regulations in the food industry is beneficial because it gives consumer confidence in our food supply. They don’t have that same confidence in Asia.

Class,

What are some other industries that could benefit from globalization and exporting more goods to other countries?

http://usa.chinadaily.com.cn/us/2015-02/03/content_19481831.htm

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7

ECO 365 Week 4 Learning Team Mergers and Joint Ventures NEW
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ECO 365 Week 4 Learning Team Mergers and Joint Ventures NEW
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Discuss the differences between horizontal, vertical and conglomerate mergers and how those differ from a joint venture.

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

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8

ECO 365 Week 4 Knowledge Check NEW
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1. What do economists mean when they say there is “market failure”?

A. Business has introduced a product that consumers did not want.

B. Free markets have led to excessive profits.

C. Markets have surpluses or shortages so that government rationing is necessary.

D. Free markets yield results that economists do not consider socially optimal.



2. If a market has no externalities, marginal private costs

A. exceed marginal social costs

B. equal marginal social costs

C. are below marginal social costs

D. intersect marginal social costs



3. Economists generally call the effect of an agreement on others that is not taken into account by the parties making the agreement

A. an externality

B. welfare loss

C. Pareto optimality

D. excess burden



4. The size performance improvements sought by those pursuing horizontal mergers is

A. economies of scale

B. increased market share

C. to coordinate activities more efficiently to spur growth

D. to decrease competition



5. A company buys another company in the same supply chain, but either in front of it or behind it in the supply chain. This is called

A. a horizontal acquisition

B. a vertical acquisition

C. a conglomerate

D. a joint venture



6. Sony and Toshiba become partners in a microprocessor manufacturing company. This is called

A. a horizontal acquisition

B. a vertical acquisition

C. a conglomerate

D. a joint venture



7. If two companies share ownership in a venture and agree on a formal management structure including members of both companies, this is called a

A. horizontal acquisition

B. vertical acquisition

C. joint venture

D. conglomerate



8. Two companies come together to take on a project that has an explicit time cycle and ending point. The most efficient form of acquisition of this project is

A. a horizontal acquisition

B. a joint venture

C. a vertical acquisition

D. a conglomerate



9. The more elastic the supply and the demand curves are, the

A. smaller the shortage a price ceiling will create

B. greater the shortage a price ceiling will create

C. smaller the surplus a price ceiling will create

D. greater the surplus a price ceiling will create



10. Assuming a binding price floor, the more elastic the supply and demand curves are, the

A. smaller the shortage a price floor will create

B. greater the shortage a price floor will create

C. smaller the surplus a price floor will create

D. greater the surplus a price floor will create

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9

ECO 365 Week 4 Individual Differentiating Between Market Structures NEW
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ECO 365 Week 4 Individual Differentiating Between Market Structures NEW
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You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. You will assess how the market structure positively and negatively affects the firm and evaluate the efficacy of the structure’s competitive strategies.

Select an industry. Identify an organization in that industry. You may use the company you used for the Week 3 Learning Team assignment or you may select a new organization. Your selected organization must be submitted for instructor approval.

Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon, and how this market structure differentiates from the other alternatives.

• How might the company you selected find itself working with organizations in the same industry that are an oligopoly, perfect competition, monopoly, or monopolistic market structure. Examine the different sectors with an industry and how market structure may vary within those sectors.

Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over the long run. Evaluate the efficacy of these strategies in the market structure you identified.

Make recommendations related to the strategies the organization might consider to maximize its profits.

Select one of the following assignment options:

Paper
Write a 1,400- to 1,750- word paper.

Format consistent with APA guidelines.

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ECO 365 Week 4 DQ 4 NEW
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Tragedy of the Commons

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ECO 365 Week 4 DQ 3 NEW
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Negative Externalities

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12

ECO 365 Week 4 DQ 2 NEW
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What are the different types of mergers?

What the benefits of each?

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13

ECO 365 Week 4 DQ 1 NEW
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Keynesian economics is the idea that the government should be able to intervene in the economy. Classical economists do not think so.

From your reading, how does the government intervene. Do you think that the consumer is better off?

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14

ECO 365 Week 3 Learning Team Current Market Conditions Competitive Analysis NEW
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ECO 365 Week 3 Learning Team Current Market Conditions Competitive Analysis NEW
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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 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: This may include, but is not limited, to the following elements.

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.

Click the Assignment Files tab to submit your assignment.

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15

ECO 365 Week 3 Knowledge Check NEW
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ECO 365 Week 3 Knowledge Check

1. In a monopolistically competitive market,

A. firms produce differentiated products

B. there are barriers to entry

C. firms produce homogeneous products

D. the demand for any firm’s product is perfectly elastic

2. Strategic decision making is most important in

A. competitive markets

B. monopolistically competitive markets

C. oligopolistic markets

D. monopolistic markets

3. The general monitoring problem implies that

A. profit maximization should always be considered to be a firm’s goal

B. there is a cost of supervising employees so that they work toward the owner’s goals rather than their own

C. government must intervene to protect national goals

D. competition will ensure common goals among the owners and managers of a firm

4. Lazy monopolists are characterized by the tendency to

A. maximize profits at the cost of losing market share

B. pay too much to protect their monopoly positions

C. earn enough profits to keep their shareholders happy without trying too hard to hold costs down

D. minimize losses so that the dividends of shareholders are maximized

5. Judgment by performance means that the competitiveness of a market is determined by

A. the actual behavior of firms in the market

B. the structure of the industry

C. . the number of firms in the market

D. technological considerations

6. Consumers tend to accept the market restrictions imposed by suppliers because

A. governments prevent them from organizing

B. they see themselves as laborers and therefore benefit from restrictions

C. their costs of organizing are higher than the cost of collusion by the suppliers

D. when combined, their losses are small for the group as a whole

7. The fact that U.S. managers’ salaries are about four times higher than those of comparable managers in Japan, where banks control firms more closely, is probably

A. an example of the monitoring problem in the United States

B. an example of X-inefficiency in Japan

C. due to the fact that the U.S. economy is much less competitive

D. due to the fact that there are more natural monopolies in the United States

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16

ECO 365 Week 3 DQ 4 NEW
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Find a company that you think has a monopoly. Discuss its characteristics. What are it’s barriers to entry?

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ECO 365 Week 3 DQ 3 NEW
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Are monopolies efficient?

Why or why not?

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ECO 365 Week 3 DQ 2 NEW
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Did anyone watch the State of the Union address last night? What were your thoughts? Were any issues relevant to this class?

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ECO 365 Week 3 DQ 1 NEW
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Think about the company that you work or a company that you are familiar with. What is the market structure. What characteristics make the company fit into that market structure?

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20

ECO 365 Week 2 Learning Team Elasticity Paper NEW
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Reflect on why some products become substitutes and why some are complements (e.g. hot dogs and hot dog buns).

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

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21

ECO 365 Week 2 Knowledge Check NEW
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1.A perfectly competitive firm will be profitable if price at the profit-maximizing quantity is above

A.MC

B.ACV

C.ATC

D.AFC

2.In a perfectly competitive market,

A. individual producers determine market prices

B. market supply and market demand determine the price

C. the entrepreneur determines the price

D. individual consumers determine market prices

3. The demand for clothing increases. As a result, the price of clothing increases above the minimum average cost of producing it. In the long run, if the clothing industry is perfectly competitive and is a constant-cost industry,

A. the supply of clothing and the price of clothing will increase

B. the supply of clothing will increase but the price will not

C. the price of clothing will increase but the price will not

D. neither the price nor the supply of clothing will increase

4. If the long-run market supply curve is perfectly elastic, an increase in demand will cause the final equilibrium to be at

A. the original price but at a smaller output

B. a higher price with a higher output

C. the original price but with a higher output

D. a higher price but with the same output

5.

Number of workers Total Output

1 4

2 10

3 18

4 28

5 35

6 41

7 45

8 48

9 50

10 49

Refer to the table shown. Diminishing marginal productivity begins when the

A. third worker is hired

B. fourth worker is hired

C. fifth worker is hired

D. sixth worker is hired

6. A production table can be used to determine

A. a firm’s profits

B. a firm’s costs

C. how much output is produced from a given quantity of inputs

D. how much of a product will be demanded by consumers

7. Mr. Woodard’s cabinet shop is experiencing rapid growth in sales. As sales have increased, Mr. Woodard has found it necessary to hire more workers. However, he has observed that doubling the number of workers has less than doubled his output. What is the likely explanation?

A. The law of diminishing marginal utility

B. The law of diminishing marginal productivity

C. The law of supply

D. The law of demand

8. Number of Marginal Product of

workers workers

1 5

2 7

3 8

4 10

5 11

6 7

7 5

8 3

9 0

10 -1

Refer to the table shown. A firm would be most likely to hire between

A. 1 and 3 workers

B. 3 and 4 workers

C. 5 and 8 workers

D. 8 and 10 workers

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22

ECO 365 Week 2 Individual Microeconomics and the Laws of Supply and Demand NEW
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Complete the Supply and Demand Simulation located on the student website.

Write a 700 – 1,050-word paper summarizing the content of the simulation, and address the following:

Identify two microeconomics and two macroeconomics principles or concepts from the simulation.

Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.

Identify at least one shift of the supply curve and one shift of the demand curve in the simulation.

Explain what causes the shifts, and how each shift affects the equilibrium price, quantity, and decision making.

Include responses to the following:

• 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 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?

• How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy, as it relates to the simulation?

Format your paper consistent with APA guidelines.

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ECO 365 Week 2 DQ 4 NEW
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What are the characteristics of perfect competition?

How do perfectly competitively firms maximize profit?

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ECO 365 Week 2 DQ 3 NEW
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Diminishing marginal productivity is the idea that the more inputs that you increase, at some point the output will begin to decrease. As a producer, you have to know the right amount of inputs in order to get efficient output. You can keep adding people to a problem or people to a your production line but your outputs may not increase. It happens in real life. You have to find the right balance.

What are real life examples of this concept? Have you experienced this at your current employer?

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ECO 365 Week 2 DQ 2 NEW
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What is the difference between economic and accounting profit?

Is one method better than the other? Why or why not?

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ECO 365 Week 2 DQ 1 NEW
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According to Colander (2013), firms turn factors of production into goods and services. They organize factors of production, create goods and services or sell goods and services. When doing these actions, they incur costs.

What are fixed costs, variable costs, marginal costs and average costs?

What are examples of these costs? Why is it important to know these costs as a producer?

Colander, D. C. (2013). Microeconomics (9th ed.). New York, NY: McGraw Hill/Irwin.

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27

ECO 365 Week 1 Knowledge Check – 100% Correct
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ECO 365 Week 1 Knowledge Check – 100% Correct
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1. 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 the 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 of a good demanded divided by the percentage change in the price of that good



2. In general, the greater the elasticity, the

A. smaller the responsiveness of price to changes in quantity

B. smaller the responsiveness of quantity to changes in price

C. larger the responsiveness of price to changes in quantity

D. larger the responsiveness of quantity to changes in price



3. The price elasticity of supply is the

A. change in the quantity supplied divided by the change in price

B. percentage change in the quantity supplied divided by the percentage change in price

C. change in price divided by the change in the quantity supplied

D. percentage change in the price divided by the percentage change in the quantity supplied



4. The distinction between demand and the quantity demanded is best made by saying that

A. demand is represented graphically by a curve and quantity demanded as a point on that curve

B. the quantity demanded is represented graphically by a curve and demand as a point on that curve

C. the quantity demanded is in a direct relation with prices, whereas demand is in an inverse relation

D. the quantity demanded is in an inverse relation with prices, whereas demand is in direct relation



5. The U.S. Postal Service printed 150,000 sheets of stamps depicting Bill Pickett, but recalled them when the USPS realized the image on the stamp was Bill’s brother, Ben, instead. They were unable to recall 183 sheets that had already been sold. The effect of this recall was to

A. drastically reduce the demand for the stamps, causing their equilibrium price to fall

B. have no effect on either supply or demand for the Bill Pickett stamps because there is no market for them

C. drastically reduce the supply of the Bill Pickett stamps, causing their equilibrium price to rise

D. increase the supply of the Bill Pickett stamps, causing their equilibrium price to fall.



6. Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to

A. increase the demand for diesel cars.

B. decrease the demand for gasoline.

C. decrease the demand for diesel cars.

D. increase the demand for gasoline.



7.

Mike Janet

Price Quantity Quantity

Per peck in pecks in pecks

$1 22 6

$2 18 3

$3 14 0

$4 10 0

$5 6 0



Refer to the table that presents Mike and Janet’s demand for apples by the peck. If they are the only two in the market, which of the following represents the point on the market demand curve?

A. Price = $1, quantity = 18

B. Price = $2, quantity = 21

C. Price = $4, quantity = 0

D. Price = $4, quantity = 21



8. Economics is the study of how

A. governments allocate resources in the face of constraints.

B. government policies can be used to meet individuals’ wants and desires.

C. human beings coordinate their wants and desires.

D. scarce resources are allocated to their most productive uses.



9. To engage in economic reasoning, one must compare

A. total cost and total benefit.

B. marginal cost, sunk cost, and total benefit.

C. sunk cost and marginal cost.

D. marginal cost and marginal benefit.



10. Countries such as Brazil, India, and Moldova–well-known sources of donors–have banned buying and selling organs. This legal action comes at the risk of driving trade underground. What idea does this story best illustrate?

A. Marginal revenue should equal marginal cost.

B. Economic forces always operate despite legal forces.

C. Legal and social forces can eliminate economic forces.

D. The invisible hand is not always invisible.



11. The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes

A. up, the quantity demanded also goes up

B. down, the quantity demanded goes down

C. up, the quantity demanded goes down

D. down, the quantity demanded stays the same

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Complete the Supply and Demand Curve worksheet.

Submit through the Assignment tab.

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ECO 365 Week 1 DQ 4 NEW
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The laws of supply and demand are the core of Economics.

What do these laws state?

What is the relationship between price and quantity?

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ECO 365 Week 1 DQ 3 NEW
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In the text, there are several different market types discussed. What are they and give examples of countries that operate in the different types of markets?

Is one better than another? Explain your answer?

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We have many decisions to make in the economy. We have to determine what to produce and how much to produce efficiently.

What is the PPC?

What concepts does it model?

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One of the main rules in economics is the Economic Decision Rules. It’s the idea that every decision that you make has a benefit and cost associated with it.

When Marginal Benefit outweighs Marginal Cost, we move forward with the decision.

What is marginal benefit and marginal cost?

Identify a decision in the past year where you have had to weigh marginal benefit and marginal cost.

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ECO 365 Week 1 DQ 1

ECO 365 Week 1 DQ 2

ECO 365 Week 1 DQ 3

ECO 365 Week 1 DQ 4

ECO 365 Week 1 Individual Supply and Demand Curve Worksheet

ECO 365 Week 1 Knowledge Check

ECO 365 Week 2 DQ 1

ECO 365 Week 2 DQ 2

ECO 365 Week 2 DQ 3

ECO 365 Week 2 DQ 4

ECO 365 Week 2 Individual Microeconomics and the Laws of Supply and Demand

ECO 365 Week 2 Knowledge Check

ECO 365 Week 2 Learning Team Elasticity Paper

ECO 365 Week 3 DQ 1

ECO 365 Week 3 DQ 2

ECO 365 Week 3 DQ 3

ECO 365 Week 3 DQ 4

ECO 365 Week 3 Knowledge Check

ECO 365 Week 3 Learning Team Current Market Conditions Competitive Analysis

ECO 365 Week 4 DQ 1

ECO 365 Week 4 DQ 2

ECO 365 Week 4 DQ 3

ECO 365 Week 4 DQ 4

ECO 365 Week 4 Individual Differentiating Between Market Structures

ECO 365 Week 4 Knowledge Check

ECO 365 Week 4 Learning Team Mergers and Joint Ventures

ECO 365 Week 5 DQ 1

ECO 365 Week 5 DQ 2

ECO 365 Week 5 DQ 3

ECO 365 Week 5 DQ 4

ECO 365 Week 5 Knowledge Check

ECO 365 Week 5 Learning Team Competitive Strategies and Government Policies

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