ECON
312 Principles of Economics Final Exam
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ECON 312 Principles of Economics
Final Exam
- (TCO 1) Opportunity cost is
best defined as (Points : 4)
- (TCO1) Which is not a factor
of production? (Points : 4)
- (TCO1) A point outside the
production possibilities curve is (Points : 4)
- (TCO1) A basic characteristic
of a command system is that (Points : 4)
- (TCO 2) Which is consistent
with the law of demand? (Points : 4)
- (TCO 2) A decrease in supply
and a decrease in demand will (Points : 4)
- (TCO 2) You are the sales
manager for a software company and have been informed that the price
elasticity of demand for your most popular software is less than
one. To increase total revenues, you should (Points : 4)
- (TCO 2) The price elasticity of
demand increases with the length of the period considered because
(Points : 4)
- (TCO 2) A profit-maximizing
firm in the short run will expand output (Points : 4)
- (TCO 2) Which case below best
represents a case of price discrimination? (Points : 4)
- (TCO 3) A major reason that
firms form a cartel is to (Points : 4)
- (TCO 3) The main difference between
the short run and the long run is that (Points : 4)
- (TCO 4) A recession is a
decline in (Points : 4)
- (TCO 4) The unemployed are
those people who (Points : 4)
- (TCO 4) GDP is the market value
of (Points : 4)
- (TCO 4) Nominal GDP differs
from real GDP because (Points : 4)
- (TCO 6) When the federal
government uses taxation and spending actions to stimulate the economy
it is conducting (Points : 4)
- (TCO 6) Refer to the
graph. What combination would most likely cause a shift from AD1
to AD3?
- (TCO 6) The American Recovery
and Reinvestment Act of 2009 included mostly (Points : 4)
- (TCO 6) The lag between the
time the need for fiscal action is recognized and the time action is
taken is referred to as the (Points : 4)
- (TCO 5) A decrease in
government spending will cause a(n) (Points : 4)
- (TCO 5) The long-run aggregate
supply curve is (Points : 4)
- (TCO 5) Which would most likely
increase aggregate supply? (Points : 4)
- (TCO 5) Deflation refers to a
situation where (Points : 4)
- (TCO 6) Dissaving occurs when
(Points : 4)
- (TCO 7) The M1 money supply is
composed of (Points : 4)
- (TCO 7) The basic requirement
of money is that it be (Points : 4)
- (TCO 7) The Federal Reserve
System of the U.S. is the country’s (Points : 4)
- (TCO 7) Which of the following
is the most important function of the Federal Reserve System? (Points :
4)
- (TCO 7) Money is “created” when
(Points : 4)
- (TCO 7) During the financial crisis
of 2007-2008, the FDIC increased deposit insurance coverage from (Points
: 4)
- (TCO 7) The purchase and sale
of government securities by the Fed is called (Points : 4)
- (TCO 7) The Federal Reserve
could reduce the money supply by (Points : 4)
- (TCO 8) Which country is the
United States’ largest trading partner in terms of volume of trade?
(Points : 4)
- (TCO 8) The principal concept
behind comparative advantage is that a nation should (Points : 4)
- (TCO 8) A tariff is a (Points :
4)
- (TCO 8) Tariffs and quotas are
costly to consumers because (Points : 4)
- (TCO 8) Tariffs and import
quotas would benefit the following groups, except (Points : 4)
- (TCO 8) Which organization
meets regularly to establish rules and settle disputes related to
international trade? (Points : 4)
- (TCO 9) U.S. businesses are
demanders of foreign currencies because they need them to (Points : 4)
- (TCO 9) In the balance of
payments statement, a current account surplus will be matched by a
(Points : 4)
- (TCO 9) A trade deficit means a
net (Points : 4)
- (TCO 9) Foreign exchange rates
refer to the (Points : 4)
- (TCO 9) When the exchange rate
between pounds and dollars moves from $2 = 1 pound to $1 = 1 pound, we
say that the dollar has (Points : 4)
- (TCO 9) The monetary
system for conducting international trade is usually described as a
system of (Points : 4)
- (TCO 8) a) Explain four
problems with the argument that trade protection is needed to protect
American jobs. b) Describe the economic reasons why businesses use
off shoring.
- (TCO 6) a) Identify the four
major tools of monetary policy. b) How can monetary policy address
the problem of inflation?
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