ECON 312 Week 8 Final Exam NEW

ECON 312 Week 8 Final Exam NEW

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  1. (TCO 1)Opportunity cost is best defined as (Points : 4)
  2. (TCO1)Which is not a factor of production? (Points : 4)
  3. (TCO1)A point outside the production possibilities curve is (Points : 4)
  4. (TCO1)A basic characteristic of a command system is that (Points : 4)
  5. (TCO 2)Which is consistent with the law of demand? (Points : 4)
  6. (TCO 2)A decrease in supply and a decrease in demand will (Points : 4)
  7. (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)
  8. (TCO 2)The price elasticity of demand increases with the length of the period considered because (Points : 4)
  9. (TCO 2)A profit-maximizing firm in the short run will expand output (Points : 4)
  10. (TCO 2)Which case below best represents a case of price discrimination? (Points : 4)
  11. (TCO 3)A major reason that firms form a cartel is to (Points : 4)
  12. (TCO 3)The main difference between the short run and the long run is that (Points : 4)
  13. (TCO 4)A recession is a decline in (Points : 4)
  14. (TCO 4)The unemployed are those people who (Points : 4)
  15. (TCO 4)GDP is the market value of (Points : 4)
  16. (TCO 4)Nominal GDP differs from real GDP because (Points : 4)
  17. (TCO 6)When the federal government uses taxation and spending actions to stimulate the economy it is conducting (Points : 4)
  18. (TCO 6)Refer to the graph.  What combination would most likely cause a shift from AD1 to AD3?
  19. (TCO 6)The American Recovery and Reinvestment Act of 2009 included mostly (Points : 4)
  20. (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)
  21. (TCO 5)A decrease in government spending will cause a(n) (Points : 4)
  22. (TCO 5)The long-run aggregate supply curve is (Points : 4)
  23. (TCO 5)Which would most likely increase aggregate supply? (Points : 4)
  24. (TCO 5)Deflation refers to a situation where (Points : 4)
  25. (TCO 6) Dissaving occurs when (Points : 4)
  26. (TCO 7)The M1 money supply is composed of (Points : 4)
  27. (TCO 7)The basic requirement of money is that it be (Points : 4)
  28. (TCO 7)The Federal Reserve System of the U.S. is the country’s (Points : 4)
  29. (TCO 7)Which of the following is the most important function of the Federal Reserve System? (Points : 4)
  30. (TCO 7) Money is “created” when (Points : 4)
  31. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from (Points : 4)
  32. (TCO 7)The purchase and sale of government securities by the Fed is called (Points : 4)
  33. (TCO 7)The Federal Reserve could reduce the money supply by (Points : 4)
  34. (TCO 8)Which country is the United States’ largest trading partner in terms of volume of trade? (Points : 4)
  35. (TCO 8)The principal concept behind comparative advantage is that a nation should (Points : 4)
  36. (TCO 8)A tariff is a (Points : 4)
  37. (TCO 8)Tariffs and quotas are costly to consumers because (Points : 4)
  38. (TCO 8)Tariffs and import quotas would benefit the following groups, except (Points : 4)
  39. (TCO 8)Which organization meets regularly to establish rules and settle disputes related to international trade? (Points : 4)
  40. (TCO 9)S. businesses are demanders of foreign currencies because they need them to (Points : 4)
  41. (TCO 9)In the balance of payments statement, a current account surplus will be matched by a (Points : 4)
  42. (TCO 9)A trade deficit means a net (Points : 4)
  43. (TCO 9) Foreign exchange rates refer to the (Points : 4)
  44. (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)
  45. (TCO 9)The monetary system for conducting international trade is usually described as a system of (Points : 4)
  46. (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.
  47. (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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ECON 312 Week 7 Quiz (Set 2)

ECON 312 Week 7 Quiz (Set 2)

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  1. (TCO 8) The United States’ most important trading partner quantitatively is
  2. (TCO 8)Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n)
  3. (TCO 9) Which of the following is not included in the current account of a nation’s balance of payments?
  4. (TCO 9) If the dollar price of the yen rises, then
  5. (TCO 9) In terms of individual nations, the largest U.S. trade deficit is with
  6. (TCO 9) Answer the next question(s) on the basis of the following table which indicates the dollar price of libras, the currency used in the hypothetical nation of Libra. Assume that a system of freely floating exchange rates is in place.
  7. (TCO 8) Other things equal, economists would prefer
  8. (TCO 8) Refer to the graphs below. Stanville has a comparative advantage in producing
  9. (TCO 9)Suppose the G8 Nations decide that the dollar is too strong (high in value) relative to the yen. These nations might
  10. (TCO 8) Which country has the largest share of total world exports?
  11. (TCO 8 and 10)Evaluate this argument for a trade barrier: “The U.S. needs protection from cheap foreign labor.” Include some reasons why this might be an invalid statement.
  12. (TCO 9) What effect might the depreciation of the U.S. dollar relative to the Japanese yen have on imports and exports to and from each country?

ECON 312 Week 7 Quiz (Set 1)

ECON 312 Week 7 Quiz (Set 1)

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ECON 312 Week 7 Quiz (Set 1)

  1. (TCO 8)Specialization and trade between individuals or between nations lead to:
  2. (TCO 8)Suppose the United States sets a limit on the number of tons of sugar that can be imported each year.  This is an example of a(n)
  3. (TCO 9)Which of the following is not included in the current account of a nation’s balance of payments?
  4. (TCO 9)If the dollar price of the yen rises, then
  5. (TCO 9)In recent years, the United States has had large
  6. (TCO 9)Answer the next question(s) on the basis of the following table which indicates the dollar price of libras, the currency used in the hypothetical nation of Libra.  Assume that a system of freely floating exchange rates is in place.
  7. (TCO 8)The primary gain from international trade is
  8. (TCO 8)Refer to the graphs below.  Stanville has a comparative advantage in producing
  9. (TCO 9)The Group of Eight (G8) Nations which periodically have jointly intervened to influence the value of the dollar include
  10. (TCO 8)As a percentage of GDP, U.S. exports are
  11. (TCO 8and 10) Explain some of problems with the argument that trade protection is needed to protect American jobs.
  12. (TCO 9)What are the economic effects of a depreciation of the US dollar on US trade balances?

ECON 312 Week 7 Discussion Questions

ECON 312 Week 7 Discussion Questions

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ECON 312 Week 7 Discussion Questions

  • Free Trade (graded)

Are you for or against free trade? Are you for or against NAFTA? What is the economic basis for trade? Explain the underlying facts that support free trade and give an example of a good that you purchased recently that is based on resource differences. What are some examples of goods that the U.S. has comparative advantage in producing? Take a look at the tag of the shirt/dress/pants you are wearing today. Where was it made? Anyone wearing “Made in America” items of clothing today? We sometimes hear people say “Buy American.” Why don’t we? What is the basis of international trade? What are the benefits and the costs? Under what conditions would you advocate for trade restrictions?

  • Foreign Exchange (graded)

What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase German products, does our demand for euro go up or down? What are freely floating exchange rates all about, and how do they work? How can the falling U.S. dollar impact your travel expenses? Why would a cheap dollar relative to other nations’ currencies be good or bad for U.S. trade?

ECON 312 Week 6 Quiz

ECON 312 Week 6 Quiz

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  1. (TCO 7)If you write a check on a bank to purchase a used Honda Civic, you are using money primarily as
  2. (TCO 7)The amount of money reported as M2
  3. (TCO 7)Answer the question on the basis of the following list of assets:
  4. (TCO 7)Assume Company X deposits $100,000 in cash in Commercial Bank A.  If no excess reserves exist at the time this deposit is made and the reserve ratio is 20 percent,  Bank A, by itself, can initially increase the money supply by a maximum of
  5. (TCO 7)A bank temporarily short of required reserves may be able to remedy this situation by
  6. (TCO 7)Which of the following is correct?
  7. (TCO 7)The asset demand for money
  8. (TCO 7)If the quantity of money demanded exceeds the quantity supplied
  9. (TCO 7)Which of the following is not a tool of monetary policy?
  10. (TCO 7)In the latter end of 2001 the Fed cut the federal funds rate several times.  The Fed’s purpose was to
  11. (TCO 7) Explain what is meant by fractional reserve banking. Relate this to money creation and risk to the bank.
  12. (TCO 7)Identify the four major instruments of monetary policy.

ECON 312 Week 6 Discussion Questions

ECON 312 Week 6 Discussion Questions

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  • Money and Banking (graded)

What factors led to the mortgage default crisis? How did mortgage defaults affect banks involved in mortgage lending and mortgage investing? Securitization? TARP? What do these mean? How did mortgage-backed securities spread losses during the mortgage default crisis? How does TARP illustrate the problem of moral hazard? What did the Federal Reserve do during the financial crisis of 2008 and 2009? How did the recent financial crisis affect the financial services industry? What are some of the major provisions of the Wall Street Reform and Consumer Protection Act?

  • Monetary Policy and the Federal Reserve (graded)

What is the Federal Reserve (Fed) all about? Which Federal Reserve District Bank is closest to you? Who is the current Chairman of the Fed? Should the Fed remain independent from political authority or should the President and Congress have a say in their operations? Why? Why not? What is FOMC? What is the current Federal Funds Rate? How does the Fed implement monetary policy to manage the economy? At the last meeting of the FOMC, what was done to the federal funds rate–increased, decreased, or no change from previous meeting? Given the current state of the U.S. economy, should the Fed be using expansionary monetary policy or contractionary monetary policy? Why? Why Not?

ECON 312 Week 6 Assignment Current Macroeconomic Situation in the U.S

ECON 312 Week 6 Assignment Current Macroeconomic Situation in the U.S

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What is the “current macroeconomic situation” in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time?

  1. Write your individual answers to the questions listed above together in essay format (minumum of 300 words combined in APA style), using correct economic terms covered in the discussions.If you only write 300 words, you probably won’t be able to fully answer the questions. Use the APA Template in Doc Sharing as a guide. You will also find the grading rubric for this assignment in Doc Sharing.

    2. Key concepts to include in your paper–data trends on unemployment, inflation, GDP growth, expansionary fiscal policy tools, FOMC, easy money policy tools and other terms from this class.

    3. You must use at least one article. Note: The textbook is not an article and cannot be the only source for the assignments. Use the DeVry Library as a resource for finding your references.