ECO/365T Wk 1

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Practice: Supply Adaptive Assignment (Quiz)

1. A tax on producers _________ (increases/decreases) the cost of producing.

2. The knowledge, inventions, and innovations that can potentially increase resource productivity are known as __________ (Use one word for the blank)

3. Seller expectations are:

4. The law that states that as the price of a good, service, or resources rises, the quantity supplied will increase, all else held constant, is the law of:

5. A __________ to producers lowers the cost of producing.

6. An increase in supply occurs when:

7. A payment made by the government that does not necessarily require an exchange of economic activity in return is called a

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Practice: Demand Adaptive Assignment (Quiz)

1. In a market:

2. A _______ is an intangible product or action that consumer, firms or governments wish to purchase.

3. Which of the following can increase demand?

4. ______ markets are highly structures, whereas _________ markets are less structures with fewer rules.

5. A demand curve can be drawn as:

6. In most markets, _____ are determined by the interactions of numerous buyers and sellers.

7. For normal goods,

8. Market __________ is based on the overall performances of everyone in the market.

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Practice: Fundamentals Adaptive Assignment (Quiz)

1. Capital is sometimes divided into two categories __________ capital and _____________ capital.
2. A Society's ability to produce needed goods and services is permanently reduced if it
3. ______Capital refers to the knowledge and skills that people acquire to increase productivity.
4. The value of the opportunity that you give up when you choose one activity instead of another. 
5. Rational decision making is based on three assumptions.
6. the marginal cost of an activity can be found by calculating the change in:

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Practice: The Fundamentals of Economics (Quiz)

1. The opportunity cost of an action is always equal to: 

2. Which of the following best describes the opportunity cost of attending a free concert at the local coffee shop?

3. Which of the following most closely relates to the idea of opportunity costs?

4. Which of the following transactions would take place in the resource market?

5. The fish in the ocean are what type of market resource 
6. Which of the following scenarios most accurately reflects the concept of scarcity? 

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Apply: The Fundamentals of Economics Homework (Quiz)

1. Consider the circular flow model to answer the questions that follow.

2. Which of the following scenarios most accurately reflects the concept of scarcity?

3. Samantha needs to purchase something that economists would label as "labor" to help her produce court documents for her law firm. Which of the following is an example of labor?

4. Bob, the owner of a local deli in town, needs to purchase something that economist would label as "capital" to help him produce sandwiches. Which of the following is an example of capital?

5. The fish in the ocean are what type of market resource?

6. The four factors of production (or types of resources) are

7. Prices usually allocate resources efficiently because they allocate

8. When economists describe "a market" they mean

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Discussion Questions (Includes Answers for all DQ's listed below)

Define the law of supply and the law of demand. Discuss how market supply differs from individual supply and explain the difference between individual demand and market demand.

Discussion Question: Ten Principles of Economics

Includes 3 Full Answers! A+ work!

Discuss the Ten Principles of Economics.

Discussion Question: Law of Supply

Includes 3 Full Answers! A+ work!

Describe the Law of Supply. What is the difference between a movement along the supply curve and a shift in the supply curve?

Discussion Question: Law of Demand

Includes 3 Full Answers! A+ work!

Describe the Law of Supply. What is the difference between a movement along the curve and a shift in the curve?

Discussion Question: Externalities

Includes 3 Full Answers! A+ work!

What does the saying, " Theres no such this as a free lunch" mean?

ECO/365T Week 2

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Practice: Market Equilibrium and Policy Adaptive (Quiz)

1. A nonprice determinant of demand is:

2. A minimum legal price at which a good, service, or resource can be sold is a price ______. (Enter one word)

3. All other factors held constant, when a non-price determinant of supply changes:

4. The primary determinant of the quantity demanded by consumers is the:

5. Other factors remaining constant, when the _______ of a good increases, the quantity supplies increases.

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Practice: Market Efficiency Adaptive (Quiz)

1. All else held constant, at higher prices, producer surplus increases for two reasons:

2. Deadweight loss is the:

3. Producing output at the lowest possible total cost per unit of production is:

The difference between the price producers receive for a good or a service and the minimum price they are willing and able to accept is __________ surplus.

4. a maximum legal price at which a good, as service, or a resource can be sold is a:

5. All else held constant, at lower prices, consumer surplus increases for two reasons:

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Practice: Market Failures Adaptive (Quiz)

1. _______ supply is the supply of a good or service that considers only the private costs of its production.

2. Social supply is

3. For each of the following, determine whether the good is excludable or nonexcludable.

4. The market produces the right goods in the correct amounts, using the fewest resources possible when

5. Not all goods provided by the government are public goods.

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Practice: Market Dynamics and Efficiency (Quiz)

1. The demand and supply schedules for sunscreen at a small beach are shown below. If the price is $15 per bottle, how many bottles of sunscreen are demanded and supplied?

2. The monthly demand and supply schedules for new cars at a large California dealership are show in the table below. If the dealership is currently charging $25,000 for a new car, at the end of the month there will be:

3. Use the following table to answer the question below. There will be a shortage whenever the price is

4. In this competitive market, the price and quantity will settle at

5. There is a shortage in the market for a product when

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Apply: Market Dynamics and Efficiency Homework (Quiz)

1. When the production of a good generates external costs, a firm's private supply curve will be

2. Allocative efficiency occurs only at the output where

3. If a good that generates negative externalities were priced to take these negative externalities into account, its

4. Consumer surplus arises in a market because

5. If one person's consumption of a good does not preclude another's consumption, the good is said to be

6. Where there are spillover (or external) benefits from having a particular product in a society, the government can make the quantity of the product approach the socially optimal level by doing the following except

7. A positive externality or spillover benefit (additional social benefit) occurs when
8. A negative externality or spillover cost (additional social cost) occurs when
9. External benefits in consumption refer to benefits accruing to those

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ECO/365T Discussion Questions (Includes Answers for all DQ's listed below)

Discussion Question:

Discuss how the equilibrium price and quantity change when a change in demand occurs and the supply stays constant, and when a change in supply occurs and the demand stays constant.

Discussion Question: Market Equilibrium

Includes 3 Full Answers! A+ work!

Why is market equilibrium most desirable?

Discussion Question: Surplus

Includes 2 Full Answers! A+ work!

Describe Consumer and producer surplus? What do they measure?

Discussion Question: International Trade

Includes 3 Full Answers! A+ work!

Discuss the pros and cons of globalization and international trade.

Discussion Question: Externalities

Includes 3 Full Answers! A+ work!

What are externalities? What are some of the policies against them?

Discussion Question: Supply & Demand

Includes 3 Full Answers! A+ work!

How are the concepts and demand and supply relevant to your employer or a company that you are familiar with?

ECO/365T Week 3

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Practice: Elasticity Adaptive

1. The slope of a linear demand curve is:

2. The more a good or a service is considered to be a necessity, the relatively more ___________ demand will be.

3. When consumers have more time to adjust, demand becomes relatively more ___________.

4. Price eleasticity of demand is a measure of how responsive:

Practice: Consumer Choice Adaptive

1. Which of the following is not one of the four assumptions about utility maximization?

2. Utility maximization implies purchasing goods and services until their marginal utilities per ________ are equal.

3. The difference between total utility and marginal utility is that marginal utility is the:

4. The sum of marginal utilities equals _______ utility.

5. The marginal utility associated with eating one sub sandwich is 5 utils. The marginal utility of a second sandwich is 3 utils. In this case, total utility _________ (increases/decreases) with the consumption of the second sandwich.

Practice: Elasticity and Consumer Choice Quiz

1. If nicotine in cigarettes is highly addictive, why would it make economic sense for producers of cigarettes to offer free samples of their products to young adults?
2. Which of the following scenarios is likely to make the supply of Maine lobsters more elastic?
3. Elasticity differs from the slope as a measure of responsiveness to changes in prices because
4. The table below presents four supply curves for the same product at four different time horizons.
5. Which of the four time horizons is most likely to represent the firm's long-run supply curve?

Apply: Elasticity and Consumer Choice Homework

1. If an increase in the price of pineapple juice of 10% results in an increase in the demand for grape juice of 5%, the cross-price elasticity of demand between pineapply juice and grape juice is?

2. Generic macaroni and cheese is an inferior good. Demand for generic macaroni and cheese is likely to increase when:

3. To economists, the main differences between "the short run" and "the long run" are that

Demand is said to be inelastic when

4. The demand schedules for such products as eggs, bread, and electricity tend to be

The basic formula for the price elasticity of demand is

ECO/365T WEEK 4

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Practice: Production Adaptive

1. Zero accounting profit means that the value of economic profit is ________.

2. Which of the following is true of economic costs?

3. Susan's average variable cost is minimized when she transcribes ______ hours.

4. In making a decision about how much output it should produce to maximize its profits, which two pieces of information does a firm need?
5. Explicit costs are also known as _________(accounting/opportunity) costs.

6. The shape of the marginal cost curve id dependent on the
Positive __________ profits encourage more firms to enter the market to produce goods and services.
7. Total cost equals total _____ cost plus total variable cost. (Remember, enter only one word per blank.)
8. Costs that do not change with the amount of output produced are ________ costs
The long run is:

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Practice: Perfect Competition Adaptive

1. In a perfectly competitive market, we assume the products are _ _______ in the minds of consumers.
2. As the market price decreases, all else held constant, a profit-maximizing firm can _____ ____(increase/decrease) its production.
3. Economic profit equals
4. The table below shows the total cost of producing tables. Using the information, fill in the blanks for marginal cost.
5. Firms that take or accept the market price and have no ability to influence that price as known as _________  takers.
6. Profit equals ________ revenue minus __________ cost.

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Practice: Pure Monopoly Adaptive

1. Due to the market inefficiencies created by ___________, one of the roles of government is to limit their market power or even to eliminate them entired. (Use only one word to fill in the blank.)

2. The value of the __________ surplus that is forgone when a market is not allowed to adjust to its competitive equilibrium is the deadweight loss.

3. Whick of the following is not a characteristic of monopoly?

4. As the market price decreases, all else held constant, a profit-maximizing firm will _________ its production.

5. The level of profit that occurs when total revenue is equal to total cost is known as _________ profit.

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Practice: Monopolistic Competition and Oligopoly Adaptive

1. The underutilization of resources that occurs when the quantity of output a firm chooses to product is less than the quantity that minimizes the average total cost is called __________ capacity.

2. Suppose there is a large increase in demand in the overall market, resulting in an increase in demand for the firm's product. The demand and the marginal revenue curves will _____________.

3. The characteristics of an oligopoly compeitive market are:

4. Because the products of monopolistically competitive firms are __________ from other companies in their industry, they face a __________ sloping demand curve.

5. Which of the following are the four characteristics of a perfectly competitive market?

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Practice: The Microeconomics of Product Markets Quiz

1. . Bobby decides to sell lemonade on a hot summer day. If Bobby sells 20 glasses of lemonade for $0.20 per cup, and his average total cost is $0.17, what are Bobby's economic profits for the day?

2. Which of the following is an implicit cost of owning and operating a farm?
3. Which of the following costs is an explicit cost for you?
5. Suppose that you could either prepare your own tax return in 15 hours or hire a tax specialist to prepare it for you in 2 hours. You value your time at $11 an hour; the tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return is ____________
6. If the long-run average total cost curve for a firm is horizontal in a relevant range of production, then it indicates that there
7. If you know that total fixed cost is $200, total variable cost is $600, and total product is 4 units, then average total cost must be $_________
8. Fixed costs of production in the short run:

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Apply: The Microeconomics of Product Markets Homework

1. Imagine that a firm expands the size of its plant, doubling its total cost of production but more than doubling its output. This situation is known as

2. Implicit costs are

3. The ability of Intel to spread product development costs over a larger number of units of output arises from

4. What are the likely reason(s) that the market for electricity is not perfectly competitive? Select all that apply

Which of the following suppliers is most likely to be a monopolist?

If a monopolist is able to increase the amount of product she sells from 400 to 420 units by lowering the price of that product from $50 to $45, her marginal revenue is:

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ECO/365T Discussion Question (Answer Included)

Compare the short run and long run for perfectly competitive firms. How do perfectly competitive firms adapt to market changes in the short run? What can perfectly competitive firms expect in the long run in terms of profits?

ECO/365T Week 5

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Practice: Resources Adaptive

1. The marginal revenue product curve also represents the resource ________ curve.

2. The change in total product associated with hiring an additional worker is called

3. Which of the following would be considered a decision that is made "at the margin" by a firm?

4. Capital is sometimes divided into _________ and ___________ capital.

5. The marginal revenue product equals the

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Practice: Resource Prices and Utilization Adaptive

1. If a firm in a noncompetitive market wants to sell more units,

2. The _______ wage, is the wage adjusted for prices.

3. Despite the decrease in union membership

4. Some unions:

5. __________ power is the value of a monetary amount expressed in terms of the goods and services it can buy.

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Practice: International Trade Adaptive

1. Given the option of being self-sufficient or trading with others, as long as a_____________  exists, there will be potential for trade to make both parties better off.
2. The size of the quota times the difference between the quota price and the world price is known as the dollar value of:
3. Japan does not have a huge reserve for neodymium and has to import the metal from China. The benefit of international trade that applies in this case is
4. The US, a high-cost producer of oil, imports roughly half of the oil needed to produce the nation's gasoline. The benefit of international trade applies in this case
5. Europeans purchase wine produced in California and Argentina to have greater choice. The benefit of international trade applies in this case is

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Practice: The Microeconomics of Resource Markets & Trade Quiz

1. Stephanie produces earrings. She sells each pair of earrings for $5.00. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number.

2. Henry bakes loaves of bread, which he sells for $4 each. He is considering purchasing additional mixers (capital) for his bakery. Each additional mixer has the productivity described below. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns. Assume this is a perfectly competitive market.
Instructions: Enter your answers as a whole number.

3. Which of the following scenarios would lead to an increase in the demand for mixers at Henry's bread bakery?
4. The marginal revenue product schedule is
5. The purely competitive employer of resource A will maximize the profits from A by equating
6. A profit-maximizing firm employs resources to the point where

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Apply: The Microeconomics of Resource Markets and Trade Homework

1. If the marginal revenue product (MRP) of labor is less than the wage rate
2. Marginal product is
3. The marginal revenue product schedule is
4. Which of the following scenarios would result in a decrease in the wage rate of solar panel installers and a decrease in the quantity of solar panel installers employed in Billy's town?
5. Which of the following scenarios would result in an increase in the wage rate of solar panel installers and a decrease in the quantity of solar panel installers employed in Billy's town?
6. In a purely competitive labor market, a profit-maximizing firm will hire labor up to the point where the marginal revenue product of labor equals the:
7. An inclusive union