Premium Essay

Eco 212 Final

In: Business and Management

Submitted By jayword
Words 2090
Pages 9
ECO/212 Final Examination Study Guide

This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers.

Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week. The Student Guide provides a breakdown of the readings that align to the Final Examination questions.

Week One: Principles of Economics

Objective: Explain how the principles of economics relate to decision-making, interaction, and the workings of the economy as a whole.

1. Economists make use of assumptions, some of which are unrealistic, for the purpose of
a. teaching economics to people who have never before studied economics
b. advancing their political agendas
c. developing models when the scientific method cannot be used
d. focusing their thinking

Objective: Compare and contrast economic systems.

2. In a market economy,
a. supply determines demand and, in turn, demand determines prices
b. demand determines supply and, in turn, supply determines prices
c. the allocation of scarce resources determines prices and, in turn, prices determine supply and demand
d. supply and demand determine prices and, in turn, prices allocate scarce resources

3. Which of the following statements is correct in regards to market economies?
a. Buyers determine supply and sellers determine demand.
b. Buyers determine demand and sellers determine supply.
c. Buyers and sellers as one group determine supply, but only buyers determine demand.
d. Buyers and sellers as one group determine demand, but only sellers determine supply.…...

Similar Documents

Premium Essay

Eco 212

...International Trade Simulation and Report The global economy is based on international import and export of goods and services between countries. International Trade brings the opportunity to expand local markets in order to get greater competition and therefore more competitive prices. It is very important that governments develop smarts strategies that produce good results of exchanges while enabling them to comply with International Trade regulations to ensure that market function properly. As part of this paper Team A will discuss advantages, limitations and regulations of such important system. In addition it will analyze some factors that influence affecting foreign exchange rates. For a better analysis of International Trade Simulation and Report, Team A will evaluate concept summary results for the assessment and indentify the effects of government policy on economy behavior. One of the most important international trade advantages mention on the simulation is the free trade agreements between countries that tend to specialize in comparative products allowing each country to stimulate economic growth and the consumer’s benefits from the variety of quality products to choose from in bigger markets. Trade agreements, lower customs tariffs, and other trade barriers between countries which consequently benefit by the increase of the amount of goods that it could be trade, while at the same offers the benefit of creating new jobs. Equally important, international......

Words: 2350 - Pages: 10

Premium Essay

Eco 365 Final

...ECO/365 Final Exam v.4 | User | 9020019679 | First Name | LORETTA | Last Name | LUCERO | Confirmation # | 23611188 | Score | 50 | Total Questions: | 30 | Total Correct | 15 | Start: | 5/29/2013 12:48:13 PM | End: | 5/29/2013 1:11:00 PM | Here is some additional information on items you missed: Topic: Differentiate between macroeconomics and microeconomics. Question: A basic difference between microeconomics and macroeconomics is that microeconomics | Topic: Analyze the effect of changes in supply and demand on the equilibrium price and quantity. Question: The distinction between supply and the quantity supplied is best made by saying that | Topic: Determine how elasticities affect pricing and purchasing decisions. Question: Price elasticity of demand is the: | Topic: Analyze the relationship between productivity and the cost of production. Question: Other things being equal, when average productivity falls, | Topic: Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs. Question: A firm's demand for labor is derived from the | Topic: Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential. Question: Owen runs a delivery business and currently employs three drivers. He owns three vans that employees use to make deliveries, but he is considering hiring a fourth driver. If he hires a fourth driver, he can schedule breaks and lunch hours so...

Words: 543 - Pages: 3

Premium Essay

Eco 265 Final Studyguide

...ECO/365 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week. Week One: Fundamentals of Microeconomics Objective: Differentiate between macroeconomics and microeconomics. 1. Macroeconomics is  the study of individual choice and how that choice is influenced by economic forces the study of the pricing policies of firms and the purchasing decisions of households the study of aggregate economic relationships an analysis of economic reality that proceeds from the parts to the whole 2. The invisible hand theorem comes from microeconomics macroeconomics sociology political science Objective: Analyze the effect of changes in supply and demand on the equilibrium price and quantity. 3. 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  up, the quantity demanded goes up up, the quantity demanded goes down down, the quantity demanded goes down down, the quantity......

Words: 1923 - Pages: 8

Premium Essay

Eco/372 Final Exam

...ECO/372 Final Exam Study Guide Created by How to Use this Study Guide – READ ME FIRST The following study guide will NOT have the same exact questions on your test! However, this study guide WILL help you ace the ECO/372 Final Exam. The guide covers the same topics and will help you gain a deeper understanding of the concepts. Best of all, you are still guaranteed a score of 90% or higher or your money back! Tip #1: Use CRTL+F to search a related keyword to quickly find the topic you need. Tip #2: If a topic is missing, please email us at We can usually provide immediate custom support during normal business hours. 1. What is the name of the market where businesses sell products to households and government institutions? Goods market Explanation: The goods market is term that refers to the primary market where businesses interact with end users of products. 2. How would you describe Real Gross Domestic Product (GDP)? The market value of all final goods and services produced in an economy or country Explanation: Real GDP will be stated in the currency used during that year. It only includes final goods and services. 3. Who is included in underemployment figures? People who are working part time or not actively working a fulltime job Explanation: Underemployment figures show us the number of people whose skills are not being fully utilized. 4. The Bureau of Economic Analysis in the United States......

Words: 1391 - Pages: 6

Premium Essay

Eco 212

...|[pic] |Syllabus | | |School of Business | | |ECO/212 (3 Credits) Version 6 | | |Principles of Economics | | |03/01/2012 - 03/29/2012 | | |PUERTO RICO CAMPUS | Copyright © 2009, 2008, 2006, 2004 by University of Phoenix. All rights reserved. Course Description This course introduces the fundamental theories of microeconomics and macroeconomics. The economic principles studied in this course apply to everyday life as students research an industry, debate issues with trade agreements, discuss the effects of a shift in labor supply and demand, and discuss the strengths and weaknesses of the Consumer Price Index calculation. In particular, students research an industry affected by the economy and perform an economic analysis of the......

Words: 2977 - Pages: 12

Premium Essay

Eco/212 Final Project New House Decision

...Final Project: New House Decision ECO/212 February 20, 2010 The arrival of a new baby is a major lifestyle change. The decision to buy a house takes into account pros and cons of making a major purchase. A studio apartment is a difficult living arrangement with a new baby, because it is small and without a separate space for a baby. The studio apartment is not in proximity to schools or services, which are needed for childcare. A house offers space for baby, a yard, schools, and services. The pros of home ownership offer many benefits not available with a rental property. Trade-offs The studio apartment although close to downtown night life, is not close to schools, churches, or shopping centers. This location worked well for the past few years, because children were not part of the equation. Some trade-offs are required before making a housing purchase. Proximity to night life is enjoyable; however, caring for a new baby will limit a carefree lifestyle. Purchasing a home will require a down-payment and closing costs. In addition to a monthly mortgage payment, utilities, homeowner dues, repairs, maintenance, lawn care, insurance, and taxes are costs of ownership. When renting the renter does not have homeowner dues, lawn car, property taxes, and most repairs and maintenance costs. Homeowners unlike renters can make home modifications, without ramifications. Equity in a home increases the homeowner’s personal wealth. Homeownership also signifies stability. A......

Words: 2049 - Pages: 9

Premium Essay

Eco 203 Final Paper

...This paperwork of ECO 203 Final Paper includes: Expansionary Economic Policy In an effort to move the economy out of a recession, the federal government would engage in expansionary economic policies. Describe the actions the government would take in conducting expansionary fiscal policy and expansionary monetary policy. Final Paper Expansionary Monetary Policy: Review Chapter 12: Banking and The Federal Reserve System and Chapter 14: Monetary Policy In Theory And Practice. Identify the three tools available to the Federal Reserve Bank (The Fed) when conducting monetary policy. Explain whether the Fed would: Increase or decrease the required reserve ratio Increase or decrease the discount rate Buy or sell government securities when conducting expansionary monetary policy. Explain how these actions would affect the money supply, interest rates, spending, aggregate demand, GDP, and employment. Writing the Final Paper The Final Paper: 1. Must be 5 to 6 double-spaced pages in length and formatted according to APA style as outlined in your approved style guide. 2. Must have a cover page that includes: a. Title of paper b. Student’s name c. Course name and number d. Instructor’s name c. Date submitted 3. Must include an introductory paragraph with a succinct thesis statement. 4. Must address the topic of the paper with critical thought. 5. Must conclude with a restatement of the thesis and a......

Words: 354 - Pages: 2

Free Essay

Eco 204 Week 5 Assignment Final Paper

...This pack of ECO 204 Week 4 Quiz consists of: 1. Marginal damage cost is the additional harm done by increasing the level of an externality-producing activity by one unit. additional cost to society resulting from a privately owned firm producing one more unit of a product. amount a consumer pays to produce an additional unit of a good. additional cost to society resulting from a consumer consuming one more unit of a good. 2. Tax shifting ________ . is the way in which a tax is structured is the ultimate distribution of a tax's burden occurs when taxes cause prices to increase, but wages to fall occurs when taxed agents can alter their behavior and do something to avoid paying a tax 3. The official poverty line in the United States is set ________ . equal to one-half the average income in the United States at three times the cost of the Department of Agriculture's minimum food budget at three times the cost of the Department of Housing's minimum housing allowance at the amount necessary to allow an individual to buy the same market basket of goods that the average urban wage earner can afford 4. If the marginal tax rate equals the average tax rate, the tax would be proportional. regressive. progressive. uniform. 5. Air pollution generated by a steel mill is an example of a positive production externality. a negative production externality. a public good. the free-rider......

Words: 368 - Pages: 2

Premium Essay

Federal Reserve Paper Eco 212

...Federal Reserve Paper ECO/212 This paper is for reference material only Federal Reserve Paper Founded by Congress in 1913 to provide America with a safer, flexible, and stable monetary system, the Federal Reserve System’s role is to conduct monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system, and provide financial services (Board of Governors of the Federal Reserve System, 2009). From the economic decline in 2007, the Federal Reserve Board has enacted economic policies getting the nation back on track. This essay will explore using the website, to define the purpose and function of money, explain how the central bank manages the nation’s monetary system, outline the stated direction of recent monetary policy, list one policy action in place to confirm that direction, and explain the effects of monetary policies on the economies’ production and employment The purpose and function of money is to provide a common scale for valuing goods and services and is an official currency issued by a government. Before the invention of money, parties bartered for goods, although disagreements over perishable items like milk, in exchange for lumber created unequal values. Unlike certain goods, money does not age, die, grow stale, or expire. Money also provides a means to perform a transaction if only one party member wants what the other is offering for sale. Money can be saved, or borrowed for large purchases such as homes...

Words: 869 - Pages: 4

Free Essay

Ped 212 Week 5 Final Paper

...PED 212 WEEK 5 FINAL PAPER A+ Graded Tutorial Available At: Visit Our website: Product Description PRODUCT DESCRIPTION PED 212 Week 5 Final Paper, Lesson Information: Grade level: I chose the grade level of third graders which is normally their physical and mental development skills are beyond the skill level of the activity I have choosing in my lesson plan. Estimated level of development stage for this age/grade: Uphold correspondence for third graders in their first 5 months of school Number of students: There will be ten students involved in my activity. I chose this small group so that I’m physically able to assist each student’s hands on. Fundament skill to be taught: Applying movement principles and skills in jumping and landing in a small group State standard : According to NASPE the state board of Education adopted the standard in 2007 and benchmarks and indicators on June 8, 2009. Ohio’s Academic Content Standards in Physical Education are made up of six standards: Standard 1: Demonstrates competency in motor skills and movement patterns needed to perform a variety of physical activities. Standard 2: Demonstrates understanding of movement concepts, principles, strategies and tactics as they apply to the learning and performance of physical activities. Standard 3: Participates regularly in physical activity. Standard 4: Achieves and maintains a......

Words: 269 - Pages: 2

Premium Essay

Economical Choices in Society - Eco 212

...Running Head: Economical Choices in Society Economical Choices in Society Your Name ECO/212 Economical Choices in Society In finances there are a few values that people use while making personal choices, including: 1. “People face tradeoffs. Meaning to acquire one thing we like, we usually have to give up another.” (Mankiw, 2008). 2. “The cost of something is what you give up to get it. This principle involves comparing the cost and benefits of alternative courses of action. In many cases, the cost of some action is not as obvious as it might seem.” (Mankiw, 2008). 3. “Rational people think at margin. Rational people systematically and purposefully do the best they can to achieve their objectives, given the opportunities they have. Economists use the word marginal changes to describe small incremental adjustments to an existing plan of action. Margin means edge. Rational people often make decisions by comparing marginal benefits and marginal costs.” (Mankiw, 2008). 4. “People respond to incentives. An incentive is something that induces a person to act. Because rational people make decisions by comparing costs and benefits, they respond to incentives.” (Mankiw, 2008). I recently considered purchasing a cat. I took into consideration the marginal costs and marginal benefits before purchasing this cat. The marginal benefit is the cat would free up about 15 weekly work hours, which equals $330. This time is usually spent entertaining...

Words: 468 - Pages: 2

Premium Essay

Eco 212 Final Exam

...ECO 212 Final Exam   To purchase this Tutorial click below link : ECO 212 Final Exam A 1)Economics does not study correct or incorrect behaviors, but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior? 2) By definition, what is economics the study of? 3) What is the term in economics by which a group of buyers and sellers of a product come together to trade? 4) Which of the following statements describes the actions of producers in the circular flow model? 5) If a commercial dairy farm wants to raise funds to purchase feeding troughs, in which market does it do so? 6) Which of the following is not a critical function of the government in facilitating the operation of a market economy? 7) If demand is inelastic, the absolute value of the price elasticity of demand is 8) Economists in general 9) A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand. 10) A decrease in the price of GPS systems will result in 11) At a product’s equilibrium price 12) If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until 13) Marginal revenue product of labor for a competitive seller is 14) Let MP = marginal product, P = output price, and W = wage, then the equation that represents the...

Words: 1124 - Pages: 5

Premium Essay

Acct 212 Entire Course with Final

...ACCT 212 Entire Course With Final To Buy This material Click below link ACCT 212 Week 1 DQ 1 Financial Statements ACCT 212 Week 1 DQ 2 Prepaid Expenses vs. Unearned Revenue ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting ACCT 212 Week 2 DQ 2 ACCT 212 Week 3 DQ 1 Ethical Business Decisions ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ 1 Inventory Management ACCT 212 Week 4 DQ 2 LIFO ACCT 212 Week 5 DQ 1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ 2 Raising Capital (Cash) ACCT 212 Week 6 DQ 1 Stockholders Equity ACCT 212 Week 6 DQ 2 Net Income vs. Net Operating Cash ACCT 212 Week 7 DQ 1 Financial Statement Analysis ACCT 212 Week 7 DQ 2   This course has two course projects due. The first, Course Project 1, reinforces the basic principles of accounting and application of the accounting information system. It is completed in two parts. The second, Course Project 2, is an opportunity to show the ability to analyze financial statements to arrive at conclusions based upon the analysis. Course Project 1 – Overview and Guidelines | Course Project 2 – Overview and Guidelines Course Project 1 – Overview and Guidelines Course Project 1 consists of two parts, A and B, respectively. There are 10 requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10. Part A is due at the end of Week 3. Part B is due at the end of Week 5. See......

Words: 2262 - Pages: 10

Free Essay

Xeco 212 Final Project: a New House Decision

...Final Project: A New House-Decision Anna Schultz XECO/212 October 30, 2011 Chiara Yates Final Project: A New House-Decision Many of our decisions are influenced by the state of our economy. Purchase of big ticket items such as appliances, furniture, autos, and a home follow a line of investigation before the decision to purchase is implemented. The purchase of a home is one of the largest investments made in a lifetime, and uses many factoring influences before purchase. This paper will show how economics plays into the decision of the purchase. One of the first areas to consider is what the trade-off will be in purchasing a home versus the benefit of renting. What we need to consider is if purchasing a home and providing more space, and living closer to shopping and schools, justifies the added cost in utilities and maintenance of a home. The opportunity costs are another factor to consider. We can vacation closer to home instead of the trip to Europe we had hoped to take. Another option would be to maintain our existing auto instead of buying a new car. We need to research the marginal costs we would need to pay out. These include the amount of down payment, closing costs, taxes, insurance fees, and moving expenses. If we rent a larger apartment, we won’t have those costs, but we also wouldn’t have the benefit of ownership/write-off of interests in loan and property taxes. Monthly rent costs may be as much for a larger apartment versus a home that......

Words: 2003 - Pages: 9

Premium Essay

Xeco/212, Week 9, Final Project

...A New House – Decision University Of Phoenix XECO/212, Week 9, Final Project April 21, 2012 Catherine Higgins The decision to purchase a home is often the most important financial decision and individual or family will be faced with. The largest single financial purchase in an individual's lifetime is often the purchase of a house and one of the largest factors of personal wealth. All ten of the principles of economics are directly related to the decision to purchase a house on some level. These economic principles will have an impact on the purchasing decision and the long term financial aspects of home ownership so it is wise to incorporate these ten principles into the decision making process to ensure a sound financial decision is the outcome. When considering the purchase of a house, the ten principles of economics that need to be addressed can be broken down into three stages of the decision making process. The first step is to examine how the decision is made by incorporating the first four principles of economics which include, the trade off that comes with every financial decision, the real cost of any item or service is what is given up to get the item or service, rational people think at the margin, and people respond to incentives. Once it is clear how the decision is made, the next three principles of economics address how people interact with economics and include factors such as, trade is beneficial to everyone, markets......

Words: 1865 - Pages: 8