ECON 545 Business Economics All Quizzes Week 3 and 6 Devry

ECON 545 Business Economics All Quizzes Week 3 and 6 Devry


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Week 3 Quiz Set 1

Question : (TCO A) There is a decrease in the cost of labor for producing bicycles.

Question : (2. (TCO A) Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption. The price of Diet

Question : (TCO A) The number of new home sellers in a given market decreases.

Question : (TCO A) A market is in equilibrium with equilibrium Quantity of MEQ and equilibrium Price of MEP.

Question : 5. The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing

Question : (TCO B) Use a hypothetical example to illustrate whether you agree or disagree with the following statement: “Unemployment will go up more if the demand for labor is inelastic because the demand for labor will decrease more when you have inelastic demand than if demand were elastic.” Explain why, using hypothetical numbers to illustrate your case.

Question : (7. TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the

Question : (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

Refer to the above data. If the product price is $75 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be? Show all calculations. (Points : 10)

Question : (TCO C) (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

Question : (TCO C) A firm has Total Costs (TC) of $10,000 over the next three months (TOTAL for the 3 months – not per month), of which $6,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm will collect only $5,000 in revenues (TR). So, considering only this information, should they stay in business for those three months or should they close down right now? Provide your reasoning.

Week 3 Set 2

Week 3 : Imperfect Competition – Quiz

  1. (TCO A) There is an increase in the cost of labor for producing bicycles.

  2. (TCO A) Ceteris paribus, Brand A Plain potato chips and Brand B Plain potato chips are substitutes in consumption. The price of Brand A Plain potato chips increases.

  3. (TCO A) The number of new home sellers in a given market decreases.

  4. (TCO A) A market is in equilibrium with equilibrium quantity MEQ and equilibrium price MEP.

  5. The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group:

  6. (TCO B) For a given labor supply, would the potential unemployment impact of an increase in the minimum wage be greater in the case of elastic or inelastic demand for labor? Explain why, using hypothetical numbers to illustrate your case. (Points : 10)

  7. TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.

  8. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

  9. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

  10. (TCO C) A firm has Total Costs (TC) of $12,000 over the next three months (TOTAL for the 3 months - not per month), of which $6,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm will collect only $4,000 in revenues (TR). So, considering only this information, should they stay in business for those three months or should they close down right now? Provide your reasoning. (Points : 10)

Week 3 Set 3

Grade Details

Question : (TCO A) There is a decrease in the cost of labor for producing bicycles.

Question : (TCO A) Peanut butter and jelly are complements in consumption. The price of jelly falls.

Question : (TCO A) The number of new home sellers in a given market decreases.

Question : (TCO A) A market is in equilibrium with equilibrium quantity Q* and equilibrium price P*.

Question : (TCO B) The following table shows part of the demand for tickets to a local sporting event:

Question : (TCO B) Use a hypothetical example to illustrate whether you agree or disagree with the following statement: "Unemployment will go up more if the demand for labor is inelastic because the demand for labor will decrease more when you have inelastic demand than if demand were elastic." Explain why, using hypothetical numbers to illustrate your case.

Question : (TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.

Question : (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

Question : (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

Question : (TCO C) A firm has Total Costs (TC) of $10,000 over the next three months (TOTAL for the 3 months - not per month), of which $6,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm will collect only $5,000 in revenues (TR). So, considering only this information, should they stay in business for those three months or should they close down right now? Provide your reasoning.

Week 6 Quiz 1

Question: (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job, and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is:

Question: (TCO F) Suppose nominal GDP in 2005 was $14 trillion and in 2006 it was $15 trillion. The general price index in 2005 was 100 and in 2006 it was 103. Between 2005 and 2006 real GDP rose by what percent?

  1. (TCO F) The consumer price index was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was about ______. (Points : 15)

  2. (TCO E) (10 points) As the Euro appreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Europe? What happens to the price of European goods in the U.S.?

Question: (TCO E) (5 points) As the Mexican Peso depreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Mexico? What happens to the price of Mexican goods in the U.S.?

  1. (TCO E) Suppose the Indian rupee price of one British pound is rupees for each pound. A hotel room in London costs 120 pounds, while a similar hotel room in New Delhi costs 6,500 Indian rupees. In which city is the hotel room cheaper, and by how much? (Points : 15)

Question: (TCO E) Suppose the Japanese yen price of one British pound is yen for each pound. A hotel room in London costs 120 pounds, while a similar hotel room in Tokyo costs 20,000 Japanese yen. In which city is the hotel room cheaper, and by how much?

  1. (TCO E) Answer the next question on the basis of the following production possibilities data for Landia and Scandia:

7; Question: (TCO E) Answer the next question on the basis of the following production possibilities data for Landia and Scandia:

Landia production possibilities:

A B C D E

Fish 8 6 4 2 0

Chips 0 10 20 30 40

Scandia production possibilities:

A B C D E

Fish 24 18 12 6 0

Chips 0 12 24 36 48

Refer to the above data. What would be feasible terms of trade between Landia and Scandia?

  1. (TCO F) Country A produces two goods, elephants and saddles. In the year

2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units

of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants

produced sold for $3,000 per unit, and the 50 units of saddles produced sold for

$300 per unit. Real GDP for 2007, assuming that 2006 is the base year,

is ______. (Points : 15)

  1. (TCO E) A Honda Accord sells for $24,000 in the United States and for SF29,500 in Switzerland. Given an exchange rate of = $1, how do the car prices of both countries compare? (Points : 15)

Week 6 Quiz 2

Week 6 : Monetary and Fiscal Policy - Quiz

  1. (TCO F) The size of the labor force in a community is 1,000, and 850 of these folks are gainfully employed. In this community, 50 people over the age of 16 do not have a job and are not looking for work. In addition, 80 people in the community are under the age of 16. The unemployment rate is ______. (Points : 15)

  2. TCO F) Suppose nominal GDP in 2005 was $11 trillion, and in 2006 it was $14 trillion. The general price index in 2005 was 100, and in 2006 it was 102. Between 2005 and 2006, real GDP rose by what percent? (Points : 20)

  3. (TCO F) The consumer price index was 190.7 in January of 2005, and it was 198.3 in January of 2006. Therefore, the rate of inflation in 2005 was about ______. (Points : 15)

  4. (TCO E) (10 points) As the Euro appreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Europe? What happens to the price of European goods in the U.S.?

  5. (TCO E) Suppose the Canadian dollar (C$) price of one British pound is C$. A hotel room in London costs 120 pounds, while a similar hotel room in Toronto costs C$250. In which city is the hotel room cheaper, and by how much? (Points : 15)

6.(TCO E) Answer the next question on the basis of the following production possibilities data for Egypt and Greece:

  1. (TCO F) The Republic of Republic produces two goods/services, fish (F) and chips (C). In 2006, the 1000 units of F produced sold for $8 per unit and the 5000 units of C produced sold for $1 per unit. In 2007, the 1500 units of F produced sold for $10 per unit, and the 6,000 units of C produced sold for $2 per unit. Calculate Real GDP for 2007, assuming that 2006 is the base year. (Points : 15)

  2. (TCO F) Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for $3,000 per unit, and the 50 units of saddles produced sold for $300 per unit. Real GDP for 2007, assuming that 2006 is the base year, is ______. (Points : 15)

  3. (TCO E) A Honda Accord sells for $24,000 in the United States and for SF28,500 in Switzerland. Given an exchange rate of = $1, how do the car prices of both countries compare? (Points : 15)

ECON 545
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ECON 545 Business Economics All Quizzes Week 3 and 6 Devry

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Excerpt from file: Week3:ImperfectCompetitionQuiz 1. (TCOA)Thereisanincreaseinthecostoflaborforproducingbicycles. (4pts.)Whathappenstobicyclesupply? (6pts.)Whathappenstobicycledemand? (Points : 10) 2. (TCOA)Ceterisparibus,BrandAPlainpotatochipsandBrandBPlainpotatochipsare

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