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ECON 312 Final Exam




ECOM 312 Final Exam;1. (TCO 1) Opportunity cost is best defined as;2. (TCO1) Which is not a factor of production?;3. (TCO1) A point outside the production possibilities curve is;4. (TCO1) A basic characteristic of a command system is that;5. (TCO 2) Which is consistent with the law of demand?;6. (TCO 2) A decrease in supply and a decrease in demand will;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;8. (TCO 2) The price elasticity of demand increases with the length of the period considered because;9. (TCO 2) A profit-maximizing firm in the short run will expand output;10. (TCO 2) Which case below best represents a case of price discrimination?;11. (TCO 3) A major reason that firms form a cartel is to;12. (TCO 3) The main difference between the short run and the long run is that;13. (TCO 4) A recession is a decline in;14. (TCO 4) The unemployed are those people who;15. (TCO 4) GDP is the market value of;16. (TCO 4) Nominal GDP differs from real GDP because;17. (TCO 6) When the federal government uses taxation and spending actions to stimulate the economy it is conducting;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;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;Page 2;1. (TCO 5) A decrease in government spending will cause a(n);2. (TCO 5) The long-run aggregate supply curve is;3. (TCO 5) Which would most likely increase aggregate supply?;4. (TCO 5) Deflation refers to a situation where;5. (TCO 6) Dissaving occurs when;6. (TCO 7) The M1 money supply is composed of;7. (TCO 7) The basic requirement of money is that it be;8. (TCO 7) The Federal Reserve System of the U.S. is the country's;9. (TCO 7) Which of the following is the most important function of the Federal Reserve System?;10. (TCO 7) Money is "created" when;11. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from;12. (TCO 7) The purchase and sale of government securities by the Fed is called;13. (TCO 7) The Federal Reserve could reduce the money supply by;14. (TCO 8) Which country is the United States' largest trading partner in terms of volume of trade?;15. (TCO 8) The principal concept behind comparative advantage is that a nation should;16. (TCO 8) A tariff is a;17. (TCO 8) Tariffs and quotas are costly to consumers because;18. (TCO 8) Tariffs and import quotas would benefit the following groups, except;19. (TCO 8) Which organization meets regularly to establish rules and settle disputes related to international trade?;20. (TCO 9) U.S. businesses are demanders of foreign currencies because they need them to;Page 3;1. (TCO 9) In the balance of payments statement, a current account surplus will be matched by a;2. (TCO 9) A trade deficit means a net;3. (TCO 9) Foreign exchange rates refer to the;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;5. (TCO 9) The monetary system for conducting international trade is usually described as a system of;6. (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.;7. (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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