ECO 365 Principles Of Microeconomics

This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events.
This undergraduate-level course is 5 weeks.
ECO 365 Mergers & Joint Ventures Team c
ECO 365 Week 1 Knowledge Check
1.
Price elasticity of demand is the
2.
In general, the greater the elasticity, the
3.
The price elasticity of supply is the
4.
The distinction between demand and the quantity demanded is best made by saying that
5.
The U.S. Postal Service printed 150,000 sheets of stamps depicting Bill Pickett, but
recalled them when the USPS realized the image on the stamp was Bill’s brother, Ben,
instead. They were unable to recall 183 sheets that had already been sold. The effect of
this recall was to
6.
Given that diesel cars get much better gas mileage than the typical car, an increase in the
price of gasoline would be expected to
7.
Mike Janet
Price Quantity Quantity
Per peck in pecks in pecks
$1 22 6
$2 18 3
$3 14 0
$4 10 0
$5 6 0
8.
Economics is the study of how
9.
To engage in economic reasoning, one must compare
10.
Countries such as Brazil, India, and Moldova–well-known sources of donors–have
banned buying and selling organs. This legal action comes at the risk of driving trade
underground. What idea does this story best illustrate?
11.
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
ECO 365 Week 2 Knowledge Check
(1) A perfectly competitive firm will be profitable if price at the profit-maximizing quantity is
above
(2) In a perfectly competitive market,
3.
The demand for clothing increases. As a result, the price of clothing increases above the
minimum average cost of producing it. In the long run, if the clothing industry is perfectly
competitive and is a constant-cost industry,
4.
If the long-run market supply curve is perfectly elastic, an increase in demand will cause
the final equilibrium to be at
5.
Number of workers Total Output
1 4
2 10
3 18
4 28
5 35
6 41
7 45
Correct:
The Correct Answer is: C.
8 48
9 50
10 49
Refer to the table shown. Diminishing marginal productivity begins when the
6.
A production table can be used to determine
7.
Mr. Woodard’s cabinet shop is experiencing rapid growth in sales. As sales have
increased, Mr. Woodard has found it necessary to hire more workers. However, he has
observed that doubling the number of workers has less than doubled his output. What is
the likely explanation?
8.
Number of Marginal Product of
workers workers
1 5
2 7
3 8
4 10
5 11
6 7
7 5
8 3
9 0
10 -1
Refer to the table shown. A firm would be
to hire between
most likely