Essay about Econ 312 Final Exam Answers

699 Words Oct 23rd, 2015 3 Pages
ECON 312 Final Exam Answers ECON 312 Final Exam Answers

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
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(TCO 6) Dissaving occurs when

26. (TCO 7) The M1 money supply is composed of

27. (TCO 7) The basic requirement of money is that it be

28. (TCO 7) The Federal Reserve System of the U.S. is the country's

29. (TCO 7) Which of the following is the most important function of the Federal Reserve System?

30. (TCO 7) Money is "created" when

31. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from

32. (TCO 7) The purchase and sale of government securities by the Fed is called

33. (TCO 7) The Federal Reserve could reduce the money supply by

34. (TCO 8) Which country is the United States' largest trading partner in terms of volume of trade?

35. (TCO 8) The principal concept behind comparative advantage is that a nation should

36. (TCO 8) A tariff is a

37. (TCO 8) Tariffs and quotas are costly to consumers because

38. (TCO 8) Tariffs and import quotas would benefit the following groups, except

39. (TCO 8) Which organization meets regularly to establish rules and settle disputes related to international trade?

40. (TCO 9) U.S. businesses are demanders of foreign currencies because they need them to

41. (TCO 9) In the balance of payments statement, a current account surplus will be matched by a

42. (TCO 9) A trade deficit means a net

43. (TCO 9) Foreign exchange rates refer to the

44. (TCO 9) When the exchange rate between pounds and

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