Essay about 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 …show more content…
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