Econ 312 Week 8 Final Exam Essay

771 Words Feb 25th, 2016 4 Pages
ECON 312 Week 8 Final Exam

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1. (TCO 1) Opportunity cost is best defined as (Points : 4)
2. (TCO1) Which is not a factor of production? (Points : 4)
3. (TCO1) A point outside the production possibilities curve is (Points : 4)
4. (TCO1) A basic characteristic of a command system is that (Points : 4)
5. (TCO 2) Which is consistent with the law of demand? (Points : 4)
6. (TCO 2) A decrease in supply and a decrease in demand will (Points : 4)
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
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(TCO 5) The long-run aggregate supply curve is (Points : 4)
23. (TCO 5) Which would most likely increase aggregate supply? (Points : 4)
24. (TCO 5) Deflation refers to a situation where (Points : 4)
25. (TCO 6) Dissaving occurs when (Points : 4)
26. (TCO 7) The M1 money supply is composed of (Points : 4)
27. (TCO 7) The basic requirement of money is that it be (Points : 4)
28. (TCO 7) The Federal Reserve System of the U.S. is the country's (Points : 4)
29. (TCO 7) Which of the following is the most important function of the Federal Reserve System? (Points : 4)
30. (TCO 7) Money is "created" when (Points : 4)
31. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from (Points : 4)
32. (TCO 7) The purchase and sale of government securities by the Fed is called (Points : 4)
33. (TCO 7) The Federal Reserve could reduce the money supply by (Points : 4)
34. (TCO 8) Which country is the United States' largest trading partner in terms of volume of trade? (Points : 4)
35. (TCO 8) The principal concept behind comparative advantage is that a nation should (Points : 4)
36. (TCO 8) A tariff is a (Points : 4)
37. (TCO 8) Tariffs and quotas are costly to consumers because (Points : 4)
38. (TCO 8) Tariffs and import quotas would benefit the following groups, except (Points : 4)
39. (TCO 8) Which organization meets regularly to establish rules and settle disputes related to international trade? (Points : 4)
40. (TCO 9)…

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