ECON 312 Principles of Economics Week 1 Discussions and Quiz Devry

QUESTION

ECON 312 Principles of EconomicsWeek 1Week 1 Discussion Opportunity Cost (Graded)Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school. What alternatives did you consider? How did you arrive at your final decision? Did you implicitly weigh marginal cost and marginal benefit? How does the concept of opportunity cost apply to production possibilities curve (PPC) analysis? How can we use PPC analysis to examine what we do?Week 1 Quiz Set 1(TCO 1) The general concern of economics is with the study of the(TCO 1) The term scarcity in economics refers to the fact that(TCO 1) Are the goods that businesses offer for “free” to consumers also free to society?(TCO 1) Which is considered to be an economic resource by economists?(TCO 1) If an economy is producing at a point inside a production possibilities curve, then(TCO 1) Which would not be characteristic of a capitalist economy?(TCO 1) The term dollar votes means(TCO 1) The circular flow model(TCO 1) In a market system, well-defined property rights are important because they(TCO 1) Which is necessary to make a trade in a barter economy?(TCO 1) Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favorite music group. The cost of transportation for the trip is $250. The cost of the concert ticket is $50. What is the opportunity cost of Tammie’s trip to the concert? Show your calculations(TCO 1) Identify some intrinsic qualities of capitalist and command economic systems. Identify two countries that practice each.Week 1 Quiz Set 2(TCO 2) A demand curve(TCO 2) In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by(TCO 2) Which of the following is most likely to be an inferior good?(TCO 2) The demand curve for a product might shift as the result of a change in(TCO 2) The supply curve shows the relationship between(TCO 2) If the demand for product X is inelastic, a 4% increase in the price of X will(TCO 2) If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then(TCO 2) If quantity demanded is completely unresponsive to price(TCO 2) The state legislature has cut Gigantic State University’s appropriations. GSU’s Board of Regents decides to increase tuition fees to compensate for the loss of revenue. The board is assuming that the(TCO 2) The more time consumers have to adjust to a change in price(TCO 2) What is the Law of Demand? Why does the demand curve slope downwards?(TCO 2) Suppose the price of widgets rises from $7 to $9 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work.

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