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QNT 561 Week 1

ECO 561 Week 1 Complete
DQ1.What is the definition of economics (distinguish between
microeconomics and macroeconomics). What is the role of
economic theory in economics?
DQ2.what is the difference between a command system and a
market system?
DQ3.There are several determinants of demand or the "other
things," besides price, which affect demand. Can you provide a
few examples?
DQ4.Different products have different elasticity's. Heart
medication, for example is inelastic; and corn is elastic. Find a
product and describe its price elasticity and income elasticity.
How much control might an organization have over pricing
based on a product's elasticity?

Individual Assignment - Week One Knowledge Check

Complete the Week One Knowledge Check.

Read more ECO 561 Week 1 DQ 1 | ECO 561

Week 1 DQ 2 | ECO 561 Week 1 DQ 3 | ECO 561
Week 1 DQ 4 | ECO 561 Week 1 Quiz or
Knowledge Check

QNT 561 Week 2

ECO 561 Week 2 Complete
DQ1.Distinguish between explicit and implicit costs, and
between normal and economic profits.
DQ2.Briefly (in a few words) state the basic characteristics of
pure competition, pure monopoly, monopolistic competition,
and oligopoly. Under which of these market classifications does
each of the following most accurately fit? (a) a supermarket in
your hometown; (b) the steel industry; (c) a Kansas wheat farm;
(d) the commercial bank in which you or your family has an
account; (e) the automobile industry. In each case justify your
classification.
DQ3.Why do you think the resource demand curve slopes
downward? What are some determinants of resource demand?

Individual Assignment - Week Two Knowledge Check

Complete the Week Two Knowledge Check

Individual Assignment - Market Equilibration Process

Paper

Equilibration is the process of moving between two equilibrium

points as a result of some change in supply or demand.
Understanding how market equilibrium is sought following such
a change is essential for business managers. It is important to
understand how economic principles, and specifically supply,
demand, and their determents are a part of your everyday
business decisions.
Write a paper, or create a PowerPoint presentation using a real
world experience in a free market (not government regulated)
to describe a change that occurred in supply or demand as a
result of world events that led to the need for a move between
two equilibrium states. Explain the process of how that
movement occurred using behaviors of consumers and
suppliers. Graph the movement between the two
points as well.

Required Elements:
Include academic research to support your ideas
Consider the Law of demand and the determinants of demand
Consider the Law of supply and the determinants of supply
Describe Efficient markets theory
Explain Surplus and shortage
Deliver the content in no more than a 700-word paper, OR 7to 10- slide Microsoft PowerPoint presentation (Please choose
one of these choices, not both)
Use University of Phoenix Material: Appendix A to create
graphs illustrating the movement between the two equilibrium
points and include this in the body of the assignment.
Your assignment is consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.

Read More. ECO 561 Week 2 DQ 1 | ECO 561 Week 2

DQ 2 | ECO 561 Week 2 DQ 3 | ECO 561 Week 2 Market
Equilibration Process Paper | ECO 561 Week 2 Quiz or
Knowledge Check

QNT 561 Week 3

ECO 561 Week 3 Complete
DQ1.How was De Beers able to control the world price of
diamonds over the past several decades even though it
produced only 50 percent of the diamonds? What factors
ended its monopoly? What is its new strategy for earning
economic profit, rather than just normal profit?
DQ2.Why is there so much advertising in monopolistic
competition and oligopoly? How does such advertising help
consumers and promote efficiency? Why might it be excessive
at times?

Individual Assignment - Week Three Knowledge Check

Complete the Week Three Knowledge Check.
Total Reviews(0)

Read More. ECO 561 Week 3 DQ 1 | ECO 561

Week 3 DQ 2 | ECO 561 Week 3 Quiz or
Knowledge Check | AJS 504 Week 3 DQ 2

QNT 561 Week 4

ECO 561 Week 4 Complete

Individual Assignment - Business Proposal

You will apply economic principles presented in Weeks One
through Three in this week's assignment. Your assignment will
be reviewed by your peers and by your facilitator in week five
and should be revised as necessary based on feedback as the
first part of the final assignment in week six.
Select a new, realistic good or service for an existing industry.
Write the economic analysis section of a business proposal. This
will include statements about the market structure and the
elasticity of demand for the good or service, based on text book
principles. You need to create hypothetical data, based on
similar real world products to estimate fixed and variable costs.

Required Elements:
Identify market structure
Identify elasticity of the product
Include rationale for the following questions:
How will pricing relate to elasticity of your product?
How will changes in the quantity supplied as a result of your
pricing decisions affect marginal cost and marginal revenue?
Besides your pricing decisions, what are your suggested
nonpricing strategies? What nonpricing strategies will you use
to increase barriers to entry?
How could changes in your business operations alter the mix
of fixed and variable costs in line with your strategy?
No more than 1400 words
Your proposal is consistent with APA guidelines
Click the Assignment Files tab to submit your assignment

Individual Assignment - Week Four Knowledge Check

Complete the Week Four Knowledge Check.

Read More . ECO 561 Week 4 Business

Proposal | ECO 561 Week 4 Quiz or Knowledge

QNT 561 Week 5

ECO 561 Week 5 Complete
DQ1.Briefly describe the multiplier effect. The multiplier effect
is based on two facts - what are they?
DQ2.What backs the money supply in the United States?
DQ3.After you have a chance to read the chapter, I look forward
to hearing from you on what interested you the most?
DQ4.How do mortgage backed securities work? Why did banks
think that selling mortgage backed securities would relieve
them of the risks involved with mortgage lending? How did the
banks indirectly come to once again be exposed to mortgage
lending risk? What happened to bank reserves during the
mortgage debt crisis? How did the Fed respond?

Learning Team Assignment - Peer Review

Resource: Business Proposal Feedback Checklist.
Choose two business proposals from members of your Learning
Team.
Provide feedback to your peers on the proposals using the
Business Proposal Feedback Checklist. Include detailed,
substantive comments.
Submit the completed checklists with comments to the
corresponding students.

Submit a copy of the completed checklists with comments to

your facilitator. Your comments are evaluated based on how
well they correspond with the economic principles presented in
Weeks One
through Three.
Click the Assignment Files tab to submit your assignment.

Individual Assignment - Week Five Knowledge Check

Complete the Week Five Knowledge Check.

Read More. ECO 561 Week 5 DQ 1 | ECO 561

Week 5 DQ 2 | ECO 561 Week 5 DQ 3 | ECO 561
Week 5 DQ 4 | ECO 561 Week 5 Peer Review |
ECO 561 Week 5 Quiz or Knowledge Check

QNT 561 Week 6

ECO 561 Week 6 Final Exam
1) Suppose that in the clothing market, production costs have
fallen, but the equilibrium price and quantity purchased have
both increased. Based on this information you can conclude
that
A. the supply of clothing has grown faster than the demand for
clothing
B. demand for clothing has grown faster than the supply of
clothing
C. the supply of and demand for clothing have grown by the
same proportion
D. there is no way to determine what has happened to supply
and demand with this information

2) Camille's Creations and Julia's Jewels both sell beads in a

competitive market. If at the market price of $5, both are
running out of beads to sell (they can't keep up with the
quantity demanded at that price), then we would expect both
Camille's and Julia's to:
A. raise their price and reduce their quantity supplied
B. raise their price and increase their quantity supplied
C. lower their price and reduce their quantity supplied
D. lower their price and increase their quantity supplied

3) In which of the following industries are economies of scale

exhausted at relatively low levels of output?
A. Aircraft production
B. Automobile manufacturing
C. Concrete mixing
D. Newspaper printing

4) The average cost curves (AVC and ATC) should be minimized

A. where MC = ATC and MC = AVC
B. where FC = ATC and FC = AVC
C. where TC starts to increase at a faster rate
D. where ATC = AVC

5) If the wage rate increases,

A. a purely competitive producer will hire less labour, but an

imperfectly competitive producer will not
B. an imperfectly competitive producer will hire less labour, but
a purely competitive producer will not
C. a purely competitive and an imperfectly competitive
producer will both hire less labour
D. an imperfectly competitive producer may find it profitable to
hire either more or less labour

6) The real wage will rise if the nominal wage

A. falls more rapidly than the general price level
B. increases at the same rate as labor productivity
C. increases more rapidly than the general price level
D. falls at the same rate as the general price level

7) Construction workers frequently sponsor political lobbying in

support of greater public spending on highways and public
buildings. One reason they do this is to
A. restrict the supply of construction workers
B. increase the elasticity of demand for construction workers
C. increase the demand for construction workers
D. increase the price of substitute inputs

8) Paying an above-equilibrium wage rate might reduce unit

labour costs by
A. permitting the firm to attract lower-quality labour

B. increasing the cost to workers of being fired for shirking

C. increasing voluntary worker turnover
D. increasing the supply of labour

9) A good real-world example of monopolistic competition is

A. lawyers
B. gas stations
C. Time Warner Cable
D. groceries store

10) An industry comprising a small number of firms, each of

which considers the potential reactions of its rivals in making
price-output decisions, is called
A. monopolistic competition
B. oligopoly
C. pure monopoly
D. pure competition

11) Price is constant or given to the individual firm selling in a

purely competitive market because
A. the firm's demand curve is downward sloping
B. of product differentiation reinforced by extensive advertising
C. each seller supplies a negligible fraction of total supply
D. there are no good substitutes for its product

12) The most important pricing strategy for a perfectly

competitive firm is
A. minimizing cost
B. maximizing sales
C. product differentiation
D. advertising

13) Which of the following is a nonprice barrier of entry?

A. Huge sunk cost
B. Discounts
C. Product differentiation
D. Advertising

14) A third-degree price discrimination can be applied to which

of the following market structures?
A. A monopoly
B. An oligopoly
C. A monopolistic competition
D. A perfect competition

15) Investing in R&D is more likely to occur in markets where

A. firms have monopoly power protected by regulatory barriers
B. markets are closely competitive markets with close to zero
economic profits
C. markets
agreements

are

oligopoly

markets

with

strong

collusion

D. markets are monopolistic competitive markets

16) All economies of scale are achieved at the minimum of

A. average total cost
B. total cost
C. average variable cost
D. average fixed cost

17) Inflation is undesirable because it

A. arbitrarily redistributes real income and wealth
B. invariably leads to hyperinflation
C. usually is accompanied by declining real GDP
D. reduces everyones standard of living in the same pro
portion
18) An economys aggregate demand curve shifts leftward or
rightward by more than changes in initial spending because of
the
A. net export effect
B. wealth effect
C. real-balances effect
D. multiplier effect

19) Suppose productivity rises in a particular economy, but

wages stay the same. Other things equal,
A. the demand curve will shift leftward

B. the supply curve will shift rightward

C. the supply curve will shift leftward
D. expenditures curve will shift rightward

20) If personal taxes were decreased and resource productivity

increased simultaneously, the equilibrium
A. output would rise
B. output would fall
C. price level would necessarily fall
D. price level would necessarily rise

21) Expansionary fiscal policy is so named because it

A. involves an expansion of the nation's money supply
B. can only be attained by expanding government consumption

C. is aimed at achieving greater price stability

D. can motivate an expansion of real GDP

22) Suppose the price level is fixed, the MPC is .5, and the GDP
gap is a negative$100 billion. To achieve full-employment
output (exactly), government should
A. increase government expenditures by $100 billion
B. increase government expenditures by $50 billion
C. reduce taxes by $50 billion
D. reduce taxes by $200 billion

23) GDP understates the value of output produced by an

economy because it
A. includes transactions that do not take place in organized
markets, such as home cooked meals
B. includes environmental degradation caused by increased
output production
C. excludes value added from the underground economy, such
as tips taken under the table
D. excludes the value of the wages and benefits of government
employee

24) Other things equal, a decrease in the real interest rate will
A. shift the investment demand curve to the right
B. shift the investment demand curve to the left
C. move the economy upward along its existing investment
demand curve
D. move the economy downward along its existing investment
demand curve
25) Other things equal, a decrease in corporate income taxes
will

A. decrease the market price of real capital goods

B. have no effect on the location of the investment demand
curve
C. shift the investment demand curve to the right
D. shift the investment demand curve to the left

26) Inflation in U.S. prices will cause

A. an increase in the demand for U.S. dollars and an

appreciation in the exchange rate
B. an increase in the supply of U.S. dollars and a depreciation in
the exchange rate
C. a decrease in the demand for U.S. dollars and a depreciation
in the exchange rate
D. a decrease in the supply of U.S. dollars and an appreciation
in the exchange rate

Read More.ECO 561 Week 6 DQ 1 | ECO 561

Week 6 DQ 2 | ECO 561 Week 6 Final Proposal |
ECO 561 Week 6 Quiz or Knowledge Check |
ECO 561 Week 6 Complete | ECO 561 Week 6
Final Exam

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