Devry ECO 312 Week 1 Weekly Assignment Latest

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Devry ECO 312 Week 1 Weekly Assignment Latest

(TCO 1) The primary focus of the study of economics is on

expanding the production of goods and services..

equalizing the distribution of consumer income and wealth..

making the most efficient use of scarce productive resources..

reallocating resources from consumption to production in the economy..

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Question 2.. Question :

(TCO 1) The basic economic problem is essentially one of deciding how to make the best use of

limited resources to satisfy limited economic wants..

limited resources to satisfy unlimited economic wants..

unlimited resources to satisfy unlimited economic wants..

unlimited resources to satisfy limited economic wants..

Question 3.. Question :

(TCO 1) James wants to buy a book.. The economic perspective suggests that James will buy the book if

the book will give him utility..

his income is high..

the marginal cost of the book is greater than its marginal benefit..

the marginal benefit of the book is greater than its marginal cost..

Question 4.. Question :

(TCO 1) Which is not considered to be an economic resource?

Land (or natural resources)

Money

Labor

Tools and machinery

Question 5.. Question :

(TCO 1) If an economy is producing at a point inside a production possibilities curve, then

the economy is efficient..

there is economic growth..

resources are unemployed..

resources are fully employed..

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Question 6.. Question :

(TCO 1) Which would not be characteristic of a capitalist economy?

Government ownership of the factors of production

Competition and unrestricted markets

Reliance on the market system

Free enterprise and choice

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Comments:

Question 7.. Question :

(TCO 1) The development of CDs and DVDs that significantly reduced the market for cassette tapes would be an example of

specialization..

derived demand..

roundabout production..

creative destruction..

Question 8.. Question :

(TCO 1) The circular flow model

assumes that central planning is taking place..

illustrates how natural resources are created..

illustrates how money is created by the banking system..

illustrates the interdependence of businesses and consumers..

Question 9.. Question :

(TCO 1) By free enterprise, we mean that

products are provided free to those who can’t afford to buy them..

individual producers determine how to produce, but government agencies determine what will be produced..

individuals may obtain resources, organize production, and sell the resulting output in any legal way they choose..

individuals are free to produce those products that government agencies determine can be produced profitably..

Question 10.. Question :

(TCO 1) Which is the main problem with the barter system of exchange? Barter

encourages self-interest and selfishness..

fosters specialization and division of labor..

requires a coincidence of wants..

undermines the right to bequeath..

Question 11.. Question :

(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

Question 12.. Question :

(TCO 1) Identify some intrinsic qualities of capitalist and command economic systems.. Identify two countries that practice each..

 

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Devry ECO 312 Week 1 Weekly Assignment Latest