ECON 202 Quiz 5 Spring 2017
Due Monday, May 1
Write the correct answers on a piece of paper. You may submit a hard copy or email me a copy.
Exhibit Chapter 13-1
New Checkable Deposits
Created by Extending
According to the BEA the previous peek was in Q3 in 2014. Because of this I would say that
the economy is in recovery for the first 3 quartes of 2016. In Q4 its a fall, but we wont know
if its a ressesion before w
BONUS QUESTIONS: GDP EXERCISE 1
Which of the following should be included in the U.S. GDP for 2016? Please select "A" for
included and select "B", if not included in GDP.
A federal courthouse built in Utah in 2016.
A car made in Ohio in 2009 and pur
Project I: Discussion forum on business cycle
According to the BEA, the last peak was in Q3, which means that the economy is in recovery.
If you look at the first 3 quarters of 2016, the economy was in recovery, but because of the
March 29, 2017
Discussion Forum on Business Cycle
In the final analysis, based on the given evidence I conclude that the U.S. economy is not facing
a recession but is yet in a phase of expansion. Expansion is described as an incr
ECON 301 Problem Set Three
Assigned problems due by Thursday, April 27
Assignments must be clearly written, stapled (if submitting hard copy), and without frayed edges, and
the like messy or difficult to read assi
Chapter 9 Perfect Competition Quiz Prep
1.In the theory of perfect competition,
a. sellers of the product are not influenced by other sellers and therefore have
virtually complete control over the production and pricing of their product.
b. buyers of the
Chapter 7 Consumer Choice: Maximizing Utility and Behavioral Economics
1. The diamond- water paradox is the observation that
a. Those things that have the greatest price often have a little value in exchange and
those things that have the lowest price oft
Chapter 6 Elasticity Part 1
1. Price elasticity of demand is a measure of the responsiveness of quantity demanded to
a. Interest rates.
2. The price elasticity of demand is the ratio of the
a. Absolute c
MicroEcon Chapter 8: Production and Costs
1. A cost that is incurred when an actual monetary payment is made is a(n) _ cost.
2. Five months ago, Wilson opened up a health club. Which of the follow
Chapter 6 Elasticity Part 2
1. Cross elasticity of demand measures the responsiveness of changes in the quantity
_ of one good to changes in _.
a. Demanded; the price of the same good.
b. Demanded; income
c. Demanded; the price of another good.
Chapter 2- Production Possibilities Frontier Framework
1. Both country 1 and country 2 are located on their respective production possibilities
frontiers (PPFs), but country 1 produces twice the output that country 2 produces. It
a. Country 1
Microeconomics Chapter 8 Production and costs
1. At 200 units of output, total cost is $48,000 and total variable cost is $30,000. What does
total fixed cost equal at 200 units?
2. The change in total costs t
MicroEcon Chapter 2- Production Possibilities Frontier
1. Economic growth causes the PPF to
a. Shift inward
b. Shift outward
c. Remain constant
d. Go from a straight line to a curve
2. An economy exhibits productive efficiency if it produces
Chapter 7- Consuming Choice: Maximizing Utility and Behavioral Economics
1. In order for an individual to achieve consumer equilibrium through the consumption of
two goods, A and B, that individual must fulfill the condition
a. TUa = TUb
b. TUa/ Pa = TUb/
1. Derive the following curves: Yd curve in the classical model, Yd curve in the shortrun Keynesian model with inflexible wages downward, the LM and IS curves, the
demand for loanable funds curve in the classical model, and the Ys curve in the shortrun Ke
Ch. 8 Perfect Competition Questions
Suppose there is a perfectly competitive industry where all the firms are identical with
identical cost curves. Furthermore, suppose that a representative firms total cost is given
by the equation TC = 100