Top-Rated Free Essay

ECO 372 WEEK 1 KNOWLEDGE CHECK

Satisfactory Essays
ECO/ 372
Week 1 Knowledge Check

1.The two frameworks conventional economists generally use to analyze macroeconomic issues are
A.the inflation and the unemployment frameworks
B.the short-run and the long-run frameworks
C.the business cycle and the growth cycle frameworks
D.the stagnationist and the Post-Keynesian frameworks

2.The relationship between real and nominal interest rate can be expressed by
A.real interest rate = nominal interest rate + inflation
B.real interest rate = inflation - nominal interest rate
C.real interest rate = nominal interest rate - inflation
D.The real interest rate cannot be calculated.

3.Which of the following economic activities would be included in the U.S. domestic gross product (GDP)?
A.Illegal drug sales
B.Pure services, such as haircuts
C.Illegal prostitution
D.Work performed and paid for in cash to avoid income tax

4. Cyclical unemployment is defined as unemployment that results from
A.fluctuations in economic activity
B.structural changes in the economy
C.changes in technology
D.the aging of the population

5. The longest business cycle expansion in U.S. history occurred in the 10 years from
A.1919 until 1929
B.1938 until 1948
C.1959 until 1969
D.1991 until 2001

6.Economics is the study of how
A.governments allocate resources in the face of constraints
B.government policies can be used to meet individuals' wants and desires
C.human beings coordinate their wants and desires
D.scarce resources are allocated to their most productive uses

7. Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to
A.increase the demand for diesel cars
B.decrease the demand for gasoline
C.decrease the demand for diesel cars
D.increase the demand for gasoline

You May Also Find These Documents Helpful

  • Satisfactory Essays

    ECO/372 Week 3 Knowledge Check – Quiz Quiz Questions with 100% Correct Answers: 1. If you expect interest rates to rise, you will want to be holding 2. The interest rate is the price paid for the use of a 3. Which of the following do policy makers tend to target when setting monetary policy? 4. If the Federal Reserve reduced its reserve requirement from 6.5 percent to 5 percent, this policy would most likely 5. If banks hold excess reserves whereas before they did not, the money multiplier 6. The…

    • 276 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    ECO/372 Week 2 Knowledge Check – Quiz Quiz Questions with 100% Correct Answers: 1. 2. 3. 4. 5. 6. 7. 8. The globalized AS/AD curve is the standard AS/AD model with an added According to Say's Law, people A shift in the long-run aggregate supply curve will change The hypothesis about the macroeconomy that sees the recent problems with the U.S. economy directly related to the structural problems caused by globalization is referred to as the __________ hypothesis. The central difference between the…

    • 298 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    ECO 365 Week 5 Knowledge Check By www.StudentWhiz. com Copyright. All Rights Reserved by www.StudentWhiz.com ECO 365 Week 5 Knowledge Check Questions to ECO 365 Week 5 Knowledge Check are as follow: 1. 1 What problem do economists see with free trade areas such as NAFTA and the European Union? 2. They tend to lead to free trade rather than fair trade. 3. They can lead to regional trading blocs then restrict trade. Copyright. All Rights Reserved by 4. They lead to globalization. www.StudentWhiz…

    • 949 Words
    • 7 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Week 1 Knowledge Check

    • 358 Words
    • 2 Pages

    Knowledge Check Week 1The material presented below is not meant to be a comprehensive list of all you need to know in the content area. Rather it is a starting point for building your knowledge and skills. Additional study materials are recommended in each area below to help you master the material. Personalized Study Guide Results: Score: 12 / 12 Concepts Mastery Questions Pricing Decisions 100% Market Systems 100% Market Equilibrium 100% Concept: Pricing Decisions Mastery…

    • 358 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    ECO/372 Week 1 Knowledge Check – Quiz Quiz Questions with 100% Correct Answers: 1. The two frameworks conventional economists generally use to analyze macroeconomic issues are….. 2. The relationship between real and nominal interest rate can be expressed by…. 3. Which of the following economic activities would be included in the U.S. domestic gross product (GDP)? 4. Cyclical unemployment is defined as unemployment that results from…. 5. The longest business cycle expansion in U.S. history occurred…

    • 243 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    Week 1 Knowledge Check

    • 1281 Words
    • 13 Pages

    Week 1 Knowledge Check Concepts The Stakeholder Approach to Social Responsibility. Mastery Score: 15/18 Questions 0% 1 2 100% 3 4 5 67% 6 7 8 Company Mission 100% 9 10 11 Company Goals and Objectives 100% 12 13 Three Levels of Strategy â Corporate, Business-Level, Functional 100% 14 15 Strategic Management Process 100% 17 18 Sarbanes-Oxley Act of 2002 Management Ethics 16 Concept: The Stakeholder…

    • 1281 Words
    • 13 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Eco 365 Week 4 Knowledge Check 1. What do economists mean when they say there is "market failure"? Correct answer: Free Markets yield results that economists do not consider socially optimal 2. If a market has no externalities, marginal private costsBottom of Form Correct Answer: equal marginal social costs 3. Economists generally call the effect of an agreement on others that is not taken into account by the parties making the agreement Correct Answer: an externality 4. The size performance…

    • 250 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Download Knowledge Check Week 1 study guide (Feature is temporarily unavailable. Please check this later.) Knowledge Check Week 1 The material presented below is not meant to be a comprehensive list of all you need to know in the content area. Rather it is a starting point for building your knowledge and skills. Additional study materials are recommended in each area below to help you master the material. Personalized Study Guide Results: Score: 11 / 12 Concepts Pricing Decisions 100% Mastery…

    • 478 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Eco 372 Week 1 Dq1

    • 1399 Words
    • 6 Pages

    Week 1 – DQ Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes? Response #1 There are many factors that affect the real GDP such as interest rates, consumer's confidence in spending and/or asset prices. When it comes to interest…

    • 1399 Words
    • 6 Pages
    Good Essays
  • Good Essays

    ECO 372

    • 1212 Words
    • 4 Pages

    Weekly Reflections Team B ECO/372 August 29, 2012 Peter Clifton Fiscal Policy Paper What is the U.S. deficit surplus and debt? The federal administration account shortfall or surplus is the cash variation amongst the administration receipts and costs, ignoring intra- government transfers. However, there is a definite expenditure that adds to the liability but is expelled from the deficit. The centralized liability as a share of the nation’s earnings has speckled. Throughout…

    • 1212 Words
    • 4 Pages
    Good Essays