For more course tutorials visit www.tutorialrank.com ECO 365 Week 1 Apply: The Fundamentals of Economics Homework Review the Week 1 The Fundamentals of Economics Quiz in preparation for this assignment. Complete the Week 1 The Fundamentals of Economics Homework in McGraw-Hill Connect®. These are

1. ECO 365 Assignment Week 1 Apply The
Fundamentals of Economics Homework(100%
Correct) (Feb, 2019)
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ECO 365 Week 1 Apply: The Fundamentals of Economics Homework
Review the Week 1 The Fundamentals of Economics Quiz in
preparation for this assignment.
Complete the Week 1 The Fundamentals of Economics Homework in
McGraw-Hill Connect®. These are randomized questions.
Note: You have only one attempt available to complete assignments.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after the due date.
The opportunity cost of an action is always equal to:
the things you could have done instead of the action you chose to
undertake.
the time you give up to undertake the action.
the money you give up to undertake the action.
the next-best alternative for the resources used to undertake the action.

2. Bob, the owner of a local deli in town, needs to purchase something that
economists would label as “capital” to help him produce
sandwiches. Which of the following is an example of capital?
A meat slicer to cut ham for sandwiches
An additional worker
Ham for the sandwiches
A new idea that automates the making of sandwiches
Which of the following is a labor resource?
Multiple Choice
a computer programmer
a computer
a piece of software used by a firm
silicon (sand) used to make computer chips

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ECO 365 Assignment Week 1 Practice The
Fundamentals of Economic Quiz (100% Correct)
(Feb, 2019)
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ECO 365 Week 1 Practice The Fundamentals of Economic Quiz
Complete the Week 1 The Fundamentals of Economics Quiz in
McGraw-Hill Connect®. These are randomized questions.
Note: You have unlimited attempts available to complete practice
assignments. The highest scored attempt will be recorded. These
assignments have earlier due dates, so plan accordingly. Grades must be
transferred manually to eCampus by your instructor. Don’t worry, this
might happen after the due date.
The opportunity cost of an action is always equal to:
the next-best alternative for the resources used to undertake the action.

4. the things you could have done instead of the action you chose to
undertake.
the time you give up to undertake the action.
the money you give up to undertake the action.
The fish in the ocean are what type of market resource?
Land
Capital
Entrepreneurial ability
Labor
Which of the following scenarios most accurately reflects the concept of
scarcity?
The steak Henry did not buy because he is a vegetarian.
The Smith Household produces an average of three bags of trash a week.
Sienna enjoys viewing flowers in the city garden during her walk.

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ECO 365 Final Exam Guide (New, 2019)
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1 During the winter break, Sam decides to go for a skiing vacation in
Aspen instead of taking piano lessons. The opportunity cost of the skiing
vacation is the:
cost of accommodation and food in Aspen.
value of piano lessons.
cost of buying a piano.
amount paid to the skiing instructor.
2 Which of the following is an example of a negative externality?
Smith reducing the consumption of imported wine following an increase
in the price of imported wine
Phoebe refusing to contribute to the building of a children’s park in her
neighborhood
Christina accepting a payment in cash rather than in check for her
laundry services
Tom playing music loudly in his room, disturbing his roommate who has
an exam the next day

6. 3.A perfectly competitive firm sells 10 units of Good X at a price of $2
per unit. It incurs a fixed cost of $5 and a variable cost of $40 to produce
the good. Which of the following is true?
The firm should operate in the short run but shut down in the long run.
The marginal cost of the good is $4.
The average revenue of the firm is $20.
The firm should shut down.
4.Squeeze Inc. sells orange juice in a market where there are a large
number of consumers and sellers. New firms can enter the market easily
and also exit whenever they want to. It sells 40 bottles in a month at a
price of $4 per bottle and incurs a cost of $5 per bottle. The average
revenue of the firm:
will be less than the marginal revenue.
is $2, which is less than the market price.
will be greater than the marginal revenue.
is $4, which is equal to the marginal revenue.

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ECO 365 Final Exam Guide (New, Dec 2015)
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1). The DeBeers company is a profit-maximizing monopolist
that exercises monopoly power in the distribution of
diamonds. If the company earns positive economic profits
this year, the price of diamonds will:
• Exceed the marginal cost of diamonds but equal to the
average total cost of diamonds.
• Exceed both the marginal cost and the average total cost of
diamonds.
• Be equal to the marginal cost of diamonds.
• Be equal to the average total cost of diamonds.

8. 2). Using 100 workers and 10 machines, a firm can produce
10,000 units of output; using 250 workers and 25 machines,
the firm produces 21,000 units of output. These facts are best
explained by:
• Economies of scope
• Diseconomies of scale
• Diminishing marginal productivity
• Economies of scale
3). Suppose that college tuition is higher this year than last
and that more students are enrolled in college this year than
last year. Based on this information, we can best conclude
that:
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9. ECO 365 Final Exam Guide 1
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1. Because you can only obtain more of one good by giving up some of
another good, the shape of a production possibility curve is
_______________.
2. Refer to the table shown. The average product when eight workers are
employed is _____6____
3. A resource is said to have a comparative advantage if
4 Refer to the graph shown. Initially, the market is in equilibrium with
price equal to $3 and quantity equal to 100. Government imposes a tax
on suppliers of $1 per unit. The effect of the tax is to
5Refer to the table shown. Diminishing marginal productivity begins
when the

10. 6 Refer to the graph shown. If this monopolistically competitive firm
maximizes profit, it will
7 The price of a ticket to a rock concert is set at $35. All the tickets for
the concert sell out 1 hour after they go on sale and there are still 1,000
fans who want to buy tickets. It follows that
8 Which of the following statements is true?
9 State what type of business combination is occurring in the following
scenario: Samsung and Sony become partners in a flat screen
manufacturing company.
10 Suppose a firm finds that an additional dollar spent on labor
increases output more than does an additional dollar spent on machines.
Under these conditions, the firm
11 Economists and laypeople see the pros and cons of international trade
in different ways. Which of the following is one of those ways?
12 The morel is a prized mushroom that is often abundant in the
Western United States in years after forest fires. Suppose two companies
are buying morels from workers willing to find them. One company
offers to pay workers $5.00 per pound, and the other company will pay
workers only $4.00 per pound. Economists would say that

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ECO 365 Week 1 Discussion Question 1
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What is economics? What role does economics play in your
personal and organizational decisions? Provide an example of
the role of economics in decision making.
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ECO 365 Week 1 Discussion Question 2 (UOP Course)
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Identify a recent purchase in which the price of the product
was an important consideration in the decision-making
process related to purchasing the product. What other factors

12. affected your decision? How important was your income as a
factor? How important was the price of other goods as a
factor?
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ECO 365 Week 1 Individual Assignment Article Analysis
Paper (UOP Course)
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ECO 365 Week 1 Individual Assignment Article Analysis
Paper (UOP Course)
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ECO 365 Week 1 Individual Assignment Economic Analysis
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13. Prepare a 1,000-1,500 word paper in which you explain what the
difference is between a movement along and shift of the demand curve.
Show the impact on the equilibrium price and quantity that results from;
(1) an increase in demand, (2) an increase in supply, (3) an increase in
both supply and demand. Give an example of the role of supply and
demand in decision making. Post in assignments link.
Format your paper consistent with APA guidelines.
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ECO 365 Week 1 Individual Assignment Economic
Definitions Worksheet
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Write the definition for each of the following:
1. Law of Demand
2. Law of Supply
3. Price Elasticity of Demand

14. 4. Macroeconomics
5. Microeconomics
Identify 2 products whose demand is price inelastic.
Which of the following graphs best demonstrates the law of
demand?
Which of the following graphs best demonstrates the law of
supply?
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ECO 365 Week 1 Individual Assignment Supply and Demand
Curve Worksheet (2 Sets)
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15. Complete the Supply and Demand Curve worksheet.
Submit through the Assignment tab.
Answer the following questions
Write the definition for each of the following:
1. Law of Demand
2. Law of Supply
Which of the following graphs best demonstrates the law of demand?
a) I
b) II
c) III
d) IV
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ECO 365 Week 1 Ten Principles of Economics and How
Markets Work (2 Papers)
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This Tutorial contains 2 Papers