ECO 365 Entire Course NEW

UOP ECO 365 All Assignments With Final Exam NEW
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ECO 365 Final Exam Guide (New, 2017)
ECO 365 Week 1 Ten Principles of Economics and How Markets Work (3 Papers)
ECO 365 Week 2 Team Assignment Markets and the Economics of the Public Sector
(2 Papers)
ECO 365 Week 3 Current Market Conditions Competitive Analysis
ECO 365 Week 4 Team Assignment The Economics of Labor Markets
ECO 365 Week 5 Theory of Consumer Choice and Frontiers of Microeconomics (2
Papers)

UOP ECO 365 Final Exam Guide (New, 2017) NEW
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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
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.

5.Which of the following is a difference between liberalism and libertarianism?
• Libertarians believe that equality of opportunities is more important than the
equality of incomes, while liberals believe in policies that equalize the distribution of
income.
• Libertarians argue that the government should maximize total utility, while
liberals argue that the average utility of members of society should be maximized.
• Libertarians believe that the government should redistribute income from the rich
to the poor, while the liberals believe that the government should not redistribute
income.
• Libertarians emphasize the importance of the maximin criterion, while liberals
emphasize the importance of an egalitarian society.
6.Bryan is trying to decide whether he should give up his job as a software
programmer and invest in a start-up. Bryan earns an annual salary of $80,000 and
has a saving of $50,000. The start-up would require an initial investment of
$600,000. Bryan plans to take a loan from Trust Bank, a local commercial bank,
which charges an interest rate of 5 percent on loans and provides an interest of 7
percent on savings deposits. Which of the following is true in this case?
• The 7 percent interest that Bryan could have earned on his savings will be included
in the calculation of his economic profit.
• Bryan should invest in the start-up as he has to pay a lower interest rate on loans
than he receives on his savings deposits.
• Bryan should not invest in the start-up as his economic profit is lower than his
accounting profit.
• The interest rate of 5 percent on loans is a part of the implicit cost of setting up the
start-up and will be included in the calculation of his accounting profit.
7.Color Mate Inc., a company that produces interior and wall paints, dumps its
chemical waste in a river. Which of the following is likely to be true in this case?
• The social cost of the company is lower than the private cost, and the equilibrium
quantity of paints produced is less than the social optimum.
• The social cost of the company is higher than the private cost, and the equilibrium
quantity of paints produced is larger than the social optimum.
• The social cost of the company is higher than the private cost, and the equilibrium
quantity of paints produced is less than the social optimum.
• The social cost of the company is lower than the private cost, and the equilibrium
quantity of paints produced is larger than the social optimum.
8.Scarcity occurs because of:

• the limited supply of resources.
• overutilization of labor.
• the excess of quantity supplied over quantity demanded.
• limited human needs and wants.
9.The exhibit given below shows the demand curve for Good X, labeled D. At a price
of $6 per unit, the quantity demanded of Good X is 5 units. A decrease in price to $4
per unit increases the quantity demanded to 8 units. Assuming that a decrease in
price leads to new consumers buying the good, what is the consumer surplus
received by the new consumers in the market?
• $3
• $10
• $2
• $13
10.Given an increase in the market demand for its product, a firm decides to hire an
additional worker. The amount of output produced by 25 workers is 80 units. The
marginal product of the 26th worker is 15 units. After the 26th worker is hired, the
total output would increase to _____.
• 1,200 units
• 6 units
• 15 units
• 95 units
11.Suppose both Monica and Edith grow roses and make guns. If Monica devotes 10
hours to growing roses, she grows 16 roses, and if she devotes 10 hours to making
guns, she produces 4 guns. If Edith divides her 10 hours equally, she produces 12
roses and 6 guns. Identify the correct statement.
• Edith has an absolute advantage in both growing roses and making guns.
• Monica has an absolute advantage in growing roses, and Edith has an absolute
advantage in making guns.
• Monica has an absolute advantage in both growing roses and making guns.
• Monica has an absolute advantage in making guns, and Edith has an absolute
advantage in growing roses.
12.Penelope has recently started a printing business in Duluth. She had to pay a fee
to obtain a trade license from the Minnesota government and took a loan from the
local bank to purchase inkjet printers, laser printers, and screen printers. She
employs 20 workers who are paid a wage of $30 per hour. She is also a trained ballet
dancer who used to earn an average of $50,000 a year. Penelope’s implicit cost of
running the business is:
• $72,000 per annum.
• the amount she used to earn as a ballet dancer.

• the interest she has to pay on the loan.
• the fee paid to the government.
13.A sudden increase in the demand for air conditioners increased the earnings of
the workers employed in air conditioner-manufacturing firms and attracted workers
from other sectors. Which of the following will be true in the market for workers
employed in air conditioner-manufacturing firms?
• There will be a leftward shift of the labor supply curve, leading to an increase in the
equilibrium wage and a decrease in employment.
• There will be a rightward shift of the labor supply curve, leading to an increase in
the equilibrium wage and employment.
• There will be a rightward shift of the labor supply curve, leading to a decrease in
the equilibrium wage and an increase in employment.
• There will be a leftward shift of the labor supply curve, leading to a decrease in the
equilibrium wage and employment.
14.Moonlife LLC. observed that its total revenue is proportional to the quantity of
good sold. It is likely that Moonlife LLC. is a:
• perfectly competitive firm.
• monopolistic competitor.
• monopoly.
• monopsony.
15.The Rhodes and Samson families, with annual incomes of $100,000 and $120,000,
respectively, live in a society where the primary objective of the government is to
maximize the sum of the utility attained by everyone in the society. Which of the
following is likely to be true in such a society?
• The government will redistribute income between the two families in such a way
that the welfare of the Rhodes family improves.
• The government will redistribute income between the two families in such a way
that both the families will have the same level of post-tax income.
• The government will tax the Rhodes family and provide income transfers to the
Samson family to maximize total utility.
• The government will tax the Samson family and provide income transfers to the
Rhodes family, but there will exist an inequality of income between the two families.
16.Which of the following reflects the law of demand?
• Jonathan, a coffee drinker, switching to green tea after a fall in the price of green
tea

• John purchasing a bigger apartment after an increase in his salary
• Jacques purchasing 4 bottles of lemonade instead of 3 when its price decreased
from $12 to $10 per bottle
• Jimmy’s demand for donuts decreasing from 4 per week to 2 per week after its
price decreased from $1 to $0.5 per donut
17.Adrianne and Joanna love watching plays on Broadway. Adrianne values a play at
$85, and Joanna values it as $82. When the price of tickets increased from $80 to $83
following the imposition of a tax, Joanna stopped watching plays on Broadway, while
Adrianne continued to buy tickets. Identify the correct statement.
The deadweight loss is $3.
The decrease in Adrianne’s consumer surplus is equal to the deadweight loss.
Total consumer surplus decreased by less than the tax revenue.
The decrease in Adrianne’s surplus is equal to the tax revenue.
18 The exhibit given below shows the market for wheat in Zenetia. At a price of p, the
profit-18.maximizing quantity for a wheat producer is _____.
Q
between Q and Q’
Q”
Q1
19.The exhibit given below shows Melanie’s budget constraint for two goods, wine
and cheese. The slope of the budget constraint equals:
• 2
• 3/2
• 2/3
• 3
20.Liz starts driving rashly after buying insurance. This is an example of a(n):
• negative externality.
• free-rider problem.
• common-resource problem.
• moral-hazard problem.
21.The exhibit given below shows the demand curve for and the supply curve of
laptops, D and S1. The government decides to impose a price ceiling on the price of
laptops. At the same time, the price of inverter boards that provide power to
backlight lamps inside laptop screens increases. Identify the correct statement.

• A price of P2 will be binding in this market.
• At a price ceiling of P1, the quantity demand and supplied in the market will be Q2.
• The government should set the price ceiling at P1 to eliminate shortage.
• A price ceiling above P3 will eliminate shortage in the market.
22.The state government of Dalmatia noticed that whenever its baseball team played
a match in any of the local stadiums, the prices of tickets became too high. It decided
to impose a price ceiling on the ticket prices. The exhibit given below shows the
demand curve for and the supply curve of baseball game tickets in Dalmatia. If the
government were to impose a binding price ceiling, it should set the price at:
• $120 per ticket, which would give rise to a shortage of 10,000 tickets.
• $120 per ticket, which would give rise to a surplus of 20,000 tickets.
• $80 per ticket, which would give rise to a shortage of 16,000 tickets.
• $80 per ticket, which would give rise to a surplus of 8,000 tickets.
23.Which of the following is an example of adverse selection?
• Patrick uses the service of a mechanic to inspect the condition of a second-hand
Dodge he is interested in buying.
• Harry refuses to buy health insurance at high premiums because he feels that he is
in good health.
• Thomas refuses to pay for the construction of a swimming pool in his neighborhood
that will be open to the public free of cost.
• When the National Museum increased its entry fee, there wa
24.Mike sells navel oranges in a market where there are a lot of other sellers and
faces a perfectly elastic demand curve for oranges. He hires 10 workers in a perfectly
competitive market to help him with picking oranges. Given this information, it can
be said that:
• the demand for workers is a positive function of the prevailing market wage rate.
• the demand curve for orange pickers is vertical.
• Mike can employ only 10 workers as the supply of workers is fixed in a perfectly
competitive labor market.
• Mike cannot bargain with the workers over their wage rates
25.Suppose Timothy consumes two goods, soda and chips. The slope of his
indifference curve for these two goods reflects:
the relative price of soda.
the total utility he gets from the consumption of the two goods.
the relative price of chips.

the rate at which he is willing to substitute one good for the other.
26.The exhibit given below shows the supply curve of printing machines. At a price of
$400 per machine, the producer surplus is:
27.Recent political unrest has caused many citizens of Serria to flee the country. This
is likely to:
shift the labor demand curve in Serria to the left.
increase labor employment in Serria.
shift the labor supply curve in Serria to the right.
increase the equilibrium wage rate in the labor market in Serria.
28.Suppose both Ross and Vivian produce butter and cheese. When Ross works for
10 hours a day, he produces 6 pounds of butter and 24 pounds of cheese. When
Vivian works for the same hours, she produces 20 pounds of cheese and 40 pounds
of butter. Ross’s opportunity cost of producing a pound of butter is:
5 pounds of cheese.
1/4 pounds of cheese.
18 pounds of cheese.
4 pounds of cheese.
29. Paula wants to buy 3 packs of frozen yoghurt when it is priced at $2 per pack.
When the price increases to $3.50 per pack, she wants to buy 2 packs. This reflects
the:
• maximization of marginal utility by Paula.
• law of diminishing marginal utility.
• law of demand.
• maximization of total utility by Paula.
30. The table given below shows three buyers’ willingness to pay for an antique
necklace. At a market price of $25,000, the total consumer surplus in the market is
_____.
$30,000
$6,000

UOP ECO 365 Week 1 Ten Principles of Economics and How
Markets Work (3 Papers) NEW
week-1-ten-principles-of-economics-and-how-markets-
work-recent
As part of a marketing research committee for your organization, you have been
assigned the task of preparing a 700-word research paper about current
microeconomic thought and theory.
Use Principles of Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the source for all your
information.
Identify the fundamental lessons the Ten Principles of Economics teach about:
§ How people make decisions
§ How people interact
§ How the economy as a whole works
Explain the following to help the committee members understand how markets
work:
How society manages its scarce resources and benefits from economic
interdependence
§ Why the demand curve slopes downward and the supply curve slopes upward
§ Where is the point of equilibrium and what does it determine?
§ The impact of price controls, taxes, and elasticity on changes in supply, demand
and equilibrium prices
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.

UOP ECO 365 Week 2 Team Assignment Markets and the
Economics of the Public Sector (2 Papers) NEW
week-2-team-assignment-markets-and-the-economics-of-
the-public-sector-recent
You have been assigned to a team that has the responsibility of preparing a paper
consisting of 1,750 words for the governor’s next economic conference. Your paper
should address the following:
§ Explain why equilibrium of supply and demand is desirable.
§ Explain the following concepts using the concept of consumer and producer
surplus:
§ Efficiency of markets
§ Costs of taxation
§ Benefits of international trade
§ Discuss how externalities may prevent market equilibrium and the various
governments policies used to remedy the inefficiencies in markets caused by
externalities.
§ Analyze the difference between the efficiency of a tax system and the equity of a
tax system as it refers to the costs imposed on taxpayers using the benefits
principles.
Cite a minimum of 3 peer-reviewed sources, not including your textbook.

UOP ECO 365 Week 3 Current Market Conditions Competitive
Analysis NEW
week-3-current-market-conditions-competitive-analysis-
recent
You have been given the responsibility of working with your organization’s CEO to do
a competitive market analysis of the potential success of one of their existing
products.
Select your organization and a product produced by that organization from Industry
Week.
Write a 2,100-word analysis of the current market conditions facing your product,
making sure that you address the following topics:
§ Define the type of market in which your selected product will compete, along with
an analysis of competitors and customers.
§ Analyze any comparative advantages and international trade opportunities.
§ Explain the factors that will affect demand, supply, and prices of that product.
§ Examine factors that will affect Total Revenue, including but not limited to:
§ Price elasticity of demand
§ Factors that influence productivity
§ Various measures of costs, including opportunity costs
§ Externalities and government public policy and their effect on marginal revenue
and marginal cost
§ Recommend how your organization can maximize their profit-making potential
and increase their presence within the market served by the product.
Use a minimum of 3 peer-reviewed sources from the University Library.
Format your paper consistent with APA guidelines.

UOP ECO 365 Week 4 Team Assignment The Economics of
Labor Markets NEW
week-4-team-assignment-the-economics-of-labor-
markets-recent
http://homeworkrank.com/
Select an organization your team is familiar with or an organization where a team
member works.
Develop a 15- to 20-slide Microsoft® PowerPoint® presentation to be presented to
the CEO’s executive committee that addresses how your chosen organization
determines what quantity of labor to demand and what events could shift the
demand and supply of that labor.
Explain the following in your presentation:
§ How your organization’s production function is related to its marginal product of
labor
§ How your organization’s marginal product of labor is related to the value of its
marginal product
§ How your organization’s marginal product is related to its demand for labor
§ Examples of events that could shift the demand or supply of labor and why they do
so
§ Reasons a worker’s wages might be above the level that balances supply and
demand
§ An analysis of the impact that government policies addressing income inequity
and poverty could have on labor demand or supply
Cite a minimum of 3 peer-reviewed sources not including your textbook.

UOP ECO 365 Week 5 Theory of Consumer Choice and Frontiers
of Microeconomics (2 Papers) NEW
week-5-theory-of-consumer-choice-and-frontiers-of-
microeconomics-recent
You have been asked to assist your organization’s marketing department to better
understand how consumers make economic decisions.
Write a 1,050-word analysis that includes the following:
§ The impact the theory of consumer choice has on:
§ Demand curves
§ Higher wages
§ Higher interest rates
§ The role asymmetric information has in many economic transactions
§ The Condorcet Paradox and Arrow’s Impossibility Theorem in the political
economy
§ People not being rational in behavior economics
Cite a minimum of 3 peer-reviewed sources not including your textbook.

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