Study Guide Eco/365 - 2084 Words

ECO/365 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week. Week One: Fundamentals of Microeconomics Objective: Differentiate between macroeconomics and microeconomics. 1. Macroeconomics is a. the study of individual choice and†¦show more content†¦11. Suppose wages and employment decrease. These changes were most likely caused by a(n) a. decline in immigration b. increase in emigration c. increase in the working age population d. decline in business activity in the economy 12. The incentive effect refers to how much a person will change his or her a. hours worked in response to a change in the wage rate b. wage rate in response to a change in productivity c. quantity demanded of a taxed good in response to a change in the tax rate d. wage rate in response to a change in the tax rate on earnings Objective: Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential. 13. Rachel left her job as a graphic artist, where she earned $42,000 per year, to open her own graphic arts firm. Her explicit costs for the new business include a. only the expenses incurred for office space, equipment, and supplies b. only her foregone salary of $42,000 per year c. both the expenses incurred for office space, equipment, and supplies, and her foregone salary of $42,000 per year d. neither the expenses incurred for office space, equipment, and supplies, nor her foregone salary of $42,000 per year 14. If your company cell phone bill is either $40 when you use up to 300 minutes per month or $80 when you use between 300 to 400 minutes per month, the marginal cost of the 301st minute is a. $0.13Show MoreRelatedMarketing Plan For Whole Foods1390 Words   |  6 Pagesintervention in children’s nutrition and wellness. Aiming to eradicate the childhood obesity epidemic, Whole Foods works with schools and educators to emphasize the importance of fresh, nutritious meals (Peng, 2013). The researcher will review this case study on â€Å"Whole Foods† by examining the following information; †¢ From an institution-based view, how would you characterize Whole Foods’ strategy featuring its â€Å"heroic† purpose to â€Å"try to change and improve our world†? †¢ What are Whole Foods’ firm-specificRead MoreSupply Demand Paper Eco/3651105 Words   |  5 PagesSupply and Demand Simulation University of Phoenix May 9, 2013 ECO/365 - Principles of Microeconomics The Supply and Demand Simulation consist of microeconomics and macroeconomics concepts. The concepts are explained and how they apply to the principle of microeconomics and macroeconomics. The simulations presents shifts in the supply and demand curve, the rationale for the shift is given. 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