Week 3 discussion A Firm’s Shut Down Decision (graded) Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do–shut down or continue to operate? Use hypothetical numbers to explain. Information you need to provide…
Week 2 discussion Demand, Supply, and Market Equilibrium Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What…
Week 1 discussion Opportunity Cost (graded) Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and…
(TCO 8) Specialization and trade between individuals or between nations lead to: Greater self-sufficiency Higher product prices Lower living standards Higher total output Question 2. Question : (TCO 8) Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n)…
(TCO 7) If you write a check on a bank to purchase a used Honda Civic, you are using money primarily as a medium of exchange. a store of value. a unit of account. an economic investment. Question 2. Question : (TCO 7) The amount of money reported as M2 is smaller than the amount…
Question: What is the “current macroeconomic situation” in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time? 1. Write your individual answers to the questions listed above together in essay format (minumum of 300 words combined in APA…
(TCO 6) Fiscal policy refers to the manipulation of government spending and taxes to stabilize domestic output, employment, and the price level. manipulation of government spending and taxes to achieve greater equality in the distribution of income. altering of the interest rate to change aggregate demand. fact that equal increases in government spending and taxation…
(TCO 1) As a consequence of the condition of scarcity there is never enough of anything. production has to be centrally planned. things which are plentiful have relatively high prices. individuals and communities have to make choices from among alternatives. Question 2. Question : (TCO 1) The opportunity cost of constructing a new public highway…
(TCO 3) Which of the following constitutes an implicit cost to the Johnston Manufacturing Company? Payments of wages to its office workers Rent paid for the use of equipment owned by the Schultz Machinery Company Use of savings to pay operating expenses instead of generating interest income Economic profits resulting from current production Question 2….
(TCO 2) Economists use the term “demand” to refer to a particular price-quantity combination on a stable demand curve. the total amount spent on a particular commodity over a stipulated time period. an upsloping line on a graph that relates consumer purchases and product price. a schedule of various combinations of market prices and quantities-demanded….
