XECO 212 Week 3 DQs

 This work of XECO 212 Week 3 Discussion Questions shows the solutions to the following problems:


 DQ 1: Why do some workers make more money than others? Must everyone make the same wage? Explain your answers using labor market equilibrium.

 DQ 2: Imagine that you are a business owner. Choose whether to hire a new person in the marketing department or upgrade your computer system. Each choice requires the same amount of investment. Address the following topics: What factors do you use to determine whether to invest in the additional capital and labor?

General Questions - General General Questions
 ECO 212 final exam version 6





 1) Which of the following issues is an application of using macroeconomics to make a real world decision?










 A.  Whether a company should increase its worker benefits









 B.  Whether this year's enrollment will increase for University of Phoenix.







 C.  Whether the growth rate of the Chinese economy will exceed 10% in 2010







 D.  Whether workers should choose to remain in a factory















 2) The forces that make market economies work are










 A.  work and leisure









 B.  demand and supply







 C.  regulation and restraint







 D.  taxes and government spending















 3) A market is a










 A.  group of buyers and sellers of a particular good or service









 B.  group of people with common economic characteristics







 C.  place where buyers and sellers come together to engage in trade







 D.  place where an auctioneer helps set prices and arrange sales















 4) If a decrease in income increases the demand for a good, then the good is










 A.  a substitute good









 B.  a complement good







 C.  a normal good







 D.  an inferior good















 5) Two goods are substitutes if a decrease in the price of one good










 A.  decreases the demand for the other good









 B.  decreases the quantity demanded of the other good







 C.  increases the demand for the other good







 D.  increases the quantity demanded of the other good















 6) A likely example of substitute goods for most people would be










 A.  peanut butter and jelly









 B.  tennis balls and tennis rackets







 C.  televisions and subscriptions to cable television services







 D.  pencils and pens















 7) Another term for equilibrium price is










 A.  dynamic price









 B.  market-clearing price







 C.  quantity-defining price







 D.  satisfactory price















 8) If, at the current price, there is a shortage of a good,










 A.  sellers are producing more than buyers wish to buy









 B.  the market must be in equilibrium







 C.  the price is below the equilibrium price







 D.

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Carry a personal water bottle to school. Hydration is vital to stay alert and focused during classes. This is extremely important to do when you have a number of classes scheduled close to one another and do not have time to break for a meal. Drinking water frequently during the day can help you remain focused and energized. A lot of water fountains out there allow for easy bottle refills as well.