# ECO 365 Week 1 Knowledge Check - PowerPoint PPT Presentation

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## ECO 365 Week 1 Knowledge Check

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### The ECO 365 Week 1 Knowledge Check is an appropriate case of what we experience everyday as part of our professional lives. Irrespective of the organization or industry you work for, instances are most likely to occur when there is more supply than demand. – PowerPoint PPT presentation

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Updated: 18 November 2014
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Title: ECO 365 Week 1 Knowledge Check

1
ECO 365 Week 1 Knowledge Check
• By www.StudentWhiz.com

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2
• Questions to ECO 365 Week 1 Knowledge Check are
as follow
• 1. Price elasticity of demand is the
• change in the quantity of a good demanded divided
by the change in the price of that good
• change in the price of a good divided by the
change in the quantity of the good demanded
• percentage change in price of that good divided
by the percentage change in the quantity of that
good demanded
• percentage change in quantity of a good demanded
divided by the percentage change in the price of
that good
• 2. in general, the greater the elasticity, the
• smaller the responsiveness of price to changes in
quantity
• smaller the responsiveness of quantity to changes
in price
• larger the responsiveness of price to changes in
quantity
• larger the responsiveness of quantity to changes
in price
Assignments

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3
• 3. The price elasticity of supply is the
• change in the quantity supplied divided by the
change in price
• percentage change in the quantity supplied
divided by the percentage change in price
• change in price divided by the change in the
quantity supplied
• percentage change in the price divided by the
percentage change in the quantity supplied
• 4. The distinction between demand and the
quantity demanded is best made by saying that
• demand is represented graphically by a curve and
quantity demanded as a point on that curve
• the quantity demanded is represented graphically
by a curve and demand as a point on that curve
• the quantity demanded is in a direct relation
with prices, whereas demand is in an inverse
relation
• the quantity demanded is in an inverse relation
with prices, whereas demand is in direct relation

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• Want to check out the complete paper..?? Visit
ECO 365 Week 5 Learning Team Reflections Global
Competition
• 5. The U.S. Postal Service printed 150,000 sheets
of stamps depicting Bill Pickett, but recalled
them when the USPS realized the image on the
stamp was Bill's brother, Ben, instead. They were
sold. The effect of this recall was to
• drastically reduce the demand for the stamps,
causing their equilibrium price to fall
• have no effect on either supply or demand for the
Bill Pickett stamps because there is no market
for them
• drastically reduce the supply of the Bill Pickett
stamps, causing their equilibrium price to rise
• increase the supply of the Bill Pickett stamps,
causing their equilibrium price to fall.
• 6. Given that diesel cars get much better gas
mileage than the typical car, an increase in the
price of gasoline would be expected to
• Increase the demand for diesel cars.
• Decrease the demand for gasoline.
• Decrease the demand for diesel cars.
• Increase the demand for gasoline

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5
Week 3 Learning Team Reflection Market Structure
• 7. Price Per peck Mike Quantity in pecks
Janet Quantity in pecks
• 1 22 6
• 2 18 3
• 3 14 0
• 4 10 0
• 5 6 0
• Refer to the table that presents Mike and Janet's
demand for apples by the peck. If they are the
only two in the market, which of the following
represents the point on the market demand curve?
• Price 1, quantity 18
• Price 2, quantity 21
• Price 4, quantity 0
• Price 4, quantity 21
• 8. Economics is the study of how
• governments allocate resources in the face of
constraints.
• government policies can be used to meet
individuals' wants and desires.
• human beings coordinate their wants and desires.
• scarce resources are allocated to their most
productive uses.

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6
• 9. To engage in economic reasoning, one must
compare
• total cost and total benefit.
• marginal cost, sunk cost, and total benefit.
• sunk cost and marginal cost.
• marginal cost and marginal benefit.
• 10. Countries such as Brazil, India, and
Moldova--well-known sources of donors--have
banned buying and selling organs. This legal
action comes at the risk of driving trade
underground. What idea does this story best
illustrate?
• Marginal revenue should equal marginal cost.
• Economic forces always operate despite legal
forces.
• Legal and social forces can eliminate economic
forces.
• The invisible hand is not always invisible.
4 Complete
• 11. The law of demand states that the quantity
demanded of a good is inversely related to the
price of that good. Therefore, as the price of a
good goes
• up, the quantity demanded also goes up
• down, the quantity demanded goes down
• up, the quantity demanded goes down
• down, the quantity demanded stays the same

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7
Of Phoenix ECO 365 Week 1 Knowledge Check. The
author is working in the field of education from
ECO 365 Final Exam Knowledge Check from UOP.
Other topics in the class are as follows
• ECO 365 Week 1 DQ 1
• ECO 365 Week 1 DQ 2
• ECO 365 Week 1 DQ 3
• ECO 365 Week 1 Knowledge Check
• ECO 365 Week 1 Complete
• ECO 365 Week 2 DQ 1
• ECO 365 Week 2 DQ 2
• ECO 365 Week 2 DQ 3
• ECO 365 Week 2 Individual Assignments
• ECO 365 Week 2 Learning Team Reflection
Production and Cost Analysis
• ECO 365 Week 2 Knowledge Check
• ECO 365 Week 2 Complete
• ECO 365 Week 3 DQ 1
• ECO 365 Week 3 DQ 2

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8
• ECO 365 Week 3 Learning Team Current Market
Conditions Competitive Analysis
• ECO 365 Week 3 Learning Team Reflection Market
Structure
• ECO 365 Week 3 Knowledge Check
• ECO 365 Week 3 Complete
• ECO 365 Week 4 DQ 2
• ECO 365 Week 4 DQ 3
• ECO 365 Week 4 Individual Assignment
Differentiating Between Market Structures
• ECO 365 Week 4 Learning Team Reflection Public
Policy in Economics
• ECO 365 Week 4 Knowledge Check
• ECO 365 Week 4 Complete
• ECO 365 Week 5 DQ 1
• ECO 365 Week 5 DQ 2
• ECO 365 Week 5 DQ 3
• ECO 365 Week 5 Learning Team Competitive
Strategies and Government Policies
• ECO 365 Week 5 Learning Team Reflections Global
Competition
• ECO 365 Week 5 Knowledge Check
• ECO 365 Week 5 Complete
• Want to check other classes..??
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