ECO 561 Final Exam

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with ECO 561 Final Exam complete, ECO 561
Final Exam 39 Question.
ECO 561 Week 1
ECO 561 - Week 1 - Complete
DQ1.What is the definition of economics (distinguish
between microeconomics and macroeconomics). What is the
role of economic theory in economics?
DQ2.what is the difference between a command system and
a market system?
DQ3.There are several determinants of demand or the
"other things," besides price, which affect demand. Can you
provide a few examples?

DQ4.Different products have different elasticity\'s. Heart

medication, for example is inelastic; and corn is elastic. Find
a product and describe its price elasticity and income
elasticity. How much control might an organization have
over pricing based on a product\'s elasticity?
Individual Assignment - Week One Knowledge Check
Complete the Week One Knowledge Check.
ECO 561 - Week 1 - DQ 1 |ECO 561 - Week 1 - DQ 2 | ECO
561 - Week 1 - DQ 3 | ECO 561 - Week 1 - DQ 4 | ECO 561 Week 1 - Quiz or Knowledge Check | ECO 561 - Week 1 Complete |

ECO 561 Week 2

ECO 561 - Week 2 - Complete
DQ1.Distinguish between explicit and implicit costs, and
between normal and economic profits.
DQ2.Briefly (in a few words) state the basic characteristics of
pure competition, pure monopoly, monopolistic competition,
and oligopoly. Under which of these market classifications does
each of the following most accurately fit? (a) a supermarket in
your hometown; (b) the steel industry; (c) a Kansas wheat farm;
(d) the commercial bank in which you or your family has an

account; (e) the automobile industry. In each case justify your

classification.
DQ3.Why do you think the resource demand curve slopes
downward? What are some determinants of resource demand?
Individual Assignment - Week Two Knowledge Check
Complete the Week Two Knowledge Check
Individual Assignment - Market Equilibration Process
Paper
ECO 561 - Week 2 - DQ 1 | ECO 561 - Week 2 - DQ 2 | ECO
561 - Week 2 - DQ 3 | ECO 561 - Week 2 - Quiz or
Knowledge Check | ECO 561 - Week 2 - Market
Equilibration Process Paper | ECO 561 - Week 2 - Learning
Team Deliverable | ECO 561 - Week 2 - Complete |

ECO 561 Week 3

ECO 561 - Week 3- Complete
DQ1.How was De Beers able to control the world price of
diamonds over the past several decades even though it produced
only 50 percent of the diamonds? What factors ended its
monopoly? What is its new strategy for earning economic
profit, rather than just normal profit?
DQ2.Why is there so much advertising in monopolistic
competition and oligopoly? How does such advertising help

consumers and promote efficiency? Why might it be excessive

at times?
Individual Assignment - Week Three Knowledge Check
Complete the Week Three Knowledge Check.
Learning team - Learning Team Deliverable
Complete the Learning Team Deliverable.

ECO 561 - Week 3- DQ 1 | ECO 561 - Week 3- DQ 2 |

ECO 561 - Week 3 - Quiz or Knowledge Check | ECO
561 - Week 3 - Learning Team Deliverable | ECO 561 Week 3- Complete |

ECO 561 Week 4

ECO 561 - Week 4 - Complete
Individual Assignment - Business Proposal
You will apply economic principles presented in Weeks One
through Three in this week\'s assignment. Your assignment will
be reviewed by your peers and by your facilitator in week five
and should be revised as necessary based on feedback as the first
part of the final assignment in
week six.
Select a new, realistic good or service for an existing industry.

Write the economic analysis section of a business proposal. This

will include statements about the market structure and the
elasticity of demand for the good or service, based on text book
principles. You need to create hypothetical data, based on similar
real world products to estimate fixed and variable costs.
Required Elements:
Identify market structure
Identify elasticity of the product
Include rationale for the following questions:
How will pricing relate to elasticity of your product?
How will changes in the quantity supplied as a result of your
pricing decisions affect marginal cost and marginal revenue?
Besides your pricing decisions, what are your suggested
nonpricing strategies? What nonpricing strategies will you use to
increase barriers to entry?
How could changes in your business operations alter the mix
of fixed and variable costs in line with your strategy?
No more than 1400 words
Your proposal is consistent with APA guidelines
Click the Assignment Files tab to submit your assignment
Individual Assignment - Week Four Knowledge Check

Complete the Week Four Knowledge Check.

Learning Team Assignment - Learning Team Deliverable
Complete the Learning Team Deliverable.
ECO 561 - Week 4 - Business Proposal | ECO 561 - Week 4 Quiz or Knowledge Check | ECO 561 - Week 4 - Learning
Team Deliverable | ECO 561 - Week 4 - Complete |

ECO 561 Week 5

ECO 561 - Week 5 - Complete
DQ1.Briefly describe the multiplier effect. The multiplier effect
is based on two facts - what are they?
DQ2.What backs the money supply in the United States?
DQ3.After you have a chance to read the chapter, I look
forward to hearing from you on what interested you the most?
DQ4.How do mortgage backed securities work? Why did banks
think that selling mortgage backed securities would relieve them
of the risks involved with mortgage lending? How did the banks
indirectly come to once again be exposed to mortgage lending
risk? What happened to bank reserves during the mortgage debt
crisis? How did the Fed respond?

Learning Team Assignment - Peer Review

Resource: Business Proposal Feedback Checklist.
Choose two business proposals from members of your Learning
Team.
Provide feedback to your peers on the proposals using the
Business Proposal Feedback Checklist. Include detailed,
substantive comments.
Submit the completed checklists with comments to the
corresponding students.
Submit a copy of the completed checklists with comments to
your facilitator. Your comments are evaluated based on how well
they correspond with the economic principles presented in
Weeks One
through Three.
Click the Assignment Files tab to submit your assignment.
Individual Assignment - Week Five Knowledge Check
Complete the Week Five Knowledge Check.
ECO 561 - Week 5 - DQ 1 | ECO 561 - Week 5 - DQ 2 | ECO
561 - Week 5 - DQ 3 | ECO 561 - Week 5 - DQ 4 | ECO 561 Week 5 - Quiz or Knowledge Check | ECO 561 - Week 5 Peer Review | ECO 561 - Week 5 - Complete |

ECO 561 Week 6

ECO 561 - Week 6- Complete
DQ1.Is growth sustainable? Yes, say proponents of growth.
DQ2.What are the four supply factors of economic growth?
What is the demand factor? What is the efficiency factor?
Individual Assignment - Week Six Knowledge Check
Complete the Week Six Knowledge Check.
Individual Assignment - Final Proposal
Resource: Business Proposal and Peer Review feedback.
Revise your Week Four business proposal using the feedback
provided by your peers and facilitator as necessary. In addition
to your week four paper, the second part of your paper will use
the revised information to recommend appropriate pricing and
non-pricing strategies for your new or existing good or service
based on the projected economy\'s stage in the business cycle
and the prevailing projected economic conditions for one or
more macroeconomic factors.
ECO 561 - Week 6- DQ 1 | ECO 561 - Week 6- DQ 2 | ECO
561 - Week 6 - Quiz or Knowledge Check | ECO 561 - Week
6 - Final Proposal | ECO 561 - Week 6 - Learning Team
Deliverable | ECO 561 - Week 6- Complete |

ECO 561 Final Exam (Latest)

1) Suppose that in the clothing market, production costs have
fallen, but the equilibrium price and quantity purchased have
both increased. Based on this information you can conclude that
A. the supply of clothing has grown faster than the demand for
clothing
B. demand for clothing has grown faster than the supply of
clothing
C. the supply of and demand for clothing have grown by the
same proportion
D. there is no way to determine what has happened to supply
and demand with this information
2) Camille's Creations and Julia's Jewels both sell beads in a
competitive market. If at the market price of $5, both are
running out of beads to sell (they can't keep up with the quantity
demanded at that price), then we would expect both Camille's
and Julia's to:
A. raise their price and reduce their quantity supplied
B. raise their price and increase their quantity supplied
C. lower their price and reduce their quantity supplied
D. lower their price and increase their quantity supplied

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