ECO 372 Week 1Knowledge Check

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ECO/372 Entire Course Link

https://uoptutorialstore.com/category/eco-372/

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ECO 372 Week 1Knowledge Check

Instructions

Week 1 Knowledge Check
The material presented below is not meant to be a comprehensive list of all you need to know in the content area. Rather it is a starting point for building your knowledge and skills. Additional study materials are recommended in each area below to help you master the material.
Personalized Study Guide Results:
Score:7 / 7
Concepts Mastery Questions
MACROECONOMICS 100% • 1
INTEREST RATES 100% • 2
GROSS DOMESTIC PRODUCT 100% • 3
HISTORIC ECONOMIC DATA 100% • 4• 5
DEFINITION OF ECONOMICS 100% • 6
LAW OF DEMAND 100% • 7
Concept: MACROECONOMICS
Materials on the concept:
Mastery : 100% Questions : • 2
Two Frameworks: The Long Run and the Short Run
1.
The two frameworks conventional economists generally use to analyze macroeconomic issues are
• A.
the inflation and the unemployment frameworks
• B.
the short-run and the long-run frameworks
• C.
the business cycle and the growth cycle frameworks
• D.
the stagnationist and the Post-Keynesian frameworks
Concept: INTEREST RATES
Mastery : 100% Questions : • 2
Materials on the concept:
• Real and Nominal Interest Rates
• Interest
2.
The relationship between real and nominal interest rate can be expressed by
• A.
real interest rate = nominal interest rate + inflation
• B.
real interest rate = inflation - nominal interest rate
• C.
real interest rate = nominal interest rate - inflation
• D.
The real interest rate cannot be calculated.
Concept: GROSS DOMESTIC PRODUCT
Mastery : 100% Questions : • 3
Materials on the concept:
• Calculating GDP
• The Components of GDP
• Calculating GDP: Some Examples
• Two Things to Remember about GDP
3.
Which of the following economic activities would be included in the U.S. domestic gross product (GDP)?
• A.
Illegal drug sales
• B.
Pure services, such as haircuts
• C.
Illegal prostitution
• D.
Work performed and paid for in cash to avoid income tax
Concept: HISTORIC ECONOMIC DATA
Mastery : 100% Questions : • 4• 5
Materials on the concept:
• The Phases of the Business Cycle
4.
Cyclical unemployment is defined as unemployment that results from
• A.
fluctuations in economic activity
• B.
structural changes in the economy
• C.
changes in technology
• D.
the aging of the population
5.
The longest business cycle expansion in U.S. history occurred in the 10 years from
• A.
1919 until 1929
• B.
1938 until 1948
• C.
1959 until 1969
• D.
1991 until 2001
Concept: DEFINITION OF ECONOMICS
Mastery : 100% Questions : • 6
Materials on the concept:
• What Economics Is
6.
Economics is the study of how
• A.
governments allocate resources in the face of constraints
• B.
government policies can be used to meet individuals' wants and desires
• C.
human beings coordinate their wants and desires
• D.
scarce resources are allocated to their most productive uses
Concept: LAW OF DEMAND
Mastery : 100% Questions : • 7
Materials on the concept:
• The Law of Demand
7.
Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to
• A.
increase the demand for diesel cars
• B.
decrease the demand for gasoline
• C.
decrease the demand for diesel cars
• D.
increase the demand for gasoline

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