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  Importance of a Business Plan in relation to a Small Business

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  The Importance of a Business Plan in relation to a Small Business

  Abstract

  This document will discuss, in detail, the importance of a business plan, specifically in regards to small businesses. It will explore the various levels of which a business plan can impact a potential venture through an amalgamation of different sources. There will be an examination of its effect on an individual, financial, and company level. As well as how a well-executed plan can aid in future growth. As the small business market becomes more saturated, a concise and thorough business plan is evidently increasing in its importance in correlation to success. This will be laid out in this writing in order to convey to the reader how a business plan can be of exponential value. A thoughtful business strategy is essential in laying a strong foundation for entrepreneurial pursuits.

  Keywords: Business Plan, Small Business, Success, Individual, Financial, Company
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  Ethics & Credibility in Business Communications Paper

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  COM 295 Week 2 Ethics & Credibility in Business Communications

  Write a 350- to 700-word paper (not including title and reference page) on the event you have chosen in the Learning Team Collaboration Activity according to the following criteria:

  § Explain the situation of the event.

  § Describe the company’s ethical obligation in their communications to the public.

  § Answer the following questions:

  § Did you find any evidence of communications to the general public?

  § How effective was the communication in terms of establishing credibility?

  § If not, what approach would you suggest the company take to communicate to the public to gain credibility?

  § Cite and reference at least two sources.

  Format your paper consistent with APA guidelines. Use one of the templates for APA papers provided in the Center for Writing Excellence.

  Click the Assignment Files tab to submit your assignment.
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  Communication Process COM/295 Version 3

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  Communication Process COM/295 Version 3

  University of Phoenix Material

  Communication Process

  Complete the following table.

  • Review the steps of the communication model on in Ch. 2 of Business Communication. See Figure 2.1.
  • Identify one personal or business communication scenario.
  • Describe each step of that communication using your personal or business scenario. Use detailed paragraphs in the boxes provided.

  Steps of communication model	Personal or business scenario
  1.     Sender has an idea.
  2.     Sender encodes the idea in a message.
  3.     Sender produces the message in a medium.
  4.      Sender transmits message through a channel.
  5.     Audience receives the message.
  6.     Audience decodes the message.
  7.     Audience responds to the message.
  8.     Audience provides feedback to the sender.

  Additional Insight

  Identify two potential barriers that could occur in your communication scenario and then explain how you would overcome them. Write your answer(s) below.

   
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  Inferential Statistics and Findings Paper

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  QNT 561 Week 5 Individual Assignment – Inferential Statistics and Findings

  Using the research question and two variables your learning team developed for the Week 2 Business Research Project Part 1 assignment, create a no more than 350-word inferential statistics (hypothesis test). Include:

  (a) The research question

  (b) Mock data for the independent and dependent variables

  Determine the appropriate statistical tool to test the hypothesis based on the research question.

  Conduct a hypothesis test with a 95% confidence level, using the statistical tool.

  Interpret the results and provide your findings.

  Format your paper consistent with APA guidelines.

  Submit both the spreadsheet and the paper.

  Click the Assignment Files tab to submit your assignment
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  Fundamentals of Macroeconomics Paper

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  ECO 372 Week 2 Assignment Fundamentals of Macroeconomics Paper

  Resource: Figure 3-1 in Ch. 3 of Macroeconomics.

  Part 1

  Describe the following terms in your word.

  Gross domestic product (GDP)

  Real GDP

  Nominal GDP

  Unemployment rate

  Inflation rate

  Interest rate

  Part 2

  Consider the following examples of economic activities:

  Purchasing of groceries

  Massive layoff of employees

  Decrease in taxes

  Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.

  Statistics and charts for these macroeconomic variables can be located at www.bls.gov and www.bea.gov .

  Write an APA formatted 700- to 1,500-word paper summarizing the results.  All borrowed material must be cited.  Use of graphs, analytical tables and other statistics is encouraged.
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  Vesper – A.P. Microeconomics Unit II Exam

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  Vesper – A.P. Microeconomics Unit II Exam

  Unit II Exam

   

  Multiple Choice

  Identify the letter of the choice that best completes the statement or answers the question.

   

  ____    1.   The demand for a good or service is determined by

  a.	those who buy the good or service.
  b.	the government.
  c.	the producers who create the good or service.
  d.	those who supply the raw materials used in the production of the good or service.

   

   

  ____    2.   Which of the following is not a characteristic of a perfectly competitive market?

  a.	Different sellers sell identical products.
  b.	There are many sellers.
  c.	Sellers almost always accept the price the market determines.
  d.	All of the above are characteristics of a perfectly competitive market.

   

   

  ____    3.   Which of the following would not be a determinant of the demand for a particular good?

  a.	prices of related goods
  b.	income
  c.	tastes
  d.	the prices of the inputs used to produce the good

   

   

  ____    4.   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.

   

   

  ____    5.   Ford Motor Company announces that it will offer $3,000 rebates on new Mustangs starting next month. As a result of this information, today’s demand curve for Mustangs

  a.	shifts to the right.
  b.	shifts to the left.
  c.	shifts either to the right or to the left, but we cannot determine the direction of the shift from the given information.
  d.	will not shift; rather, the demand curve for Mustangs will shift to the right next month.

   

   

  ____    6.   A higher price for batteries would result in a(n)

  a.	increase in the demand for flashlights.
  b.	decrease in the demand for flashlights.
  c.	increase in the demand for batteries.
  d.	decrease in the demand for batteries.

   

   

  ____    7.   With respect to the variables price and quantity demanded,

  a.	price and quantity demanded are independent of each other.
  b.	price is the dependent variable and quantity demanded is the independent variable.
  c.	price is the independent variable and quantity demanded is the dependent variable.
  d.	price and quantity demanded are both dependent variables, since both depend on the actions of buyers and sellers.

   

   

  Figure 4-1

   

  ____    8.   Refer to Figure 4-1. The movement from point A to point B on the graph shows

  a.	a decrease in demand.
  b.	an increase in demand.
  c.	a decrease in quantity demanded.
  d.	an increase in quantity demanded.

   

   

   

  The table shows individual demand schedules for a market.

   

  Table 4-1

  Price of the Good	Aaron	Angela	Austin	Alyssa
  $0.00	20	16	4	8
  0.50	18	12	6	6
  1.00	14	10	2	5
  1.50	12	8	0	4
  2.00	6	6	0	2
  2.50	0	4	0	0

   

   

  ____    9.   Refer to Table 4-1. Whose demand does not conform to the law of demand?

  a.	Aaron’s
  b.	Angela’s
  c.	Austin’s
  d.	Alyssa’s

   

   

  ____  10.   Refer to Table 4-1. For whom is the good a normal good?

  a.	for Aaron
  b.	for Austin
  c.	for all of the four demanders
  d.	This cannot be determined from the table.

   

   

  Figure 4-2

   

  ____  11.   Refer to Figure 4-2. The shift from D to D₁ is called

  a.	an increase in demand.
  b.	a decrease in demand.
  c.	a decrease in quantity demanded.
  d.	an increase in quantity demanded.

   

   

  ____  12.   Refer to Figure 4-2. The movement from D to D₁ could be caused by

  a.	an increase in price.
  b.	a decrease in the price of a complement.
  c.	a technological advance.
  d.	a decrease in the price of a substitute.

   

   

  ____  13.   The side of the market that deals with the willingness and ability to produce and sell is

  a.	demand.
  b.	competition.
  c.	supply.
  d.	monopoly.

   

   

  ____  14.   According to the law of supply,

  a.	the quantity supplied of a good is negatively related to the price of the good.
  b.	when the price of a good falls, the quantity supplied of the good rises.
  c.	the supply curve for a good is upward-sloping.
  d.	All of the above are correct.

   

   

  ____  15.   A decrease in the supply of televisions is represented by

  a.	a leftward shift of the supply curve for televisions.
  b.	a rightward shift of the supply curve for televisions.
  c.	a flattening of the supply curve for televisions.
  d.	a movement down and to the left along the supply curve for televisions.

   

   

  ____  16.   A decrease in the number of sellers in the market causes

  a.	the supply curve to shift to the left.
  b.	the supply curve to shift to the right.
  c.	a movement up and to the right along a stationary supply curve.
  d.	a movement downward and to the left along a stationary supply curve.

   

   

  ____  17.   A movement along the supply curve might be caused by a change in

  a.	technology.
  b.	input prices.
  c.	expectations about future prices.
  d.	the price of the good or service that is being supplied.

   

   

  ____  18.   Which of the following events could shift both the demand curve and the supply curve for a good?

  a.	A technological advance pertaining to the production of the good is observed.
  b.	Incomes of all buyers of the good increase.
  c.	The number of sellers of the good increases.
  d.	Everyone revises upward their expectation of next month’s price of the good.

   

   

  Figure 4-5

   

  ____  19.   Refer to Figure 4-5. The movement from point A to point B on the graph represents

  a.	an increased willingness and ability on the part of suppliers to supply the good at each possible price.
  b.	an increase in the number of suppliers.
  c.	a decrease in the price of a relevant input.
  d.	an increase in the price of the good that is being supplied and suppliers’ response to that price change.

   

   

  ____  20.   Recent forest fires in the western states are expected to cause the price of lumber to rise in the next 6 months. As a result we can expect the supply of lumber to

  a.	fall in 6 months, but not now.
  b.	increase in 6 months when the price goes up.
  c.	fall now.
  d.	increase now to meet as much demand as possible.

   

   

  Figure 4-6

   

  ____  21.   Refer to Figure 4-6. The movement from S to S₁ could be caused by

  a.	a decrease in the price of the good.
  b.	an improvement in technology.
  c.	an increase in income.
  d.	an increase in input prices.

   

   

  ____  22.   Refer to Figure 4-6. Suppose the supply curves that are drawn represent supply curves for single-family residential houses. Then the movement from S to S₁ could be caused by

  a.	an increase in the price of apartments (a substitute for single-family houses for many people looking for a place to live).
  b.	a newly-formed expectation by house-builders that prices of houses will increase significantly in the next six months.
  c.	a decrease in the price of lumber.
  d.	All of the above are correct.

   

   

  ____  23.   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.	quantity demanded equals quantity supplied.

   

   

   

   

   

   

   

   

  Figure 4-7

   

  ____  24.   Refer to Figure 4-7. At a price of $35,

  a.	there would be a shortage of 400 units.
  b.	there would be a surplus of 200 units.
  c.	there would be a surplus of 400 units.
  d.	there would be an excess supply of 200 units.

   

   

  ____  25.   Refer to Figure 4-7. At a price of $15,

  a.	there would be a shortage of 400 units.
  b.	there would be a surplus of 400 units.
  c.	there would be a shortage of 200 units.
  d.	there would be an excess demand of 200 units.

   

   

  ____  26.   Refer to Figure 4-7. At the equilibrium price,

  a.	200 units would be supplied and demanded.
  b.	400 units would be supplied and demanded.
  c.	600 units would be supplied and demanded.
  d.	600 units would be supplied, but only 200 would be demanded.

   

   

  Figure 4-8

   

  ____  27.   Refer to Figure 4-8. If there is currently a shortage of 30 units of the good, then

  a.	the law of demand predicts that the price will rise by $5 to eliminate the shortage.
  b.	the law of supply predicts that the price will rise by $5 to eliminate the shortage.
  c.	the law of supply and demand predicts that the price will rise by $3 to eliminate the shortage.
  d.	the law of supply and demand predicts that the price will fall from its current level by an indeterminate amount, exacerbating the shortage.

   

   

   

  Table 4-2

  PRICE	QUANTITY DEMANDED	QUANTITY SUPPLIED
  $10	10	60
  $ 8	20	45
  $ 6	30	30
  $ 4	40	15
  $ 2	50	0

   

   

  ____  28.   Refer to Table 4-2. If the price were $8, a

  a.	surplus of 50 units would exist and price would tend to fall.
  b.	surplus of 10 units would exist and price would tend to fall.
  c.	surplus of 25 units would exist and price would tend to fall.
  d.	shortage of 25 units would exist and price would tend to rise.

   

   

  ____  29.   In markets, prices move toward equilibrium because of

  a.	the actions of buyers and sellers.
  b.	government regulations placed on market participants.
  c.	increased competition among sellers.
  d.	buyers’ ability to affect market outcomes.

   

   

  ____  30.   If a surplus exists in a market we know that the actual price is

  a.	above equilibrium price and quantity supplied is greater than quantity demanded.
  b.	above equilibrium price and quantity demanded is greater than quantity supplied.
  c.	below equilibrium price and quantity demanded is greater than quantity supplied.
  d.	below equilibrium price and quantity supplied is greater than quantity demanded.

   

   

   

  Figure 4-10

   

  ____  31.   Refer to Figure 4-10. Which of the four graphs represents the market for pizza delivery in a college town as we go from summer to the beginning of the fall semester?

  a.	A
  b.	B
  c.	C
  d.	D

   

   

  ____  32.   Refer to Figure 4-10. Which of the four graphs illustrates an increase in quantity supplied?

  a.	A.
  b.	B.
  c.	C.
  d.	D.

   

   

  ____  33.   Refer to Figure 4-10. Suppose the events depicted in graphs A and C were illustrated together on a single graph. A definitive result of the two events would be

  a.	an increase in the equilibrium quantity.
  b.	an increase in the equilibrium price.
  c.	an instance in which the law of demand fails to hold.
  d.	All of the above are correct.

   

   

  Table 4-3. The demand schedule below pertains to sandwiches demanded per week.

   

  	Price	Quantity Demanded
  Alfred	$3.00	3
  	$5.00	1
  Belinda	$3.00	4
  	$5.00	2
  Charissa	$3.00	3
  	$5.00	x

   

   

  ____  34.   Refer to Table 4-3. Suppose Alfred, Belinda, and Charissa are the only demanders of sandwiches. Also suppose:

  • x = 2;
  • the current price of a sandwich is $5.00;
  • the market quantity supplied of sandwiches is 10;
  • the law of supply applies to the supply of sandwiches.

  Then

  a.	there is a shortage of 3 sandwiches and the price would be expected to rise from its current level of $5.00.
  b.	there is a shortage of 3 sandwiches and the price would be expected to fall from its current level of $5.00.
  c.	there is a surplus of 5 sandwiches and the price would be expected to rise from its current level of $5.00.
  d.	there is a surplus of 5 sandwiches and the price would be expected to fall from its current level of $5.00.

   

   

  ____  35.   In general, elasticity is a measure of

  a.	the extent to which advances in technology are adopted by producers.
  b.	the extent to which a market is competitive.
  c.	how fast the price of a good responds to a shift of the supply curve or demand curve.
  d.	how much buyers and sellers respond to changes in market conditions.

   

   

  ____  36.   If a person only occasionally buys a cup of coffee, his demand for coffee is probably

  a.	represented by a vertical or nearly-vertical demand curve.
  b.	not easily represented by a demand schedule or demand curve.
  c.	inelastic.
  d.	elastic.

   

   

  ____  37.   There are very few, if any, good substitutes for motor oil. Therefore,

  a.	the demand for motor oil would tend to be inelastic.
  b.	the demand for motor oil would tend to be elastic.
  c.	the demand for motor oil would tend to respond strongly to changes in prices of other goods.
  d.	the supply of motor oil would tend to respond strongly to changes in people’s tastes for large cars relative to their tastes for small cars.

   

   

  ____  38.   If the quantity demanded of a certain good responds only slightly to a change in the price of the good, then

  a.	the demand for the good is said to be elastic.
  b.	the demand for the good is said to be inelastic.
  c.	the law of demand does not apply to the good.
  d.	the demand curve for the good shifts only slightly in response to a change in price.

   

   

  ____  39.   The value of the price elasticity of demand for a good will be relatively large when

  a.	there are no good substitutes available for the good.
  b.	the time period in question is relatively short.
  c.	the good is a luxury as opposed to a necessity.
  d.	All of the above are correct.

   

   

  ____  40.   For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?

  a.	There are no close substitutes for this good.
  b.	The good is a luxury.
  c.	The market for the good is broadly defined.
  d.	The relevant time horizon is short.

   

   

  ____  41.   A perfectly elastic demand implies that

  a.	buyers will not respond to any change in price.
  b.	any rise in price above that represented by the demand curve will result in a quantity demanded of zero.
  c.	quantity demanded and price change by the same percent as we move along the demand curve.
  d.	price will rise by an infinite amount when there is a change in quantity demanded.

   

   

  ____  42.   An increase in price causes an increase in total revenue when

  a.	demand is elastic.
  b.	demand is inelastic.
  c.	demand is unit elastic.
  d.	All of the above are possible.

   

   

   

  Figure 5-7

   

  ____  43.   Refer to Figure 5-7. Total revenue when the price is P₂ is represented by the area(s)

  a.	B + D.
  b.	A + B.
  c.	C + D.
  d.	D.

   

   

  ____  44.   Muriel’s income elasticity of demand for football tickets is 1.50. All else equal, this means that if her income increases by 20 percent, she will buy

  a.	150 percent more football tickets.
  b.	50 percent more football tickets.
  c.	30 percent more football tickets.
  d.	20 percent more football tickets.

   

   

  ____  45.   Cross-price elasticity of demand measures how

  a.	the price of one good changes in response to a change in the price of another good.
  b.	the quantity demanded of one good changes in response to a change in the quantity demanded of another good.
  c.	the quantity demanded of one good changes in response to a change in the price of another good.
  d.	strongly normal or inferior a good is.

   

   

  ____  46.   A key determinant of the price elasticity of supply is

  a.	the ability of sellers to change the price of the good they produce.
  b.	the ability of sellers to change the amount of the good they produce.
  c.	how responsive buyers are to changes in sellers’ prices.
  d.	the slope of the demand curve.

   

   

  ____  47.   Which of the following was not a reason OPEC failed to keep the price of oil high?

  a.	Over the long run, producers of oil outside of OPEC responded to higher prices by increasing oil exploration and by building new extraction capacity.
  b.	Consumers responded to higher prices with greater conservation.
  c.	Consumers replaced old inefficient cars with newer efficient ones.
  d.	The agreement OPEC members signed allowed each country to produce as much oil as each wanted.

   

   

  ____  48.   Given the market for illegal drugs, when the government is successful in reducing the flow of drugs into the United States,

  a.	supply decreases, demand is unaffected, and price increases.
  b.	demand decreases, supply is unaffected, and price decreases.
  c.	demand and supply both decrease, leaving price essentially unchanged.
  d.	supply decreases, demand increases, and price increases substantially as a result.

   

   

  ____  49.   A price ceiling

  a.	is a legal maximum on the price at which a good can be sold.
  b.	is often imposed in markets in which “cutthroat competition” would prevail without a price ceiling.
  c.	is often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling.
  d.	All of the above are correct.

   

   

  ____  50.   A legal minimum price at which a good can be sold is

  a.	exemplified by rent-control laws.
  b.	usually intended to enhance efficiency in a market.
  c.	called a price ceiling.
  d.	called a price floor.

   

   

  ____  51.   A price ceiling will be binding only if it is set

  a.	equal to equilibrium price.
  b.	above equilibrium price.
  c.	below equilibrium price.
  d.	none of the above; a price ceiling is never binding.

   

   

  Figure 6-2

   

  ____  52.   Refer to Figure 6-2. If the government imposes a price ceiling of $8 in this market, the result would be a

  a.	surplus of 10.
  b.	surplus of 20.
  c.	shortage of 10.
  d.	shortage of 20.

   

   

  ____  53.   Under rent control, tenants can expect

  a.	lower rent and higher quality housing.
  b.	lower rent and lower quality housing.
  c.	higher rent and a shortage of rental housing.
  d.	higher rent and a surplus of rental housing.

   

   

  ____  54.   When a tax is imposed on the buyers of a good, the demand curve shifts

  a.	downward by the amount of the tax.
  b.	upward by the amount of the tax.
  c.	downward by less than the amount of the tax.
  d.	upward by more than the amount of the tax.

   

   

  ____  55.   A tax on bicycles that buyers of bicycles are required to pay shifts

  a.	the demand curve downward, causing both the price received by sellers and the equilibrium quantity to fall.
  b.	the demand curve upward, causing both the price received by sellers and the equilibrium quantity to rise.
  c.	the supply curve downward, causing the price received by sellers to fall and the equilibrium quantity to rise.
  d.	the supply curve upward, causing the price received by sellers to rise and the equilibrium quantity to fall.

   

  Figure 6-10

  ____  56.   Refer to Figure 6-10. Buyers effectively pay how much of the tax per unit?

  a.	$1.00.
  b.	$1.50.
  c.	$2.50.
  d.	$3.00.

   

   

  ____  57.   Refer to Figure 6-10. Sellers effectively pay how much of the tax per unit?

  a.	$1.00.
  b.	$1.50.
  c.	$2.50.
  d.	$3.00.

   

   

  ____  58.   Which of the following statements is correct concerning the burden of a tax imposed on candles?

  a.	Buyers bear the entire burden of the tax.
  b.	Sellers bear the entire burden of the tax.
  c.	Buyers and sellers share the burden of the tax.
  d.	We have to know whether it is the buyers or the sellers that are required to pay the tax to the government in order to make this determination.

   

   

  Figure 6-12

   

  ____  59.   Refer to Figure 6-12. In which market will the majority of the tax burden fall on the buyer?

  a.	market (a)
  b.	market (b)
  c.	market (c)
  d.	All of the above are correct.

   

   

  ____  60.   Suppose that a tax is placed on DVDs. If the sellers end up bearing most of the tax burden, we know that the

  a.	demand is more inelastic than supply.
  b.	supply is more inelastic than demand.
  c.	government has required that buyers remit the tax payments.
  d.	government has required that sellers remit the tax payments.

   
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  Microeconomics and the Laws of Supply and Demand

  $7.00

  ECO 365 Week 2 Microeconomics and the Laws of Supply and Demand

  Complete one of the following options:
  Option 1:
  Complete the Supply and Demand Simulation.
  Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following: 

  • Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
  • Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
  • Identify at least one shift of the supply curve and one shift of the demand curve in the simulation/video.
  • Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.

  Include responses to the following:

  • How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a real-world product with which you are familiar?
  • How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
  • How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
  • How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation/video?

  Cite a minimum of 3 peer reviewed sources.
  Click the Assignment Files tab to submit your assignment.
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  Final Examination Study Guide ECO/365 Version 4

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  Final Examination Study Guide ECO/365 Version 4

  ECO/365 Final Examination Study Guide

  This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers.

  Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week.

  Week One: Fundamentals of Microeconomics

   

  Objective: Differentiate between macroeconomics and microeconomics.

   

  1. Macroeconomics is
  2. the study of individual choice and how that choice is influenced by economic forces
  3. the study of the pricing policies of firms and the purchasing decisions of households
  4. the study of aggregate economic relationships
  5. an analysis of economic reality that proceeds from the parts to the whole

   

  2. The invisible hand theorem comes from
  3. microeconomics
  4. macroeconomics
  5. sociology
  6. political science

   

  Objective: Analyze the effect of changes in supply and demand on the equilibrium price and quantity.

   

  3. 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
  4. up, the quantity demanded goes up
  5. up, the quantity demanded goes down
  6. down, the quantity demanded goes down
  7. down, the quantity demanded stays the same

   

  4. Which of the following situations best demonstrates the law of demand?
  5. Moviegoers react to an increase in the price of a ticket by seeing fewer movies per year.
  6. Moviegoers see fewer movies per year due to an overall decrease in the quality of newly released motion pictures.
  7. A drought causes a decrease in the availability of pumpkins, resulting in fewer jack-o-lanterns displayed on Halloween.
  8. An increase in the number of people writing economics textbooks results in a decrease in average textbook prices.

   

  Objective: Determine how elasticities affect pricing and purchasing decisions.

   

  5. If quantity demanded does not change when the price changes, the demand
  6. is elastic
  7. is inelastic
  8. has unit elasticity
  9. is perfectly inelastic

   

  6. High gasoline prices hit commuters who live far from their jobs in areas with little public transportation hard. With few alternatives, they have to bear the higher cost. Based on this information, how would you characterize demand for gasoline by these commuters?
  7. Gasoline is a luxury good.
  8. Gasoline is an inferior good.
  9. Demand for gasoline is elastic.
  10. Demand for gasoline is inelastic.

   

  Week Two: Production and Cost Analysis

   

  Objective: Describe the relationship between the number of inputs and the law of diminishing marginal productivity.

   

  7. Mr. Woodard has found it necessary to hire more workers. However, he has observed that doubling the number of workers has less than doubled his output. What is the likely explanation?
  8. The law of diminishing marginal utility
  9. The law of diminishing marginal productivity
  10. The law of supply
  11. The law of demand

   

  8. Marginal product eventually
  9. declines because some inputs are fixed
  10. increases because some inputs are fixed
  11. declines because some inputs are variable
  12. increases because some inputs are variable

   

  Objective: Analyze the relationship between productivity and the cost of production.

   

  9. Suppose you operate a factory that produces gadgets. Your current output is 1,000 gadgets. If your fixed cost is $10,000 and your total cost is $50,000, then the
  10. average total cost of production is $500
  11. average variable cost of production is $40
  12. average variable cost of production is $50
  13. marginal cost of production is $40,000

   

  10. The average variable cost curve is a mirror image of the
  11. total product curve
  12. marginal product curve
  13. average product curve
  14. marginal cost curve

   

  Objective: Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs.

   

  11. Suppose wages and employment decrease. These changes were most likely caused by a(n)
  12. decline in immigration
  13. increase in emigration
  14. increase in the working age population
  15. decline in business activity in the economy

   

  12. The incentive effect refers to how much a person will change his or her
  13. hours worked in response to a change in the wage rate
  14. wage rate in response to a change in productivity
  15. quantity demanded of a taxed good in response to a change in the tax rate
  16. wage rate in response to a change in the tax rate on earnings

   

  Objective: Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential.

   

  13. Rachel left her job as a graphic artist, where she earned $42,000 per year, to open her own graphic arts firm. Her explicit costs for the new business include
  14. only the expenses incurred for office space, equipment, and supplies
  15. only her foregone salary of $42,000 per year
  16. both the expenses incurred for office space, equipment, and supplies, and her foregone salary of $42,000 per year
  17. neither the expenses incurred for office space, equipment, and supplies, nor her foregone salary of $42,000 per year

   

  14. If your company cell phone bill is either $40 when you use up to 300 minutes per month or $80 when you use between 300 to 400 minutes per month, the marginal cost of the 301st minute is
  15. $0.13
  16. $0.27
  17. $40
  18. $80

   

  Week Three: Market Structure

   

  Objective: Compare various market structures and their characteristics.

   

  15. A market structure in which one firm makes up the entire market is
  16. a monopoly
  17. perfect competition
  18. an oligopoly
  19. monopolistic competition

   

  16. There are many restaurants in Raleigh, North Carolina, each one offering food and services that differ from those of its competitors. There is also the free entry of sellers into the market, and each seller serves a small fraction of the total number of meals served each day. The restaurant industry in Raleigh is best categorized as
  17. an oligopoly
  18. monopolistically competitive
  19. a pure monopoly
  20. perfectly competitive

   

  Objective: Evaluate the effectiveness of competitive strategies within market structures.

   

  17. The difference between a monopolist and a monopolistic competitor is that
  18. a monopolist equates marginal revenue and marginal cost while a monopolistic competitor equates price and marginal cost
  19. the average total cost curve of a monopolistic competitor is tangent to the demand curve in long-run equilibrium, but the average total cost curve of a monopolist can be in a position below the price in long-run equilibrium
  20. the average total cost curve of a monopolist is tangent to the demand curve in long-run equilibrium, but the average total cost curve of a monopolistic competitor can be in a position below the price in long-run equilibrium
  21. the average total cost curve of a monopolist is tangent to the demand curve in long-run equilibrium, but the average total cost curve of a monopolistic competitor can be in a position above the price in long-run equilibrium

   

  18. If a perfectly competitive firm finds that price is less than the average variable cost, it should
  19. not adjust output if marginal cost equals price
  20. shut down immediately
  21. increase output until price equals marginal cost
  22. decrease output until price equals marginal cost

   

  Objective: Determine profit-maximizing strategies based on market structure analysis.

   

  19. A perfectly competitive firm facing a price of $10 decides to produce 100 widgets. If its marginal cost of producing the last widget is $12 and it seeks to maximize profit, the firm should
  20. produce more widgets
  21. produce fewer widgets
  22. continue producing 100 widgets
  23. shut down

   

  20. If a firm has a monopoly over the sale of photographic paper and seeks to maximize profits, it
  21. adjusts the price of the product until demand becomes perfectly inelastic
  22. will set the price of the product equal to the marginal cost of production
  23. will set the price of the product equal to the average total cost of production
  24. will set the price of the product so its marginal revenue equals its marginal cost

   

  Week Four: Public Policy in Economics

   

  Objective: Analyze the effect of externalities on market outcomes.

   

  21. The best example of a positive externality is
  22. roller coaster rides
  23. pollution
  24. alcoholic beverages
  25. education

   

  22. The cost of running an electrical utility includes costs for fuel, labor, and capital. In addition, there are sometimes costs associated with pollution from the utility, such as increased health care costs for people living near the utility. To an economist, the costs associated with the pollution resulting from additional electricity are
  23. marginal private costs
  24. marginal social costs
  25. the difference between marginal social costs and marginal private costs
  26. the sum of marginal social costs and marginal private costs

   

  Objective: Differentiate among horizontal, vertical, and conglomerate mergers.

   

  23. When Turner Network, producer and owner of movies, bought a local cable company, it was an example of a
  24. horizontal merger
  25. vertical merger
  26. conglomerate merger
  27. diagonal merger

   

  24. KMart^® acquired Sears^® so both companies could better compete with Walmart^®. This acquisition is an example of a
  25. vertical merger
  26. conglomerate merger
  27. horizontal merger
  28. hostile takeover

   

  Objective: Analyze the effect of government interventions, taxation, and regulations on economic behavior.

   

  25. When government imposes a per unit tax on a product, the net price producers receive for the product after all taxes typically
  26. increases by the amount of the per unit tax
  27. increases by less than the amount of the per unit tax
  28. decreases by the amount of the per unit tax
  29. decreases by less than the amount of the per unit tax

   

  26. In 1997, the federal government reinstated a 10% excise tax on airline tickets. The industry tried to pass on the full 10% ticket tax to consumers, but was only able to boost the price per plane ticket by 4%. From this, you can conclude that the
  27. demand for airline tickets is perfectly inelastic
  28. supply of airline tickets is perfectly inelastic
  29. demand for airline tickets is price elastic
  30. supply elasticity of airline tickets is less than infinity

   

  Week Five: Global Competition

   

  Objective: Determine the effect of global competition on an organization’s strategies for maximizing profits.

   

  27. Countries can expect to gain from international trade as long as they
  28. keep production diversified
  29. specialize according to their comparative advantage
  30. produce only those goods for which they have a relatively high opportunity cost
  31. use trade restrictions to reduce competition for domestic producers

   

  28. Technological changes in telecommunications have
  29. reduced the importance of services in the world economy
  30. allowed increased foreign trade in many services
  31. reduced the need for foreign trade in many services
  32. profoundly affected trade in manufactured goods with little effect on trade in services

   

  Objective: Analyze the effect of global competition on the relationship between management and labor.

   

  29. In the US, the outsourcing of service jobs, such as those in call centers, has become a political issue. How do economists typically view outsourcing?
  30. It helps both countries in the long run.
  31. It hurts both countries, because the US loses jobs and the employees of the call center are exploited with low wages.
  32. It helps the US, but hurts the country with the low-cost labor.
  33. It helps the country getting the jobs, but hurts the US.

   

  30. When a U.S. company establishes a call center in India that answers its customer service calls, the US is
  31. outsourcing, a form of importing services
  32. outsourcing, a form of exporting services
  33. insourcing, a form of importing services
  34. insourcing, a form of exporting services

   
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  Differentiating Between Market Structures

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  ECO 365 Week 4 Differentiating between Market Structures

  For this assignment, you will choose from the following options:

  o  Option 1: Differentiating Between Market Structures in Kudler

  o  Option 2: Differentiating Between Market Structures in an Organization of Your Choice

  Read the instructions in the University of Phoenix Material: Differentiating Between Market Structureslocated on the student website and select one option to complete the assignment