Eco 365 Principles of Microeconomics Entire Course

ECO 365 Principles Of Microeconomics Entire Course
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ECO 365 Principles Of Microeconomics Entire Course

ECO 365 Mergers & Joint Ventures Team c

ECO 365   Week 1 Knowledge Check


1.
Price elasticity of demand is the
2.
In general, the greater the elasticity, the
3.
The price elasticity of supply is the
4.
The distinction between demand and the quantity demanded is best made by saying that
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 unable to recall 183 sheets that had already been sold. The effect of
this recall was to
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
7.
                              Mike                   Janet
  Price                 Quantity             Quantity
Per peck             in pecks               in pecks
  $1                         22                       6
  $2                         18                       3
  $3                         14                       0
  $4                         10                       0
  $5                           6                       0
8.
Economics is the study of how
9.
To engage in economic reasoning, one must compare
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?
11.
The law of demand states that the quantity demanded of a good is inversely related to the
price of that good. Therefore, as...