ECO 372 All Assignments
ECO 372 All Assignments (2 Set)
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ECO 372 Week 1 Assignment Ten Principles of Economics and the Data of Macroeconomics (2 Papers)
ECO 372 Week 2 Assignment The Real Economy in the Long Run (2 Papers)
ECO 372 Week 2 Principles of Economics and the Data of Macroeconomics (2 Papers)
ECO 372 Week 3 Team Assignment Money and the Prices in the Long Run and Open Economies (2 Papers)
ECO 372 Week 4 Team Assignment Short-Run Economic Fluctuations (2 PPT)
ECO 372 Week 5 Team Assignment Major Debates over Macroeconomic Policy (2 Papers)
ECO 372 Week 1 Individual Assignment Macroeconomic Terms
ECO 372 Week 1 Individual Assignment Economic Definitions Worksheet (New)
ECO 372 Week 1 Knowledge Check
ECO 372 Week 1 Discussion Question 1
ECO 372 Week 1 Discussion Question 2
ECO 372 Week 2 knowledge Check
ECO 372 week 2 Team Weekly Reflection Economic Forecasting Paper (2 Papers)
ECO 372 Week 2 Discussion Question 1
ECO 372 Week 2 Group Discussion Question
ECO 372 Week 2 Individual Assignment Product Purchases and the Economy
ECO 372 Week 3 Discussion Question 1
ECO 372 Week 3 Group Discussion Question
ECO 372 Week 3 knowledge Check
ECO 372 Week 3 Team Assignment Fiscal Policy Paper (New)
ECO 372 Week 4 Discussion Question 1
ECO 372 Week 4 Group Discussion Question
ECO 372 Week 4 Team Reflection Supply Chain and Demand Model
ECO 372 Week 4 Individual Assignment International Economics Paper (New)
ECO 372 Week 4 knowledge Check
ECO 372 Week 5 Discussion Question 1
ECO 372 Week 5 Discussion Question 2
ECO 372 Week 5 Team Assignment Deficit and Debt Presentation (New)
ECO 372 Week 5 knowledge Check
ECO 372 Final Exam (New)
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. News Story: Workers at a car-manufacturing plant in Flint, Michigan are laid off because the economy is weak and
GM cars aren't selling well. GM isn't sure when the plant will reopen. What type of unemployment describes the workers' situation?
ﾧ Frictional unemployment
ﾧ Structural unemployment
ﾧ Full unemployment
ﾧ Cyclical unemployment
2. Globalization that allows governments to pursue expansionary policies can be dangerous because it can lead to:
ﾧ A reduction in the debt ceiling
ﾧ Goods price inflation
ﾧ Asset price inflation
ﾧ Goods price deflation
3. Macroeconomics is:
ﾧ The study of aggregate economic relationships.
ﾧ An analysis of economic reality that proceeds from the parts to the whole.
ﾧ The study of pricing policies of firms and the purchasing decisions of households.
ﾧ The study of individual choice and how that choice is influenced by economic forces.
4. Which of the following types of unemployment is considered to be the most controllable through demand-side macroeconomic policy?
ﾧ Frictional unemployment
ﾧ Cyclical unemployment
ﾧ Structural unemployment
ﾧ Natural unemployment
5. If banks hold excess reserves whereas before they did not, the money multiplier:
ﾧ Will become smaller
ﾧ Will become larger
ﾧ Might increase or might decrease
ﾧ Will be unaffected
6. Using the expenditure approach, gross domestic product equals:
ﾧ The sum of consumption, investment, government purchases, and net exports
ﾧ Gross national product minus net exports
ﾧ The sum of consumption, investment, and government purchases
ﾧ Gross national product
7. How do investment in technology and investment in capital differ?
ﾧ They have similar effects on output so they have no important differences from an economic point of view.
ﾧ They have the same effects on output but investments in technology are much more closely tied to the level of saving than investments in capital.
ﾧ They have different effects on output because of the positive externalities associated with investments in capital.
ﾧ They have different effects on output because of the positive externalities associate with investments in technology.
8. The interest rate is the price paid for use of a:
ﾧ Real asset.
ﾧ Financial liability.
ﾧ Financial asset.
ﾧ Real liability.
9. If the reserve requirement is 20 percent, and banks keep no excess reserves, an increase in an initial inflow of $100 into the banking system will cause an increase in the money supply of:
ﾧ $50
ﾧ $100
ﾧ $500
ﾧ $20
10. Suppose farmers can use their land to grown either wheat or corn. The law of supply predicts that an increase in the market price of wheat will cause:
ﾧ Farmers to substitute wheat for the production of corn.
ﾧ Farmers to raise the production of corn and wheat.
ﾧ Farmers to lower the production of corn and wheat.
ﾧ Farmers to substitute corn for the production of wheat.
11. According to Keynes, why might deflation create problems for an economy?
ﾧ In expectation of increased spending, too many entrepreneurs would begin businesses and most would fail.
ﾧ The cost of repricing goods would increase costs, and therefore reduce profits, for businesses and they would cut production.
ﾧ People would drop out of unions because unions would become ineffective at keeping wages of members high.
ﾧ Consumers might expect prices to fall further and cut back consumption now.
12. When interest rates rise, people are:
ﾧ More likely to borrow, that is, purchase a financial asset.
ﾧ More likely to borrow, that is, sell a financial asset.
ﾧ Less likely to borrow, that is, sell a financial asset.
ﾧ Less likely to borrow, that is, purchase a financial asset.
13. According to the Classical growth model, an economy that increases its saving will grow:
ﾧ Quickly since the increase in saving will permit greater investment.
ﾧ Quickly since the increase in saving will permit more rapid technological progress.
ﾧ Slowly because interest rates will fall, causing investment to decline.
ﾧ Slowly because consumption and aggregate demand will be reduced.
14. Suppose that consumer spending is expected to decrease in the near future. If output is at potential output, which of the following policies is most appropriate according to the AS/AD model?
ﾧ A reduction in government spending
ﾧ An increase in taxes
ﾧ An increase in government spending
ﾧ No change in taxes or government spending
15. Which of the following topics is best characterized as a macroeconomic issue?
ﾧ The effect of a drought on the price of corn
ﾧ The decision by Apple to produce fewer Macintosh computers
ﾧ The effect of an increase in federal spending on the unemployment rate
ﾧ The choice a student makes in selecting college course
16. If income increases more rapidly than expected, then:
ﾧ Estimates of the target rate of employment are likely to increase.
ﾧ The budget is less likely to be in surplus.
ﾧ Tax revenues will be lower than expected.
ﾧ Spending on income-support programs will likely be lower than expected.
17. In which of the following situations is a budget surplus most likely to occur?
ﾧ When fiscal policy is contractionary and the economy is expanding
ﾧ When fiscal policy is expansionary and the economy is contracting
ﾧ When fiscal policy is expansionary
ﾧ When the economy is contracting
18. The largest expenditure component of GDP is:
ﾧ Government spending
ﾧ Net exports
ﾧ Investment
ﾧ Consumption
19. Which of the following is the path through which contractionary monetary policy works?
ﾧ Money down implies interest rate up implies investment up implies income down.
ﾧ Money down implies interest rate down implies investment down implies income down.
ﾧ Money down implies interest rate up implies investment down implies income down.
ﾧ Money down implies interest rate down implies investment up implies income down.
20. As a country develops economically, what changes usually take place in the goods it exports?
ﾧ There is little change because comparative advantage does not change.
ﾧ Exports go from being diversified to being specialized in whatever the country finds to its comparative advantage.
ﾧ Services and manufactured goods decline in importance and are replaced by raw materials and agricultural products.
ﾧ Raw materials and agricultural products decline in importance and are replaced by services and manufactured goods.
21. What would make foreigners want to buy more from the United States?
ﾧ Higher tariffs
ﾧ Higher interest rates in the United States
ﾧ Inflation in the United States
ﾧ A fall in the value of the dollar in the foreign exchange market
22. The depreciation of currency will:
Balance a trade surplus.
ﾧ Have no impact on a country's comparative advantage.
ﾧ Worsen a country's comparative advantage.
ﾧ Improve a country's comparative advantage.
23. The government of Crossland wants to influence its exchange rate. It will do so by buying and selling:
ﾧ Currencies in its official reserves
ﾧ Commodities
ﾧ Goods and services from the current account
ﾧ Transfers
24. If a country wants to prevent its exchange rates from falling, it could:
ﾧ Place restrictions on imports
ﾧ Pursue easier monetary policy
ﾧ Remove any subsidies on exports
ﾧ Remove restrictions on imports
25. Central banks are responsible for:
ﾧ Both monetary policy and fiscal policy
ﾧ Monetary policy but not fiscal policy
ﾧ Neither monetary policy nor fiscal policy
ﾧ Fiscal policy but not monetary policy
26. Quotas and tariffs can:
ﾧ Never have the same effect on imports and import prices.
ﾧ Have the same effect on the price of domestically produced goods if they are set appropriately.
ﾧ Yield the same amount of tax revenue if they are set appropriately.
ﾧ Both increase international trade by the same amount if set appropriately.
27. Between 2007 and 2009, the U.S. unemployment rate rose from under 5 percent to over 8 percent. A Keynesian economist would most likely blame this increase in unemployment on:
ﾧ An increase in the minimum wage.
ﾧ An increase in the bargaining power of labor unions.
ﾧ A decline in the level of aggregate demand.
ﾧ A decline in aggregate supply.
28. U.S. imports involve an:
ﾧ Inflow of foreign currency from foreigners to the U.S. economy
ﾧ Inflow of dollars from foreigners to the United States economy
ﾧ Outflow of foreign currency from the United States to foreigners
ﾧ Outflow of dollars from the United States to foreigners
29. The law of demand states that quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes:
ﾧ Up, the quantity demanded goes down.
ﾧ Down, the quantity demanded stays the same.
ﾧ Up, the quantity demanded also goes up.
ﾧ Down, the quantity demanded goes down.
30. According to Keynes, market economies:
ﾧ Never experience significant declines in aggregate demand.
ﾧ Are constantly experiencing significant declines in aggregate demand.
ﾧ May recover slowly after they experience a significant decline in aggregate demand.
ﾧ Quickly recover after they experience a significant decline in aggregate demand.
ECO 372 Final Exam Guide (New 2017)
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1.
Martha lends $200 to a friend who promises to return it after a year. Instead of lending it to her friend, Martha could have put the money in a bank where she could have earned an interest rate of 2 percent per annum. Martha's opportunity cost of lending the money is _____.
2
The exhibit given below shows the short-run aggregate demand and supply curves in an economy, AD1 and AS1, and the long-run aggregate supply curve, LRAS. The economy was initially in equilibrium when there was a decrease in aggregate demand, causing a shift of the aggregate demand curve from
AD1 to AD2. Which of the following is true in this case?
The economy will move from point B to point A in the short run and then to point C in the long run.
The economy will move from point C to point B in the short run and then eventually to point A.
The economy will move from point D to point A in the short run and then to point C in the long run.
The economy will move from point D to point C in the long run.
3
Suppose an economy is in long-run equilibrium. An increase in consumption expenditure will:
a) shift the short-run aggregate supply curve rightward and increase both the price level and real output in the long run.
b) decrease both the price level and real gross domestic product in the long run.
c) increase the price level in the long run but have no effect on real gross domestic product.
d) shift the aggregate demand curve rightward and increase the real output in the long run.
4
In the long run, a higher saving rate:
always leads to a higher level of productivity because of increasing returns to scale.
does not lead to a higher level of income because of deterioration in labor productivity.
always leads to a higher growth rate of output because of improvement in the stock of human capital.
does not always lead to a higher growth rate of output because of diminishing returns to capital.
5.
Suppose the net foreign investment in Italy is positive. This implies that:
Italians are buying more foreign assets than foreigners are buying Italian assets.
foreigners are buying relatively more Italian assets.
Italy is experiencing a net capital inflow.
foreign direct investment in Italy is higher than foreign portfolio investment in the country.
5)
Suppose the net foreign investment in Italy is positive. This implies that:
Italians are buying more foreign assets than foreigners are buying Italian assets.
foreigners are buying relatively more Italian assets.
Italy is experiencing a net capital inflow.
foreign direct investment in Italy is higher than foreign portfolio investment in the country.
6)
The circular-flow diagram shows that:
firms receive wages and profits from households in the products market.
households sell the factors of production to firms in the inputs market.
households supply resources to firms in the products market.
firms supply labor and other resources to the government in the factor market.
7)
The table given below shows the total amount of spending in the country of Mesodonia. Mesodonia's
gross domestic product is:
8
The country of Merilya exported goods and services worth $1.2 million and imported goods and services worth $2.7 million. The net exports of the country was _____.
9
Suppose the Fed purchases government bonds through open-market operations. All other things remaining equal, this is likely to:
decrease the price level and increase the real wealth of consumers.
decrease the price level and make domestic goods less expensive relative to foreign goods.
increase the price level and eventually decrease the interest rate and investment spending.
increase the price level and eventually decrease the demand for money as well as goods and services.
10
A rise in the price of bacon from $14 per pound to $16 per pound will reduce the purchasing power of the dollar by:
0.55 pounds of bacons.
0.06 pounds of bacon.
5 pounds of bacon.
2 pounds of bacon.
11.
A difference between commodity money and fiat money is that:
fiat money cannot be used as a unit of account.
commodity money is used in a barter economy.
fiat money does not have any intrinsic value.
commodity money cannot be used as a unit of account.
12
Suppose the net capital outflow from Zenovia is negative. This implies that:
the real interest rate in Zenovia is high.
the real interest rate in foreign countries is higher than in Zenovia.
foreigners are not interested in buying assets in Zenovia.
the citizens of Zenovia are investing more in foreign assets than foreigners are investing in assets in Zenovia.
13
There is an increase in human capital when _____.
Shiroh persuades the management of her company to offer more perks to employees
Sue rents a laser printer to teach her employees how to fix it
Samantha receives training in quality management after joining a new firm
Susie puts in more than 8 hours of work at her workplace every day
14
After retirement, Molly deposits $500,000 in a local bank in Merrina. At an interest rate of 4 percent, she will receive approximately _____ after 3 years.
15
Ruth wants to calculate the present value of a sum of money that she will receive after the demise of her grandparents. To calculate the present value, she should use the:
expenditure method.
discounting method.
value-added method.
compounding method.
16
The buyers and sellers in the country of Perylia use corn as a medium of exchange. This means that:
Perylia uses commodity money.
corn cannot be used as a store of value or as a unit of account in Perylia.
Perylia uses fiat money.
corn can be used as a store of value but not as a unit of account in Perylia.
17
Scarcity occurs because of:
the excess of quantity supplied over quantity demanded.
overutilization of labor.
limited human needs and wants.
the limited supply of resources.
18
The Phillips curve shows:
the negative relationship between inflation and unemployment.
the positive relationship between the interest rate and the supply of money.
the positive relationship between the price level and aggregate supply.
the negative relationship between the interest rate and the demand for money.
19
Ephlon Inc., an Italian bike manufacturer, opens a factory in the United States. This is an example of:
the accumulation of human capital.
the catch-up effect.
a foreign direct investment.
a foreign portfolio investment.
20
Jack is an out-of-work sculptor. He has been looking for a job for the last two years. Unable to find any, he has given up his job search. Which of the following is true in this case?
This is an example of frictional unemployment.
This is an example of structural unemployment.
He is a part of the unemployed labor force.
He is a discouraged worker and will not be included in the calculation of the unemployment rate.
21
Suppose the central bank of a country undertakes an expansionary monetary policy. Which of the following is most likely to be the effect of such a policy, all other things remaining unchanged?
An increase in the price level that reduces the real value of households' money holdings and stimulates consumer spending
An increase in the price level that stimulates spending on net exports and increases the demand for money
A decrease in the price level that reduces the amount of money that people want to hold and decreases the interest rate.
A decrease in the price level that reduces the interest rate and lowers the real value of the domestic currency foreign-exchange market.
22
Following the unexpected good performance of Leathex, all its employees were given a one-time bonus. This consequently led to a rightward shift of the demand curve for shoes manufactured by the company and a leftward shift of the demand curve for socks. This shows that shoes are:
inferior goods.
substitutes.
normal goods.
complementary goods.
23
23
A higher interest rate in a country:o
encourages citizens to buy foreign assets.
makes domestic bonds less attractive to foreigners.
lowers saving in the country and decreases the quantity of loanable funds supplied.o
discourages investment and decreases the quantity of loanable funds demanded.
24
If the price level in an economy is 120 and the equilibrium price level is 100, _____.o
people will want to hold more money than is supplied by the central banko
the demand for money curve will shift to the left
the purchasing power of money will increase
the supply of money is likely to exceed the demand for money
25
25
A recent survey showed the health benefits of cranberry juice for treating heart and other respiratory disorders. The exhibit below shows that the initial demand curve for cranberry juice is D1. Which of the following is likely to be a consequence of the publication of the survey?
The demand curve will shift from D1 to D3.
There will be a movement from point A to point C on D1.
The demand curve will shift from D1 to D2.
There will be a movement from point A to point B on D1.
26
Keynesian economists believe that when an economy is in a recession, the government should:o
decrease tax rates rather than increase government spending because households always view such tax cuts as permanent and increase their current consumption.
increase its purchases rather than decrease taxes because households save a part of the increase in their income as a result of tax cuts.
increase the money supply in the economy so that interest rates decline, reducing the cost of borrowing to finance new investment projects.
o
increase the money supply in the economy so that an excess supply of money can induce households to increase their consumption expenditure.
27
The Marions purchased a Persian rug worth $5,000 from an Iranian textile mill. Everything else remaining unchanged, this will:
decrease the consumption expenditure in the domestic country by $5,000.
decrease the net imports of the domestic country by $5,000.
reduce the net exports of the domestic country by $5,000.
increase the gross domestic product of the domestic country by $5,000.
28
As more capital is used in the production process, the amount of other inputs being fixed, the production function becomes:
o
flat because the extra output produced from an additional unit of capital decreases.
steep because the extra output produced from an additional unit of capital decreases.
steep because the extra output produced from an additional unit of capital increases.
flat because the extra output produced from an additional unit of capital increases.
29
The natural rate of unemployment in a country is 4 percent. This implies that:o
the country has an unemployment rate of 4 percent in the short run.o
the country has a 4 percent unemployment rate when the labor market is in equilibrium. o
4 percent of the labor force is unemployed at any given point of time.
the unemployment rate is constant at 4 percent over time.
30
Which of the following is true according to the circular-flow diagram?
o
Firms receive wages, rent, and profit from the government.
Firms receive income from households.
Households receive revenue from the government.
Households receive wages, rent, and profit from firms.
ECO 372 Week 1 Assignment Ten Principles of Economics and the Data of Macroeconomics (2 Papers)
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Your organization's CEO is concerned that members of the strategic planning committee are not familiar with current economic thought and principles. The CEO has assigned you the task of developing an 875-word report to introduce some of these thoughts and principles. Use Chapters 1, 2, 3, 4, 5, 6 and 7 in Principles of Macroeconomics as your only source.
Explain the following information in your report to members of the strategic planning committee:
How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources
Using the circular flow model, explain the flow of money and goods in an economy.
How the economy coordinates society's independent economic actors
A country's gross domestic product (GDP) and how it is defined and calculated
How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
ECO 372 Week 1 Discussion Question 1
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What is the difference between real and nominal GDP? Does GDP accurately reflect our nation's well being? Explain.
ECO 372 Week 1 Discussion Question 2
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Unemployment rate measures the number of unemployed workers in the labour force. List and explain three types of unemployment. Find the most recent unemployment rate of your state. From a personal perspective, can you explain your view of the current job market in your local area?
ECO 372 Week 1 Individual Assignment Economic Definitions Worksheet (New)
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Complete the Macroeconomic Terms Worksheet.
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ECO 372 Week 1 Individual Assignment Macroeconomic Terms
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The Macroeconomic Terms.
ECO 372 Week 1 Knowledge Check
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1.The two frameworks conventional economists generally use to analyze macroeconomic issues are
2.The relationship between real and nominal interest rate can be expressed by
3.Which of the following economic activities would be included in the U.S. domestic gross product (GDP)?
4.Cyclical unemployment is defined as unemployment that results from
5.The longest business cycle expansion in U.S. history occurred in the 10 years from
6.Economics is the study of how
7.Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected
ECO 372 Week 2 Assignment The Real Economy in the Long Run (2 Papers)
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Select on an organization and a product line or specific product from the Fortune 500 [Use the University Library to locate this list] in one of the following industries: Transportation, Manufacturing, or Housing.
The organization's strategic plan calls for an aggressive growth plan, requiring investment in facilities and equipment, growth in productivity, and labor over the next five years. It is your team's task to determine where, outside the United States, your organization should locate its new manufacturing plant.
Develop a 10-15 slide PPT that recommends an off-shore country and support your choice with the following data:
o The factors that determine the country's productivity
o How the country's policies influence its productivity growth
o How the country's financial system is related to key macroeconomic variables
o How your organization can reduce the risk they would face in relocating
o The current and projected unemployment over the next five years
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
SupportingMaterial:Grading Guide
ECO 372 Week 2 Discussion Question 1
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How do Classical and Keynesian economists differ in their view of the aggregate supply curve?How does this influence what Classical and Keynesian economists believe about fiscal policy?
Do you think the current President and Congress were taking Classical approach in their fiscal policies? Explain your answer.
ECO 372 Week 2 Group Discussion Question
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What is the difference between contractionary and expansionary fiscal policies? Which is more appropriate today? Explain your answer. How might contractionary and expansionary fiscal policies affect your organization?
ECO 372 Week 2 Individual Assignment Product Purchases and the Economy
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You've been debating on making a purchase for yourself. This is a product you've wanted for a while, but one that requires budgeting because you will be making monthly payments.
Select a product in which the demand for the product is clearly affected by the strength or weakness of the overall economy such as new homes, cars, appliances, smart phones, etc.
Write a 1,050- to 1,400-word paper in which you address the following:
ﾷ Identify and define two economic indicators that reflect the strength of the economy (e.g. real GDP, unemployment rate, inflation rate, interest rate, housing starts, etc.).
ﾷ With these economic indicators in mind, how has the economy affected the demand for and supply of your selected product over the last 2 years?
ﾷ What was the impact on the supply of the product and the impact on the demand for the product?
ﾷ Explain the impact on the price of the product and your decision on whether or not to buy the product.
ﾷ Include responses to the following:
o How might you apply what you learned about supply and demand to your work place or your understanding of the product you are considering purchasing?
o How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the price of the product?
Cite a minimum of three peer-reviewed sources not including your textbook.
Click the Assignment Files tab to submit your assignment.
ECO 372 Week 2 knowledge Check
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1.The globalized AS/AD curve is the standard AS/AD model with an added
2.According to Say's Law, people
3.A shift in the long-run aggregate supply curve will change
4.The hypothesis about the macroeconomy that sees the recent problems with the U.S. economy directly related to the structural problems caused by globalization is referred to as the __________ hypothesis.
8.The central difference between the standard theory and the structural stagnation hypothesis when it comes to growth is
5.In 2009, the personal savings rate rose. If the additional savings were not translated into investment, Keynes would predict that aggregate income would
6.According to the Keynesian model,
7.The study of economic growth focuses on the factors that cause an
ECO 372 Week 2 Principles of Economics and the Data of Macroeconomics (2 Papers)
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Your organization's CEO is concerned that members of the strategic planning committee are not familiar with current economic thought and principles. The CEO has assigned you the task of developing an 875-word report to introduce some of these thoughts and principles. Use Chapters 1, 2, 3, 4, 5, 6 and 7 in Principles of Macroeconomics as your only source.
Explain the following information in your report to members of the strategic planning committee:
ﾷ How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources
ﾷ Using the circular flow model, explain the flow of money and goods in an economy.
ﾷ How the economy coordinates society's independent economic actors
ﾷ A country's gross domestic product (GDP) and how it is defined and calculated
ﾷ How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living
Format consistent with APA guidelines.
ECO 372 Week 3 Discussion Question 1
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What is the difference between contractionary and expansionary monetary policy? Which is more appropriate today? What are the impacts of this policy on US economy?
ECO 372 Week 3 Group Discussion Question
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What are the uses of money?Describe how rapid inflation can undermine money's ability to perform its three basic functions. Will current Fed's policy hinder money's ability to perform its three basic functions? Explain your rational.
ECO 372 Week 3 knowledge Check
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1.If you expect interest rates to rise, you will want to be holding
2.The interest rate is the price paid for the use of a
3.Which of the following do policy makers tend to target when setting monetary policy?
4.If the Federal Reserve reduced its reserve requirement from 6.5 percent to 5 percent, this policy would most likely
5.If banks hold excess reserves whereas before they did not, the money multiplier
6.The process of money multiplier depends on
7.Quantitative easing refers to
8.If the Fed wants an easier monetary policy, it might
9.When the Fed raised the interest rates between 2004 and 2007, the Federal Reserve
ECO 372 Week 4 Discussion Question 1
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Who benefits from a tariff or quota? Who loses? What are the positives and negatives of protectionist trade policies? Which policy is best right now?
ECO 372 Week 4 Group Discussion Question
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Define trade surplus and trade deficit? How do trade deficits and surpluses affect exchange rate and the industry in which you work?
ECO 372 Week 4 Individual Assignment International Economics Paper
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Select an organization that both U.S. and international presences.
Write a 1,050- to 1,400-word paper in which you answer address the following:
ﾷ What does the president and congress do to stimulate the economy? What does the president and congress do to contract the economy?
ﾷ What does the Federal Reserve do to stimulate the economy? What does the Federal Reserve do to contract the economy?
ﾷ What motivates policymakers to stimulate the economy or contract the economy?
ﾷ Based on your research, what does the Federal Reserve say about its policy goals?
ﾷ What does the Federal Reserve say about the strength of the economy?
ﾷ How does the strength of other economies outside of the U.S. affect your organization?
ﾷ Based on your research, recommend changes in your organization's competitive strategies or supply chain.
Use a minimum of 3 peer reviewed sources not including your textbook.
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ECO 372 Week 4 knowledge Check
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1.In the long-run framework, budget surpluses
2. The budget deficit or surplus is
3.Deficits and surpluses are best viewed as
4.Suppose the government increases spending by $30 billion and raises taxes at by $20 billion at the same time. Then,
5 Because automatic stabilizers lower transfer payments and raise tax receipts as an economy recovers from a recession, they
6.Most of the government budget is mandatory spending through programs like Medicare and Social Security, and much of the rest is politically difficult to alter. Because of this,
ECO 372 Week 4 Team Assignment Short-Run Economic Fluctuations (2 PPT)
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Select an organization your team is familiar with or an organization where a team member currently works.
Create a 15- to 20-slide Microsoftﾮ PowerPointﾮ presentation that will be presented to the organization's Executive Committee. The presentation should cover the following items:
ﾷ Identify the three key facts about short-run economic fluctuations and how the economy in the short run differs from the economy in the long run.
ﾷ Explain economic fluctuations and how shifts in either aggregate demand or aggregate supply can cause booms and recessions using the model of aggregate demand and aggregate supply.
ﾷ Explain how monetary policy affects interest rates and aggregate demand.
ﾷ Analyze how fiscal policy affects interest rates and aggregate demand.
ﾷ Evaluate why policymakers face a short-run trade-off between inflation and unemployment.
ﾷ Evaluate why the inflation-unemployment trade-off disappears in the long run.
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
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ECO 372 Week 4 Team Reflection Supply Chain and Demand Model
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Discuss the relationship between supply chain and the supply and demand model.
Prepare a 350- to 1,050- word paper detailing the findings of your discussion.
ECO 372 Week 5 knowledge Check
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1.In the U.S. current account, most of the trade deficit results from an excess of imported
2.What is the difference between the balance of trade and the balance of payments?
3.If a government has implemented significantly higher trade tariffs, but does not want this action to affect the value of its currency, it will
4. During 2007, the United States and Japan announced possible limits on Chinese imports through higher tariff rates on Chinese products. To avoid these limits, China would have to
5.If a country wants to prevent its exchange rate from falling, it could
6.All other things being equal, an increase in trade restrictions on imports willq
ECO 372 Week 5 Team Assignment Deficit and Debt Presentation
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Create a 15- to 18-slide PowerPointﾮ presentation including detailed speaker notes in which you include the following:
ﾷ Research the direction of monetary policy over the last 3-5 years. Has the money supply increased or decreased? Explain. Have interest rates increased or decreased? Explain.
ﾷ Describe the impact of these monetary policies on the U.S. economy
ﾷ Describe the impact of these monetary policies on your team's selected organization.
ﾷ Have events in the economies of other countries impacted the U.S. economy? If so, explain.
ﾷ What are expectations regarding the strength of the U.S. economy in the next 2 years?
ﾷ How do changes in the value of the U.S. dollar impact your selected organization?
ﾷ Make recommendations for your organization regarding how to best compete in the expected global economy.
Include a minimum of 3 peer reviewed sources not including your text.
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ECO 372 Week 5 Team Assignment Major Debates over Macroeconomic Policy (2 Papers)
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Select two subjects from the following list of topics and write a 1,050-word analysis:
ﾷ Active monetary and fiscal policy
ﾷ Increased government spending to fight recessions
ﾷ Reducing federal government's discretionary powers
ﾷ Zero-inflation target
ﾷ Balanced government budget
ﾷ Tax incentives for saving
Evaluate both the advocates' position and the critics' position.
Determine which position you support and defend your position.
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
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Content
ECO 372 All Assignments (2 Set)
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ECO 372 Week 1 Assignment Ten Principles of Economics and the Data of Macroeconomics (2 Papers)
ECO 372 Week 2 Assignment The Real Economy in the Long Run (2 Papers)
ECO 372 Week 2 Principles of Economics and the Data of Macroeconomics (2 Papers)
ECO 372 Week 3 Team Assignment Money and the Prices in the Long Run and Open Economies (2 Papers)
ECO 372 Week 4 Team Assignment Short-Run Economic Fluctuations (2 PPT)
ECO 372 Week 5 Team Assignment Major Debates over Macroeconomic Policy (2 Papers)
ECO 372 Week 1 Individual Assignment Macroeconomic Terms
ECO 372 Week 1 Individual Assignment Economic Definitions Worksheet (New)
ECO 372 Week 1 Knowledge Check
ECO 372 Week 1 Discussion Question 1
ECO 372 Week 1 Discussion Question 2
ECO 372 Week 2 knowledge Check
ECO 372 week 2 Team Weekly Reflection Economic Forecasting Paper (2 Papers)
ECO 372 Week 2 Discussion Question 1
ECO 372 Week 2 Group Discussion Question
ECO 372 Week 2 Individual Assignment Product Purchases and the Economy
ECO 372 Week 3 Discussion Question 1
ECO 372 Week 3 Group Discussion Question
ECO 372 Week 3 knowledge Check
ECO 372 Week 3 Team Assignment Fiscal Policy Paper (New)
ECO 372 Week 4 Discussion Question 1
ECO 372 Week 4 Group Discussion Question
ECO 372 Week 4 Team Reflection Supply Chain and Demand Model
ECO 372 Week 4 Individual Assignment International Economics Paper (New)
ECO 372 Week 4 knowledge Check
ECO 372 Week 5 Discussion Question 1
ECO 372 Week 5 Discussion Question 2
ECO 372 Week 5 Team Assignment Deficit and Debt Presentation (New)
ECO 372 Week 5 knowledge Check
ECO 372 Final Exam (New)
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. News Story: Workers at a car-manufacturing plant in Flint, Michigan are laid off because the economy is weak and
GM cars aren't selling well. GM isn't sure when the plant will reopen. What type of unemployment describes the workers' situation?
ﾧ Frictional unemployment
ﾧ Structural unemployment
ﾧ Full unemployment
ﾧ Cyclical unemployment
2. Globalization that allows governments to pursue expansionary policies can be dangerous because it can lead to:
ﾧ A reduction in the debt ceiling
ﾧ Goods price inflation
ﾧ Asset price inflation
ﾧ Goods price deflation
3. Macroeconomics is:
ﾧ The study of aggregate economic relationships.
ﾧ An analysis of economic reality that proceeds from the parts to the whole.
ﾧ The study of pricing policies of firms and the purchasing decisions of households.
ﾧ The study of individual choice and how that choice is influenced by economic forces.
4. Which of the following types of unemployment is considered to be the most controllable through demand-side macroeconomic policy?
ﾧ Frictional unemployment
ﾧ Cyclical unemployment
ﾧ Structural unemployment
ﾧ Natural unemployment
5. If banks hold excess reserves whereas before they did not, the money multiplier:
ﾧ Will become smaller
ﾧ Will become larger
ﾧ Might increase or might decrease
ﾧ Will be unaffected
6. Using the expenditure approach, gross domestic product equals:
ﾧ The sum of consumption, investment, government purchases, and net exports
ﾧ Gross national product minus net exports
ﾧ The sum of consumption, investment, and government purchases
ﾧ Gross national product
7. How do investment in technology and investment in capital differ?
ﾧ They have similar effects on output so they have no important differences from an economic point of view.
ﾧ They have the same effects on output but investments in technology are much more closely tied to the level of saving than investments in capital.
ﾧ They have different effects on output because of the positive externalities associated with investments in capital.
ﾧ They have different effects on output because of the positive externalities associate with investments in technology.
8. The interest rate is the price paid for use of a:
ﾧ Real asset.
ﾧ Financial liability.
ﾧ Financial asset.
ﾧ Real liability.
9. If the reserve requirement is 20 percent, and banks keep no excess reserves, an increase in an initial inflow of $100 into the banking system will cause an increase in the money supply of:
ﾧ $50
ﾧ $100
ﾧ $500
ﾧ $20
10. Suppose farmers can use their land to grown either wheat or corn. The law of supply predicts that an increase in the market price of wheat will cause:
ﾧ Farmers to substitute wheat for the production of corn.
ﾧ Farmers to raise the production of corn and wheat.
ﾧ Farmers to lower the production of corn and wheat.
ﾧ Farmers to substitute corn for the production of wheat.
11. According to Keynes, why might deflation create problems for an economy?
ﾧ In expectation of increased spending, too many entrepreneurs would begin businesses and most would fail.
ﾧ The cost of repricing goods would increase costs, and therefore reduce profits, for businesses and they would cut production.
ﾧ People would drop out of unions because unions would become ineffective at keeping wages of members high.
ﾧ Consumers might expect prices to fall further and cut back consumption now.
12. When interest rates rise, people are:
ﾧ More likely to borrow, that is, purchase a financial asset.
ﾧ More likely to borrow, that is, sell a financial asset.
ﾧ Less likely to borrow, that is, sell a financial asset.
ﾧ Less likely to borrow, that is, purchase a financial asset.
13. According to the Classical growth model, an economy that increases its saving will grow:
ﾧ Quickly since the increase in saving will permit greater investment.
ﾧ Quickly since the increase in saving will permit more rapid technological progress.
ﾧ Slowly because interest rates will fall, causing investment to decline.
ﾧ Slowly because consumption and aggregate demand will be reduced.
14. Suppose that consumer spending is expected to decrease in the near future. If output is at potential output, which of the following policies is most appropriate according to the AS/AD model?
ﾧ A reduction in government spending
ﾧ An increase in taxes
ﾧ An increase in government spending
ﾧ No change in taxes or government spending
15. Which of the following topics is best characterized as a macroeconomic issue?
ﾧ The effect of a drought on the price of corn
ﾧ The decision by Apple to produce fewer Macintosh computers
ﾧ The effect of an increase in federal spending on the unemployment rate
ﾧ The choice a student makes in selecting college course
16. If income increases more rapidly than expected, then:
ﾧ Estimates of the target rate of employment are likely to increase.
ﾧ The budget is less likely to be in surplus.
ﾧ Tax revenues will be lower than expected.
ﾧ Spending on income-support programs will likely be lower than expected.
17. In which of the following situations is a budget surplus most likely to occur?
ﾧ When fiscal policy is contractionary and the economy is expanding
ﾧ When fiscal policy is expansionary and the economy is contracting
ﾧ When fiscal policy is expansionary
ﾧ When the economy is contracting
18. The largest expenditure component of GDP is:
ﾧ Government spending
ﾧ Net exports
ﾧ Investment
ﾧ Consumption
19. Which of the following is the path through which contractionary monetary policy works?
ﾧ Money down implies interest rate up implies investment up implies income down.
ﾧ Money down implies interest rate down implies investment down implies income down.
ﾧ Money down implies interest rate up implies investment down implies income down.
ﾧ Money down implies interest rate down implies investment up implies income down.
20. As a country develops economically, what changes usually take place in the goods it exports?
ﾧ There is little change because comparative advantage does not change.
ﾧ Exports go from being diversified to being specialized in whatever the country finds to its comparative advantage.
ﾧ Services and manufactured goods decline in importance and are replaced by raw materials and agricultural products.
ﾧ Raw materials and agricultural products decline in importance and are replaced by services and manufactured goods.
21. What would make foreigners want to buy more from the United States?
ﾧ Higher tariffs
ﾧ Higher interest rates in the United States
ﾧ Inflation in the United States
ﾧ A fall in the value of the dollar in the foreign exchange market
22. The depreciation of currency will:
Balance a trade surplus.
ﾧ Have no impact on a country's comparative advantage.
ﾧ Worsen a country's comparative advantage.
ﾧ Improve a country's comparative advantage.
23. The government of Crossland wants to influence its exchange rate. It will do so by buying and selling:
ﾧ Currencies in its official reserves
ﾧ Commodities
ﾧ Goods and services from the current account
ﾧ Transfers
24. If a country wants to prevent its exchange rates from falling, it could:
ﾧ Place restrictions on imports
ﾧ Pursue easier monetary policy
ﾧ Remove any subsidies on exports
ﾧ Remove restrictions on imports
25. Central banks are responsible for:
ﾧ Both monetary policy and fiscal policy
ﾧ Monetary policy but not fiscal policy
ﾧ Neither monetary policy nor fiscal policy
ﾧ Fiscal policy but not monetary policy
26. Quotas and tariffs can:
ﾧ Never have the same effect on imports and import prices.
ﾧ Have the same effect on the price of domestically produced goods if they are set appropriately.
ﾧ Yield the same amount of tax revenue if they are set appropriately.
ﾧ Both increase international trade by the same amount if set appropriately.
27. Between 2007 and 2009, the U.S. unemployment rate rose from under 5 percent to over 8 percent. A Keynesian economist would most likely blame this increase in unemployment on:
ﾧ An increase in the minimum wage.
ﾧ An increase in the bargaining power of labor unions.
ﾧ A decline in the level of aggregate demand.
ﾧ A decline in aggregate supply.
28. U.S. imports involve an:
ﾧ Inflow of foreign currency from foreigners to the U.S. economy
ﾧ Inflow of dollars from foreigners to the United States economy
ﾧ Outflow of foreign currency from the United States to foreigners
ﾧ Outflow of dollars from the United States to foreigners
29. The law of demand states that quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes:
ﾧ Up, the quantity demanded goes down.
ﾧ Down, the quantity demanded stays the same.
ﾧ Up, the quantity demanded also goes up.
ﾧ Down, the quantity demanded goes down.
30. According to Keynes, market economies:
ﾧ Never experience significant declines in aggregate demand.
ﾧ Are constantly experiencing significant declines in aggregate demand.
ﾧ May recover slowly after they experience a significant decline in aggregate demand.
ﾧ Quickly recover after they experience a significant decline in aggregate demand.
ECO 372 Final Exam Guide (New 2017)
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1.
Martha lends $200 to a friend who promises to return it after a year. Instead of lending it to her friend, Martha could have put the money in a bank where she could have earned an interest rate of 2 percent per annum. Martha's opportunity cost of lending the money is _____.
2
The exhibit given below shows the short-run aggregate demand and supply curves in an economy, AD1 and AS1, and the long-run aggregate supply curve, LRAS. The economy was initially in equilibrium when there was a decrease in aggregate demand, causing a shift of the aggregate demand curve from
AD1 to AD2. Which of the following is true in this case?
The economy will move from point B to point A in the short run and then to point C in the long run.
The economy will move from point C to point B in the short run and then eventually to point A.
The economy will move from point D to point A in the short run and then to point C in the long run.
The economy will move from point D to point C in the long run.
3
Suppose an economy is in long-run equilibrium. An increase in consumption expenditure will:
a) shift the short-run aggregate supply curve rightward and increase both the price level and real output in the long run.
b) decrease both the price level and real gross domestic product in the long run.
c) increase the price level in the long run but have no effect on real gross domestic product.
d) shift the aggregate demand curve rightward and increase the real output in the long run.
4
In the long run, a higher saving rate:
always leads to a higher level of productivity because of increasing returns to scale.
does not lead to a higher level of income because of deterioration in labor productivity.
always leads to a higher growth rate of output because of improvement in the stock of human capital.
does not always lead to a higher growth rate of output because of diminishing returns to capital.
5.
Suppose the net foreign investment in Italy is positive. This implies that:
Italians are buying more foreign assets than foreigners are buying Italian assets.
foreigners are buying relatively more Italian assets.
Italy is experiencing a net capital inflow.
foreign direct investment in Italy is higher than foreign portfolio investment in the country.
5)
Suppose the net foreign investment in Italy is positive. This implies that:
Italians are buying more foreign assets than foreigners are buying Italian assets.
foreigners are buying relatively more Italian assets.
Italy is experiencing a net capital inflow.
foreign direct investment in Italy is higher than foreign portfolio investment in the country.
6)
The circular-flow diagram shows that:
firms receive wages and profits from households in the products market.
households sell the factors of production to firms in the inputs market.
households supply resources to firms in the products market.
firms supply labor and other resources to the government in the factor market.
7)
The table given below shows the total amount of spending in the country of Mesodonia. Mesodonia's
gross domestic product is:
8
The country of Merilya exported goods and services worth $1.2 million and imported goods and services worth $2.7 million. The net exports of the country was _____.
9
Suppose the Fed purchases government bonds through open-market operations. All other things remaining equal, this is likely to:
decrease the price level and increase the real wealth of consumers.
decrease the price level and make domestic goods less expensive relative to foreign goods.
increase the price level and eventually decrease the interest rate and investment spending.
increase the price level and eventually decrease the demand for money as well as goods and services.
10
A rise in the price of bacon from $14 per pound to $16 per pound will reduce the purchasing power of the dollar by:
0.55 pounds of bacons.
0.06 pounds of bacon.
5 pounds of bacon.
2 pounds of bacon.
11.
A difference between commodity money and fiat money is that:
fiat money cannot be used as a unit of account.
commodity money is used in a barter economy.
fiat money does not have any intrinsic value.
commodity money cannot be used as a unit of account.
12
Suppose the net capital outflow from Zenovia is negative. This implies that:
the real interest rate in Zenovia is high.
the real interest rate in foreign countries is higher than in Zenovia.
foreigners are not interested in buying assets in Zenovia.
the citizens of Zenovia are investing more in foreign assets than foreigners are investing in assets in Zenovia.
13
There is an increase in human capital when _____.
Shiroh persuades the management of her company to offer more perks to employees
Sue rents a laser printer to teach her employees how to fix it
Samantha receives training in quality management after joining a new firm
Susie puts in more than 8 hours of work at her workplace every day
14
After retirement, Molly deposits $500,000 in a local bank in Merrina. At an interest rate of 4 percent, she will receive approximately _____ after 3 years.
15
Ruth wants to calculate the present value of a sum of money that she will receive after the demise of her grandparents. To calculate the present value, she should use the:
expenditure method.
discounting method.
value-added method.
compounding method.
16
The buyers and sellers in the country of Perylia use corn as a medium of exchange. This means that:
Perylia uses commodity money.
corn cannot be used as a store of value or as a unit of account in Perylia.
Perylia uses fiat money.
corn can be used as a store of value but not as a unit of account in Perylia.
17
Scarcity occurs because of:
the excess of quantity supplied over quantity demanded.
overutilization of labor.
limited human needs and wants.
the limited supply of resources.
18
The Phillips curve shows:
the negative relationship between inflation and unemployment.
the positive relationship between the interest rate and the supply of money.
the positive relationship between the price level and aggregate supply.
the negative relationship between the interest rate and the demand for money.
19
Ephlon Inc., an Italian bike manufacturer, opens a factory in the United States. This is an example of:
the accumulation of human capital.
the catch-up effect.
a foreign direct investment.
a foreign portfolio investment.
20
Jack is an out-of-work sculptor. He has been looking for a job for the last two years. Unable to find any, he has given up his job search. Which of the following is true in this case?
This is an example of frictional unemployment.
This is an example of structural unemployment.
He is a part of the unemployed labor force.
He is a discouraged worker and will not be included in the calculation of the unemployment rate.
21
Suppose the central bank of a country undertakes an expansionary monetary policy. Which of the following is most likely to be the effect of such a policy, all other things remaining unchanged?
An increase in the price level that reduces the real value of households' money holdings and stimulates consumer spending
An increase in the price level that stimulates spending on net exports and increases the demand for money
A decrease in the price level that reduces the amount of money that people want to hold and decreases the interest rate.
A decrease in the price level that reduces the interest rate and lowers the real value of the domestic currency foreign-exchange market.
22
Following the unexpected good performance of Leathex, all its employees were given a one-time bonus. This consequently led to a rightward shift of the demand curve for shoes manufactured by the company and a leftward shift of the demand curve for socks. This shows that shoes are:
inferior goods.
substitutes.
normal goods.
complementary goods.
23
23
A higher interest rate in a country:o
encourages citizens to buy foreign assets.
makes domestic bonds less attractive to foreigners.
lowers saving in the country and decreases the quantity of loanable funds supplied.o
discourages investment and decreases the quantity of loanable funds demanded.
24
If the price level in an economy is 120 and the equilibrium price level is 100, _____.o
people will want to hold more money than is supplied by the central banko
the demand for money curve will shift to the left
the purchasing power of money will increase
the supply of money is likely to exceed the demand for money
25
25
A recent survey showed the health benefits of cranberry juice for treating heart and other respiratory disorders. The exhibit below shows that the initial demand curve for cranberry juice is D1. Which of the following is likely to be a consequence of the publication of the survey?
The demand curve will shift from D1 to D3.
There will be a movement from point A to point C on D1.
The demand curve will shift from D1 to D2.
There will be a movement from point A to point B on D1.
26
Keynesian economists believe that when an economy is in a recession, the government should:o
decrease tax rates rather than increase government spending because households always view such tax cuts as permanent and increase their current consumption.
increase its purchases rather than decrease taxes because households save a part of the increase in their income as a result of tax cuts.
increase the money supply in the economy so that interest rates decline, reducing the cost of borrowing to finance new investment projects.
o
increase the money supply in the economy so that an excess supply of money can induce households to increase their consumption expenditure.
27
The Marions purchased a Persian rug worth $5,000 from an Iranian textile mill. Everything else remaining unchanged, this will:
decrease the consumption expenditure in the domestic country by $5,000.
decrease the net imports of the domestic country by $5,000.
reduce the net exports of the domestic country by $5,000.
increase the gross domestic product of the domestic country by $5,000.
28
As more capital is used in the production process, the amount of other inputs being fixed, the production function becomes:
o
flat because the extra output produced from an additional unit of capital decreases.
steep because the extra output produced from an additional unit of capital decreases.
steep because the extra output produced from an additional unit of capital increases.
flat because the extra output produced from an additional unit of capital increases.
29
The natural rate of unemployment in a country is 4 percent. This implies that:o
the country has an unemployment rate of 4 percent in the short run.o
the country has a 4 percent unemployment rate when the labor market is in equilibrium. o
4 percent of the labor force is unemployed at any given point of time.
the unemployment rate is constant at 4 percent over time.
30
Which of the following is true according to the circular-flow diagram?
o
Firms receive wages, rent, and profit from the government.
Firms receive income from households.
Households receive revenue from the government.
Households receive wages, rent, and profit from firms.
ECO 372 Week 1 Assignment Ten Principles of Economics and the Data of Macroeconomics (2 Papers)
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Your organization's CEO is concerned that members of the strategic planning committee are not familiar with current economic thought and principles. The CEO has assigned you the task of developing an 875-word report to introduce some of these thoughts and principles. Use Chapters 1, 2, 3, 4, 5, 6 and 7 in Principles of Macroeconomics as your only source.
Explain the following information in your report to members of the strategic planning committee:
How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources
Using the circular flow model, explain the flow of money and goods in an economy.
How the economy coordinates society's independent economic actors
A country's gross domestic product (GDP) and how it is defined and calculated
How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living
Format consistent with APA guidelines.
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ECO 372 Week 1 Discussion Question 1
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What is the difference between real and nominal GDP? Does GDP accurately reflect our nation's well being? Explain.
ECO 372 Week 1 Discussion Question 2
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Unemployment rate measures the number of unemployed workers in the labour force. List and explain three types of unemployment. Find the most recent unemployment rate of your state. From a personal perspective, can you explain your view of the current job market in your local area?
ECO 372 Week 1 Individual Assignment Economic Definitions Worksheet (New)
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Complete the Macroeconomic Terms Worksheet.
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ECO 372 Week 1 Individual Assignment Macroeconomic Terms
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The Macroeconomic Terms.
ECO 372 Week 1 Knowledge Check
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1.The two frameworks conventional economists generally use to analyze macroeconomic issues are
2.The relationship between real and nominal interest rate can be expressed by
3.Which of the following economic activities would be included in the U.S. domestic gross product (GDP)?
4.Cyclical unemployment is defined as unemployment that results from
5.The longest business cycle expansion in U.S. history occurred in the 10 years from
6.Economics is the study of how
7.Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected
ECO 372 Week 2 Assignment The Real Economy in the Long Run (2 Papers)
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Select on an organization and a product line or specific product from the Fortune 500 [Use the University Library to locate this list] in one of the following industries: Transportation, Manufacturing, or Housing.
The organization's strategic plan calls for an aggressive growth plan, requiring investment in facilities and equipment, growth in productivity, and labor over the next five years. It is your team's task to determine where, outside the United States, your organization should locate its new manufacturing plant.
Develop a 10-15 slide PPT that recommends an off-shore country and support your choice with the following data:
o The factors that determine the country's productivity
o How the country's policies influence its productivity growth
o How the country's financial system is related to key macroeconomic variables
o How your organization can reduce the risk they would face in relocating
o The current and projected unemployment over the next five years
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
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SupportingMaterial:Grading Guide
ECO 372 Week 2 Discussion Question 1
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How do Classical and Keynesian economists differ in their view of the aggregate supply curve?How does this influence what Classical and Keynesian economists believe about fiscal policy?
Do you think the current President and Congress were taking Classical approach in their fiscal policies? Explain your answer.
ECO 372 Week 2 Group Discussion Question
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What is the difference between contractionary and expansionary fiscal policies? Which is more appropriate today? Explain your answer. How might contractionary and expansionary fiscal policies affect your organization?
ECO 372 Week 2 Individual Assignment Product Purchases and the Economy
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You've been debating on making a purchase for yourself. This is a product you've wanted for a while, but one that requires budgeting because you will be making monthly payments.
Select a product in which the demand for the product is clearly affected by the strength or weakness of the overall economy such as new homes, cars, appliances, smart phones, etc.
Write a 1,050- to 1,400-word paper in which you address the following:
ﾷ Identify and define two economic indicators that reflect the strength of the economy (e.g. real GDP, unemployment rate, inflation rate, interest rate, housing starts, etc.).
ﾷ With these economic indicators in mind, how has the economy affected the demand for and supply of your selected product over the last 2 years?
ﾷ What was the impact on the supply of the product and the impact on the demand for the product?
ﾷ Explain the impact on the price of the product and your decision on whether or not to buy the product.
ﾷ Include responses to the following:
o How might you apply what you learned about supply and demand to your work place or your understanding of the product you are considering purchasing?
o How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the price of the product?
Cite a minimum of three peer-reviewed sources not including your textbook.
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ECO 372 Week 2 knowledge Check
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1.The globalized AS/AD curve is the standard AS/AD model with an added
2.According to Say's Law, people
3.A shift in the long-run aggregate supply curve will change
4.The hypothesis about the macroeconomy that sees the recent problems with the U.S. economy directly related to the structural problems caused by globalization is referred to as the __________ hypothesis.
8.The central difference between the standard theory and the structural stagnation hypothesis when it comes to growth is
5.In 2009, the personal savings rate rose. If the additional savings were not translated into investment, Keynes would predict that aggregate income would
6.According to the Keynesian model,
7.The study of economic growth focuses on the factors that cause an
ECO 372 Week 2 Principles of Economics and the Data of Macroeconomics (2 Papers)
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Your organization's CEO is concerned that members of the strategic planning committee are not familiar with current economic thought and principles. The CEO has assigned you the task of developing an 875-word report to introduce some of these thoughts and principles. Use Chapters 1, 2, 3, 4, 5, 6 and 7 in Principles of Macroeconomics as your only source.
Explain the following information in your report to members of the strategic planning committee:
ﾷ How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources
ﾷ Using the circular flow model, explain the flow of money and goods in an economy.
ﾷ How the economy coordinates society's independent economic actors
ﾷ A country's gross domestic product (GDP) and how it is defined and calculated
ﾷ How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living
Format consistent with APA guidelines.
ECO 372 Week 3 Discussion Question 1
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What is the difference between contractionary and expansionary monetary policy? Which is more appropriate today? What are the impacts of this policy on US economy?
ECO 372 Week 3 Group Discussion Question
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What are the uses of money?Describe how rapid inflation can undermine money's ability to perform its three basic functions. Will current Fed's policy hinder money's ability to perform its three basic functions? Explain your rational.
ECO 372 Week 3 knowledge Check
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1.If you expect interest rates to rise, you will want to be holding
2.The interest rate is the price paid for the use of a
3.Which of the following do policy makers tend to target when setting monetary policy?
4.If the Federal Reserve reduced its reserve requirement from 6.5 percent to 5 percent, this policy would most likely
5.If banks hold excess reserves whereas before they did not, the money multiplier
6.The process of money multiplier depends on
7.Quantitative easing refers to
8.If the Fed wants an easier monetary policy, it might
9.When the Fed raised the interest rates between 2004 and 2007, the Federal Reserve
ECO 372 Week 4 Discussion Question 1
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Who benefits from a tariff or quota? Who loses? What are the positives and negatives of protectionist trade policies? Which policy is best right now?
ECO 372 Week 4 Group Discussion Question
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Define trade surplus and trade deficit? How do trade deficits and surpluses affect exchange rate and the industry in which you work?
ECO 372 Week 4 Individual Assignment International Economics Paper
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Select an organization that both U.S. and international presences.
Write a 1,050- to 1,400-word paper in which you answer address the following:
ﾷ What does the president and congress do to stimulate the economy? What does the president and congress do to contract the economy?
ﾷ What does the Federal Reserve do to stimulate the economy? What does the Federal Reserve do to contract the economy?
ﾷ What motivates policymakers to stimulate the economy or contract the economy?
ﾷ Based on your research, what does the Federal Reserve say about its policy goals?
ﾷ What does the Federal Reserve say about the strength of the economy?
ﾷ How does the strength of other economies outside of the U.S. affect your organization?
ﾷ Based on your research, recommend changes in your organization's competitive strategies or supply chain.
Use a minimum of 3 peer reviewed sources not including your textbook.
Click the Assignment Files tab to submit your assignment.
ECO 372 Week 4 knowledge Check
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1.In the long-run framework, budget surpluses
2. The budget deficit or surplus is
3.Deficits and surpluses are best viewed as
4.Suppose the government increases spending by $30 billion and raises taxes at by $20 billion at the same time. Then,
5 Because automatic stabilizers lower transfer payments and raise tax receipts as an economy recovers from a recession, they
6.Most of the government budget is mandatory spending through programs like Medicare and Social Security, and much of the rest is politically difficult to alter. Because of this,
ECO 372 Week 4 Team Assignment Short-Run Economic Fluctuations (2 PPT)
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Select an organization your team is familiar with or an organization where a team member currently works.
Create a 15- to 20-slide Microsoftﾮ PowerPointﾮ presentation that will be presented to the organization's Executive Committee. The presentation should cover the following items:
ﾷ Identify the three key facts about short-run economic fluctuations and how the economy in the short run differs from the economy in the long run.
ﾷ Explain economic fluctuations and how shifts in either aggregate demand or aggregate supply can cause booms and recessions using the model of aggregate demand and aggregate supply.
ﾷ Explain how monetary policy affects interest rates and aggregate demand.
ﾷ Analyze how fiscal policy affects interest rates and aggregate demand.
ﾷ Evaluate why policymakers face a short-run trade-off between inflation and unemployment.
ﾷ Evaluate why the inflation-unemployment trade-off disappears in the long run.
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
ECO 372 Week 4 Team Reflection Supply Chain and Demand Model
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Discuss the relationship between supply chain and the supply and demand model.
Prepare a 350- to 1,050- word paper detailing the findings of your discussion.
ECO 372 Week 5 knowledge Check
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1.In the U.S. current account, most of the trade deficit results from an excess of imported
2.What is the difference between the balance of trade and the balance of payments?
3.If a government has implemented significantly higher trade tariffs, but does not want this action to affect the value of its currency, it will
4. During 2007, the United States and Japan announced possible limits on Chinese imports through higher tariff rates on Chinese products. To avoid these limits, China would have to
5.If a country wants to prevent its exchange rate from falling, it could
6.All other things being equal, an increase in trade restrictions on imports willq
ECO 372 Week 5 Team Assignment Deficit and Debt Presentation
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Create a 15- to 18-slide PowerPointﾮ presentation including detailed speaker notes in which you include the following:
ﾷ Research the direction of monetary policy over the last 3-5 years. Has the money supply increased or decreased? Explain. Have interest rates increased or decreased? Explain.
ﾷ Describe the impact of these monetary policies on the U.S. economy
ﾷ Describe the impact of these monetary policies on your team's selected organization.
ﾷ Have events in the economies of other countries impacted the U.S. economy? If so, explain.
ﾷ What are expectations regarding the strength of the U.S. economy in the next 2 years?
ﾷ How do changes in the value of the U.S. dollar impact your selected organization?
ﾷ Make recommendations for your organization regarding how to best compete in the expected global economy.
Include a minimum of 3 peer reviewed sources not including your text.
Click the Assignment Files tab to submit your assignment.
ECO 372 Week 5 Team Assignment Major Debates over Macroeconomic Policy (2 Papers)
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Select two subjects from the following list of topics and write a 1,050-word analysis:
ﾷ Active monetary and fiscal policy
ﾷ Increased government spending to fight recessions
ﾷ Reducing federal government's discretionary powers
ﾷ Zero-inflation target
ﾷ Balanced government budget
ﾷ Tax incentives for saving
Evaluate both the advocates' position and the critics' position.
Determine which position you support and defend your position.
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
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