Microeconomics Milestone 1

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University of Maryland Global Campus (UMGC) *

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103

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Economics

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Jan 9, 2024

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pdf

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28

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12/16/23, 7)40 AM Sophia :: Welcome Page 1 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 1 11/18 ! that's 61% RETAKE " 11 questions were answered correctly . 7 questions were answered incorrectly . Which of the following is an example of microeconomics? ● " ● A study that analyzes the reasons why one nation’s economy has grown faster than another nation’s economy ● A study showing how fast the U.S. economy is growing
12/16/23, 7)40 AM Sophia :: Welcome Page 2 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Microeconomics and Macroeconomics 2 RATIONALE Consumer’s reactions and decisions are part of microeconomics. Report an issue with this question Interest rates rise on your savings account at your bank, and you decide to save 5% more from your paycheck to take advantage of the increased rates. Which of the six core principles of the economic way of thinking does this decision illustrate? " ● " # A study of a consumer's reactions to changes in the price of gasoline ● A study analyzing a nation’s unemployment rate
12/16/23, 7)40 AM Sophia :: Welcome Page 3 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Six Core Principles of the Economic Way of Thinking 3 RATIONALE The incentive is the higher interest paid, and your choice to save more means that you are responding in a predictable way to that incentive. Which situation best explains the horizontal demand " ● $ # People Respond in Predictable Ways to Incentives ● All Choices Involve Costs ● The Consequences of Choices Lie in the Future ● People Make Choices UNIT 1 — MILESTONE 1 11/18
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12/16/23, 7)40 AM Sophia :: Welcome Page 4 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 curve in this graph? " ● So many farms are producing green bell peppers that they must all sell the peppers at the same price. ● Green bell peppers are highly demanded due to news articles about their positive health e ff ects. ● Many small farms have been merging into large conglomerate farms.
12/16/23, 7)40 AM Sophia :: Welcome Page 5 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Demand 4 RATIONALE Horizontal demand curves are exceptions to the law of demand. The price of $0.50 holds because so many green peppers are for sale that sellers have little choice but to sell green bell peppers at the same price. Report an issue with this question The study of economics is concerned with individuals and groups making __________. $ ● " " # The price is kept low to protect against foreign competition in the green bell pepper market. ● laws # choices
12/16/23, 7)40 AM Sophia :: Welcome Page 6 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → What is Economics? 5 RATIONALE Economics studies the choices made by individuals and groups. Report an issue with this question A __________ is an economy that combines property rights, resource allocation methods, and incentives in di ff erent ways to varying degrees. ● " ● money ● hasty decisions ● command economy ● market economy
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12/16/23, 7)40 AM Sophia :: Welcome Page 7 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Comparative Economic Systems 6 RATIONALE There are many of these in the real world, including the United States. There are no pure market economies. Report an issue with this question Which of the following statements is true regarding this supply curve? " ● " # mixed economy ● traditional economy
12/16/23, 7)40 AM Sophia :: Welcome Page 8 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 ● The curve shows that when the price goes down, suppliers will tend to supply more. ● The curve shows that the Law of Supply does not hold in this case. ● The curve shows an inverse relationship between price and quantity supplied.
12/16/23, 7)40 AM Sophia :: Welcome Page 9 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Supply 7 RATIONALE The supply curve depicts the Law of Supply, which states that there is a direct relationship between price and quantity supplied. Report an issue with this question Which of the following would cause the change in supply illustrated below? " ● $ # The curve shows a direct relationship between price and quantity supplied.
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12/16/23, 7)40 AM Sophia :: Welcome Page 10 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 RATIONALE Production costs for a product is a non-price factors $ " ● The price of the product has increased. ● The costs to produce a product have increased. # The price of the product has decreased. ● The costs to produce a product have decreased.
12/16/23, 7)40 AM Sophia :: Welcome Page 11 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Movements Along the Supply Curve and Changes in Supply 8 of supply. Reduced costs of production will shift the supply curve to the right (an increase in supply). Report an issue with this question A major league team’s losing streak puts them in last place in their division, and sales of team jerseys in their city decrease. How would this event be illustrated in a graph for team jerseys? ● " " # As a left (inward) change in demand ● As a right (outward) change in demand ● As an upward movement along the demand curve
12/16/23, 7)40 AM Sophia :: Welcome Page 12 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Movements Along Demand Curve and Changes in Demand 9 RATIONALE The consumer preferences determinant of demand has decreased, causing a decrease in demand. More specifically, it causes a shift of the demand curve to the left on the graph for team jerseys. Report an issue with this question At a market price of $1.25, a __________ exists. Quantity supplied is __________. Quantity demanded is __________. Sellers will tend to __________ the price until it reaches equilibrium. ● $ ● As a downward movement along the demand curve
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12/16/23, 7)40 AM Sophia :: Welcome Page 13 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 RATIONALE When a surplus exists (quantity supplied is greater " $ ● surplus; 4,000; 2,000; lower ● shortage; 4,000; 2,000; raise ● shortage; 2,000; 4,000; lower # surplus; 4,000, 2,000; raise
12/16/23, 7)40 AM Sophia :: Welcome Page 14 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Market Equilibrium 10 than quantity demanded), sellers will lower the price to sell o ff the excess quantity. This will continue until equilibrium is reached. Report an issue with this question Which point or points in the following Production Possibilities Model represent(s) the current maximum production possibilities given our resource constraints? ● "
12/16/23, 7)40 AM Sophia :: Welcome Page 15 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → The Scarcity Principle 11 RATIONALE These points on the curve represent the current maximum production possibilities given our resource constraints. Report an issue with this question Which of the following could have caused the shift in demand illustrated below? " ● $ ● Points W and Z # Points, A, B, and E ● Point W ● Only Point B
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12/16/23, 7)40 AM Sophia :: Welcome Page 16 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 " $ ● Buyers expect the product’s price to decrease in the near future. # Buyers become more enthusiastic about a product. ● The number of buyers for a product increases.
12/16/23, 7)40 AM Sophia :: Welcome Page 17 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Causes of Shifts in Demand 12 RATIONALE If buyers expect the product's price to decrease in the near future, they will demand less now, and the demand curve shifts left. Report an issue with this question The graph below depicts a government intervention setting a price ceiling of $1,200 per month for a rental apartment. What is the value of the deadweight loss in this market? ● " ● Buyers expect the product’s price to increase in the near future.
12/16/23, 7)40 AM Sophia :: Welcome Page 18 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 RATIONALE Deadweight Loss = ½ (1.5 million apartments * ($2,400 - $1,200)) = $900 million. " # $900 million ● $600 million ● $750 million ● $1,200 million
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12/16/23, 7)40 AM Sophia :: Welcome Page 19 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Disequilibrium in Markets: Price Ceiling 13 Report an issue with this question What are the correct terms for the square red area and then the triangular blue area in this diagram? ● " " # producer surplus; deadweight loss.
12/16/23, 7)40 AM Sophia :: Welcome Page 20 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Market Surpluses 14 RATIONALE This diagram shows a market a ff ected by the government setting a minimum price. Part of the consumer surplus has now become producer surplus (the green square area) due to the minimum price. The gray area is deadweight loss, a loss in market e ffi ciency when the market equilibrium outcome is not achieved due to the minimum price set by the government. Report an issue with this question ● $ ● consumer surplus; deadweight loss. ● producer surplus; consumer surplus. ● consumer surplus; producer surplus.
12/16/23, 7)40 AM Sophia :: Welcome Page 21 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 Consider the diagram below. Which of the variables (consumer surplus, producer surplus, and deadweight loss) have decreased due to the price floor of $9.00 set by the government? " $ ● Consumer surplus ● Market equilibrium price # Deadweight loss
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12/16/23, 7)40 AM Sophia :: Welcome Page 22 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Disequilibrium in Markets: Price Floor 15 RATIONALE Consumer surplus is the only variable that decreases here, as the price floor of $9.00 causes some consumer surplus to become producer surplus. Report an issue with this question When doing a cost-benefit analysis, what should you do before you write down a list of costs and a list of benefits? ● $ ● Producer surplus ● Nothing. Making a list of costs and benefits is the first step in the process.
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12/16/23, 7)40 AM Sophia :: Welcome Page 23 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Cost Benefit Analysis RATIONALE You want to collect information on all possible outcomes. The problem you are analyzing needs to be clear and simple, but the items identified for the costs and benefits need to be as thorough and accurate as possible. Only then should you begin to list costs and benefits. Report an issue with this question " $ ● Write additional versions of the problem statement to be sure you have that right. ● Collect information on all possible options. Try to be as thorough as possible. # Assign a monetary value to each of the benefits and costs. If the monetary value is not known, note that.
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12/16/23, 7)40 AM Sophia :: Welcome Page 24 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 16 Which market is shown in this circular flow diagram? Select the correct term to fill in the blank. ● " " # Product Market ● Stock Market ● Credit Market ● Resource Market
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12/16/23, 7)40 AM Sophia :: Welcome Page 25 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Circular Flow Model 17 RATIONALE This is the correct term. A product market is any place where goods and services are bought and sold. Report an issue with this question Which of the following would cause the change in supply illustrated in the graph below? ● $
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12/16/23, 7)40 AM Sophia :: Welcome Page 26 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → Causes of Shifts in Supply 18 RATIONALE When businesses adopt technology improvements, this amounts to a decrease in the costs of doing business, which allows them to increase production and shifts the supply curve to the right (an increase in supply). Report an issue with this question " $ ● " ● Producers expect falling economic activity. ● Technology improvements are adopted. ● Input prices (costs of production) increase. # Business subsidies decrease.
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12/16/23, 7)40 AM Sophia :: Welcome Page 27 of 28 https://app.sophia.org/spcc/microeconomics-3/milestone_take_feedbacks/27314343 CONCEPT → The Economy Economies answer three basic questions: "What to produce?", "How to produce it?", and "Who gets it?". Di ff erent economies answer these questions __________. RATIONALE Traditional economies, market economies, and command economies all have di ff erent ways of answering these fundamental questions. Report an issue with this question " ● usually in the same way # di ff erently ● exactly in the same way ● by voting on it
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