Ecn361 - Study guides, Class notes & Summaries
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ECN 361 Topic 5 DQ 1 Participation & Responses
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Topic 5 DQ 1 
List and briefly explain each of the four properties of indifference curves. Provide an example where you have made a buying decision based on one or more of these properties. Justify your answer.
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ECN 361 Topic 1 DQ 2.
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Topic 1 DQ 2: 
Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?
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ECN 361 Topic 5 DQ 2 Participation & Responses
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ECN Topic 5 DQ 2 
Evaluate the following statement: "Warren Buffet is one of richest people in the world. He doesn't face any constraint on his ability to purchase commodities he wants." Do you agree with this statement? Why or why not?
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ECN 361 Topic 5 Quiz
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1.	Question: Thelaborsupplycurvemayhaveabackward-bendingportionif,athigherwages,theincomeeffectis 
thepriceofricerises,heconsumesmorerice.ForPaulo, 
2.	Question: Table21-2Aconsumerlikestwogoods:pizzaandbeer.Thefivebundles shownin thefollowingtablelieonthesameindifferencecurvefortheconsumer. 
3.	Question: RefertoTable21-2. Whichofthefollowingstatementsregardingthesebundlesiscorrect? 
4.	Question: When a consumer is purchasing the best combination of two goods, X and Y, subject to a budgetconstra...
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ECN 361 Topic 7 Quiz
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1.	Question: A firm's opportunity costs of production are equal to its 
2.	Question: Adibok knows that it produces and sells high-quality athletic shoes. Wurkout knows that it produces and sells low-quality athletic shoes. According to the signaling theory of advertising, 
3.	Question: Monopolistic competition is considered inefficient because 
4.	Question: Table 17-5 The table shows the town of Driveaway's schedule for gasoline. Assume the town's seller(s) incurs a cost of $2 for each ga...
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ECN 361 Topic 2 DQ 3
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Topic 2 DQ 3: 
Suppose a farmer knows that he will be able to harvest and sell 3,000 bushels of wheat. Would he prefer a market in which conditions are favorable and most farmers harvest large crops or a market in which conditions are unfavorable and many farmers harvest small crops? Why?
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ECN 361 Topic 6 Quiz
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1.	Question: Scenario 13-3Ziva is an organic lettuce farmer, but she also spends part of her day as a professional organizing consultant. As a consultant, Ziva helps people organize their houses. Due to the popularity of her home- organization services, Farmer Ziva has more clients requesting her services than she has time to help if she maintains her farming business. Farmer Ziva charges $25 an hour for her home-organization services. One spring day, Ziva spends 10 hours in her fields planting ...
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ECN 361 Topic 1 Quiz
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1.	Question: While pollution regulations yield the benefit of a cleaner environment and the improved health that comes with it, the regulations come at the cost of reducing the incomes of the regulated firms' owners, workers, and customers. This statement illustrates the principle that 
2.	Question: Which of the following is an example of a normative, as opposed a to positive, statement? 
3.	Question: Refer to Table 2-2 .What is the opportunity cost to Footville of increasing the production of ...
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ECN 361 Topic 3 DQ 2 Participation & Responses Grand Canyon
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Topic 3 DQ 2: 
Does the United States' labor supply tend to be more elastic or more inelastic? Explain the competing theories discussed in the textbook. Which seems more convincing to you?Explain your answer.
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ECN 361 Topic 1 Quiz
- Exam (elaborations) • 3 pages • 2023
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1.	Question: While pollution regulations yield the benefit of a cleaner environment and the improved health that comes with it, the regulations come at the cost of reducing the incomes of the regulated firms' owners, workers, and customers. This statement illustrates the principle that 
2.	Question: Which of the following is an example of a normative, as opposed a to positive, statement? 
3.	Question: Refer to Table 2-2 .What is the opportunity cost to Footville of increasing the production of ...
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