Eco561 Quiz
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ECO561 Week 1 Quiz Answers. Online MBA Degree University of Phoenix.
Answers to the Week 1 Quiz in ECO561 in the Online MBA Degree Program at University of Phoenix.
Objective 1.1: Choose methods to increase revenue in an organization
Each individual has a budget line which they follow for expenditures. If the income of the individual increases what is the effect on the budget line?
An increase in the money income shifts the budget line to the right.*
An increase in the money income shift the line to the left
An increase in the money income causes movement along the curve
There is no change in the budget line when money income changes.
Rejoinder: When more income is earned the demand …show more content…
To allow government to control what is sold.
To set constraints between buyers and sellers.
To bring buyers and sellers into contact *
d. To allow an organization to set prices in relation to their products.
Rejoinder: In the market system an exchange of money for goods and or services takes place. A true market system sets the price through barter where the goods and services sell for the best price offered by the buyers creating equilibrium. For this exchange to take place the market serves as a meeting place for buyers and sellers. If the organization sets its prices there may not be market equilibrium and that can result in either a shortage or a surplus.
By specializing in the production of one good a company is able to benefit from economies of scale which increases their revenues. Attributes of specialization include
Reducing costs by creating a surplus.
Saving time by allowing a worker to focus on one task.*
Encouraging workers to learn new skills.
Encouraging workers to learn a number of different …show more content…
It is the market price where the two come together and all the goods produced are sold without leaving anyone demanding additional units of that good.
The market will move to a higher equilibrium price if the decrease in supply is greater than the decrease in demand* the increase in supply is greater than the increase in demand. the decrease in demand is greater than the decrease in supply. the increase in demand is greater than the increase in supply.
Rejoinder: Price serves as a rationing tool for the demand of goods. If the price is too high fewer of the good are demanded and if it is too low more of the good is demanded than is available. The market seeks a price where the demand for goods will equal the supply of goods. When supply decreases the price will ration the good by increasing till there is no excess demand for the good or shortage of the good.
The intersection of supply and demand will be at a lower equilibrium price but a higher equilibrium quantity if supply is constant and demand increases. if supply is constant and demand decreases if demand is constant and supply decreases. if demand is constant and supply
ECO561 Week 1 Quiz Answers. Online MBA Degree University of Phoenix.
Answers to the Week 1 Quiz in ECO561 in the Online MBA Degree Program at University of Phoenix.
Objective 1.1: Choose methods to increase revenue in an organization
Each individual has a budget line which they follow for expenditures. If the income of the individual increases what is the effect on the budget line?
An increase in the money income shifts the budget line to the right.*
An increase in the money income shift the line to the left
An increase in the money income causes movement along the curve
There is no change in the budget line when money income changes.
Rejoinder: When more income is earned the demand …show more content…
To allow government to control what is sold.
To set constraints between buyers and sellers.
To bring buyers and sellers into contact *
d. To allow an organization to set prices in relation to their products.
Rejoinder: In the market system an exchange of money for goods and or services takes place. A true market system sets the price through barter where the goods and services sell for the best price offered by the buyers creating equilibrium. For this exchange to take place the market serves as a meeting place for buyers and sellers. If the organization sets its prices there may not be market equilibrium and that can result in either a shortage or a surplus.
By specializing in the production of one good a company is able to benefit from economies of scale which increases their revenues. Attributes of specialization include
Reducing costs by creating a surplus.
Saving time by allowing a worker to focus on one task.*
Encouraging workers to learn new skills.
Encouraging workers to learn a number of different …show more content…
It is the market price where the two come together and all the goods produced are sold without leaving anyone demanding additional units of that good.
The market will move to a higher equilibrium price if the decrease in supply is greater than the decrease in demand* the increase in supply is greater than the increase in demand. the decrease in demand is greater than the decrease in supply. the increase in demand is greater than the increase in supply.
Rejoinder: Price serves as a rationing tool for the demand of goods. If the price is too high fewer of the good are demanded and if it is too low more of the good is demanded than is available. The market seeks a price where the demand for goods will equal the supply of goods. When supply decreases the price will ration the good by increasing till there is no excess demand for the good or shortage of the good.
The intersection of supply and demand will be at a lower equilibrium price but a higher equilibrium quantity if supply is constant and demand increases. if supply is constant and demand decreases if demand is constant and supply decreases. if demand is constant and supply