ECO 365 week 1 Knowledge Check

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5. The U.S. Postal Service printed 150,000 sheets of stamps depicting Bill Pickett, but recalled them when the USPS realized the image on the stamp was Bill's brother, Ben, instead. They were unable to recall 183 sheets that had already been sold. The effect of this recall was to • dastially edue the dead fo the staps, ausig thei euiliiu pie to fall • hae o effet o eithe supply o dead fo the Bill Pikett staps eause thee is o aket fo them • dastially edue the supply of the Bill Pikett staps, ausig thei euiliiu pie to ise • iease the supply of the Bill Pikett staps, ausig thei euiliiu pie to fall. 6. Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to • Iease the dead fo diesel as. • Deease the dead fo gasolie. • Deease the dead fo diesel as. • Iease the dead fo gasolie. http:// /
7. Price Per peck Mike Quantity in pecks Janet Quantity in pecks $1 22 6 $2 18 3 $3 14 0 $4 10 0 $5 6 0 Refer to the table that presents Mike and Janet's demand for apples by the peck. If they are the only two in the market, which of the following represents the point on the market demand curve? • Pie = $, uatity = 8 • Pie = $, uatity = • Pie = $4, uatity = • Pie = $4, uatity = 21 8. Economics is the study of how • goeets alloate esoues i the fae of ostaits. • goeet poliies a e used to eet idiiduals' ats ad desies. • hua eigs oodiate thei ats ad desies. • sae esoues ae alloated to thei ost podutie uses. http://www.studentwhiz.com/
Page 2 and 3: 1. Price elasticity of demand is th
Page 6 and 7: 9. To engage in economic reasoning,
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ECO 365 week 1 Knowledge Check

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