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ECO 204 COMPLETE CLASS NEW
ECO 204 NEW Week 1 Quiz
In economics, scarcity means that
there are not sufficient resources to produce everything that people want.
poverty will always exist.
a country can never feed all of its citizens.
the price of a good may increase more rapidly than the general price level.
there is not enough of a particular good for people to buy all they want at the prevailing price.
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If beans are inferior goods, a decrease in income will
cause beans to sell at a lower price.
increase the production of beans.
shift the demand curve for beans to the left.
shift the demand curve for beans to the right.
rotate the supply curve in a clockwise manner.
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ECO 204 NEW Week 1 DQ 1 Circular Flow Diagram
Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts