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ECO 204 COMPLETE CLASS NEW

ECO 204 COMPLETE CLASS NEW

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ECO 204 COMPLETE CLASS NEW

WEEK 1

ECO 204 NEW Week 1 Quiz

 1.

Question :

In economics, scarcity means that

 

Student Answer:

 

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.

 

 

Points Received:

1 of 1

 

Comments:

 

 

 2.

Question :

If beans are inferior goods, a decrease in income will

 

Student Answer:

 

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.

 

 

Points Received:

1 of 1

 

Comments:

 

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

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