ECO 204 Week 1 Quiz | Assignment Help | Ashford University
- ashford university / ECO 204
- 04 Nov 2020
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ECO 204 Week 1 Quiz | Assignment Help | Ashford University
Week 1 – Quiz
Question 1
The primary reason that
economists disagree over which economic policies to pursue is that they
__________.
o
use expired data
o
have different values, methods, and
priorities
o
make false assumptions
o
use irrelevant models
Question 2
Kalean goes to the
University of Missouri. The opportunity cost of her education includes all but
which of the following?
o
recreation time she is giving up in
order to study
o
the cost of tuition and textbooks
o
the cost of food and clothing
o
income she could have earned instead of
going to college
Question 3
What is the focus of
macroeconomics?
o
the behavior of variables that describe
the whole economy
o
the cost and price of anything that is
abundant
o
the interaction between producers and
consumers of a particular service
o
the small details of large entities
Question 4
In the simplified pure
market economy described by the two-sector circular flow model, who are the
only decision makers?
o
households and firms
o
commercial and government institutions
o
domestic and foreign countries
o
consumers and governments
Question 5
Productive resources
include __________.
o
land, capital, and labor
o
land, labor, and services
o
labor, goods, and services
o
goodwill, entrepreneurship, and goods
Question 6
Ms. Greenwood took a
course called “Choosing the Right Computer.” As a result, she purchased a
laptop to use in her consulting business. What type of transactions did she
complete?
o
first an investment in real capital,
then an investment in monetary capital
o
first an investment in human capital,
then an investment in physical capital
o
purchase of real capital in both cases
o
consumption of goods in both cases
Question 7
A rightward shift of an
entire demand curve could be the result of an increase in __________.
o
the price of a substitute
o
the quantity demanded
o
the price of a complement
o
income, if the good is inferior
Question 8
When the supply of a
product increases but the demand for the product remains unchanged, the
equilibrium price of the product will __________.
o
fall, and the equilibrium quantity will
decrease
o
first rise, and then return to the
original level
o
rise, and the equilibrium quantity will
increase
o
fall, and the equilibrium quantity will
increase
Question 9
Which of the following
is NOT a function of price in the market system?
o
producing
o
motivating
o
informing
o
directing
Question 10
The directing function
of prices ensures that __________.
o
consumers know how to get correct market
information
o
production will increase for goods with
more intense demands
o
prices will always move in the right
direction
o
consumers and businesses participate in
proper markets
USA 
India