ECO 203 Week 1 Quiz | Assignment Help | Ashford University
- ashford university / ECO 203
- 04 Mar 2020
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ECO 203 Week 1 Quiz | Assignment Help | Ashford University
Question 1
The text claims that a primary, basic economic problem is __________.
o Predicting human behavior
o Harnessing self-interest to serve the public
o Building realistic models
o Scarce resources and unlimited wants
Question 2
What is the focus of macroeconomics?
o The small details of large entities
o The behavior of variables that describe the whole economy
o The interaction between producers and consumers of a particular service
o The cost and price of anything that is abundant
Question 3
Which of the following is TRUE of scarcity?
o It only applies to raw materials.
o It only applies to manufactured goods.
o It affects all countries.
o It primarily affects poor countries.
Question 4
In his study of the role of the foreign sector in economics, Harry learns that specialization and trade exist because __________.
o All individuals’ opportunity costs are the same
o All nations’ opportunity costs are the same
o Individuals’ and nations’ opportunity costs are different
o Opportunity costs are not crucial to international trade
In an economic system, which of the following is NOT a typical government activity?
o Allocation
o Stabilization
o Redistribution
o Privatization
Question 6
Which of the following is LEAST likely to be a public good?
o A sunset
o A party
o A park
o An army
A production possibilities curve that bows outward from the origin implies that __________.
o The more of a good you get, the more it will cost to get even more
o The more of a good you get, the less it will cost to get even more
o No matter how much more of a good you get, the cost per unit will remain unchanged
o The cost of more of a good is independent of the shape of a production possibilities curve
Question 8
When there is an equilibrium price for a certain soccer ball—as determined by the intersection of the demand and supply curves for that soccer ball—everyone who __________.
o Is willing to pay that price or more will get a soccer ball, and everyone who is willing to provide a soccer ball for that price or less will be able to sell it
o Wants to sell a higher quality but slightly more expensive soccer ball will be able to sell it
o Wants to buy a soccer ball will be able to get it
o Wants to sell a soccer ball will be able to sell it
Productive resources include __________.
o Land, labor, and services
o Goodwill, entrepreneurship, and goods
o Labor, goods, and services
o Land, capital, and labor
Question 10
Following the law of demand, if the U.S. Postal Service raises the price of first-class mail, ceteris paribus, what will happen to the demand for postage stamps?
o Demand will increase.
o Demand will decrease.
o Demand will be unchanged, but quantity demanded will fall.
o Demand will be unchanged, but quantity demanded will rise.
USA 
India