ECO 204 Entire Course Material

ECO 204 Entire Course Material

ECO 204 Entire Course Material

ECO 204 Week 1 DQ 1 Circular Flow Diagram

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 in the factor market and a way that it interacts in the products market.

ECO 204 Week 1 DQ 2 Supply and Demand

Supply and Demand. Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?

ECO 204 Week 1 Quiz

(1) In economics, scarcity means that

(2) If beans are inferior goods, a decrease in income will

(3) Which of the following is a macroeconomic issue?

(4) In Collegia, a small college town, the market for parking spaces is in equilibrium at a going price of $5 a day. There are 1,500 spaces and they are all sold every day with no unsatisfied buyers. Now the college takes in 200 more students, each of whom also wants a parking space at $5 a day. If there is a normal, upward-sloping supply curve, what will happen when the market has time to adjust?

(5) Demand for a good will always rise when

(6) In what type of economic system are the basic economic questions answered in the same way as in the past?

(7) All but which one of the following could shift the demand curve?

(8) When price changes, there is an opposite change in the

(9) What will cause a change along the supply curve?

(10) The Wall Street Journal carried a story on a type of grocery store that operates with few services and limited use of attractive displays, but with lower prices than its competitors. This decision of the owners is a way of answering a question that every society must face. Which of the following is that question?


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