This Tutorial contains 4 Set of Week 1 Quiz (All Questions Listed Below) ECO 203 Week 1 Quiz 1 1. � Question : � An economy that does NOT engage in international trade is 2. � Question : � In what kind of economy is a central planning board or commission typically used to answer the basic economic questions? 3. � Question : � All but which one of the following could shift the demand curve? 4. � Question : � The basis for a market solution to the basic economic questions is 5. � Question : � When economists say “consumers vote with their dollars,” they mean that 6. � Question : � In a market economy, what to produce is primarily decided by 7. � Question : � Capital consists of 8. � Question : � If an individual’s income increases, then the demand for a normal good will 9. � Question : � When the government allocates money to build highways, it is answering which basic economic question? 10. � Question : � Which of the following is NOT an economic function of the government? ECO 203 week 1 Quiz 2 1. � Question : � An example of investment, as defined in economics, is 2. � Question : � What function of government promotes price stability and full employment? 3. � Question : � An economic system is said to be 4. � Question : � The measure of the cost of a particular good in terms of what is given up to produce that good is called 5. � Question : � In a market system, property rights are enforced by 6. � Question : � The basic economic problem is 7. � Question : � In a market economy, what to produce is primarily decided by 8. � Question : � Which of the following would be described as capital by an economist? 9. � Question : � A shift to the right (away from the origin) of a production possibilities curve is an illustration of 10. � Question : � In what kind of economy is a central planning board or commission typically used to answer the basic economic questions? ECO 203 Week 1 Quiz 3 1. � Question : � Macroeconomics is the study of 2. � Question : � An economic system is said to be 3. � Question : � A shift to the right (away from the origin) of a production possibilities curve is an illustration of 4. � Question : � The self-interest assumption is made by economists because 5. � Question : � When price changes, there is an opposite change in the 6. � Question : � Demand relates the various amounts that consumers are willing to buy over a specified time period 7. � Question : � When price changes, one should expect a change in 8. � Question : � Self-interested behavior and incentives are 9. � Question : � Which of the following would be described as capital by an economist? 10. � Question : � When the government allocates money to build highways, it is answering which basic economic question? ECO 203 Week 1 Quiz 4 1. � Question : � If an individual’s income increases, then the demand for a normal good will 2. � Question : � An example of investment, as defined in economics, is 3. � Question : � All but which one of the following could shift the demand curve? 4. � Question : � When a firm decides to replace some workers with robots in its production process, it is making a decision about one of the basic economic questions. Which one? 5. � Question : � When price changes, one should expect a change in 6. � Question : � Demand relates the various amounts that consumers are willing to buy over a specified time period 7. � Question : � When the government redistributes income, it is answering a basic economic question. Which one? 8. � Question : � Self-interested behavior and incentives are 9. � Question : � Which of the following would be described as capital by an economist? 10. � Question : � � When price changes, there is an opposite change in the
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