Eco 204 New (Principles of Microeconomics) Copmlete New Course 2013 - a+ Work

ECO 204 NEW (Principles Of Microeconomics) Copmlete NEW Course 2013 - A+ WORK

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

ECO 204 NEW Week 1 DQ 2 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?

WEEK 2

ECO 204 NEW Week 2 Raise or Lower Tuition:

Nobody State University Tuition

Universities must constantly weigh tuition pricing in relation to the...