ECO 203 ECO203 WEEK 1 QUIZ ANSWERS - 2019 - ASHFORD
Ashford ECO 203 Week 1 Quiz Answers - 2019
1. Which of the following is LEAST likely to be a public good?
2. When the supply of a product increases but the demand for the product remains unchanged, the equilibrium price of the product will __________.
3. Most modern industrial countries have a __________ economy.
4. The directing function of prices ensures that __________.
5. Along with the other social sciences, economics is specifically and primarily concerned with __________.
6. Regarding a production possibilities curve, a shift to the right—away from the origin—illustrates __________.
7. Which of the following is the study of “what is” rather than “what ought to be”?
8. If an economist sees that an inferior good’s price has increased from $1.00 to $1.50 per unit, and that the income available to purchase that inferior good has increased from $10,000 to $15,000, the economist will likely conclude that __________.
9. Which of the following would most likely be regarded as a macroeconomic issue?
10. There is an increase in the demand for aspirin at the same time as workers in the aspirin industry receive a substantial pay increase. What will most likely happen?
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