ECO 203 Week 2 DQ 1 The Current State of the Economy and Une

 This document of ECO 203 Week 1 Quiz includes answers to the next questions:


 1. If an individual’-s income increases, then the demand for a normal good will

 2. An example of investment, as defined in economics, is

 3. All but which one of the following could shift the demand curve?

 4. 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. When price changes, one should expect a change in

 6. Demand relates the various amounts that consumers are willing to buy over a specified time period

 7. When the government redistributes income, it is answering a basic economic question. Which one?

 8. Self-interested behavior and incentives are

 9. Which of the following would be described as capital by an economist?

 10. When price changes, there is an opposite change in the.

Economics - General Economics
 Economics Systems . Discuss how your college education could be considered an investment in human capital. What is the opportunity cost of your degree?

 Reference: Chapter 1, section 1.1: Economics and Chapter 2, section 2.1: Limited Resources.

 Guided Response: Review and respond to at least two of your classmates’ posts by replying to their posts on how a college education contributes to human capital and the opportunity cost of a degree. Be sure to refer to concepts found in the reading when responding to your classmates.

 Role of Government . Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent).

 In a mixed economy, elements of both central planning and market allocation of resources are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by way of markets.

 Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.

 Reference: Chapter 2: Markets, Governments, and Nations: The Organization of Economic Activity

 Guided Response: Review and respond to at least two of your classmates’ by stating why you agree or disagree which economic activities the government is more efficient at providing, and which economic activities the private sector is more efficient at providing.

 The Current State of the Economy and Unemployment. Imagine a scenario where there is a decline in aggregate demand. Identify which part of the business cycle is part of a decline in aggregate demand. Gross Domestic Product (GDP) measures the amount of new production. A change in the amount of new production affects employment. Describe what would happen to GDP, the unemployment rate and the inflation rate if there is a decline in aggregate demand.

 Reference: Chapter 6, section 6.3: Aggregate Equilibrium and Changes in Equilibrium.

 Guided Response: Review and respond to at least two of your classmates’ posts by discussing this question in terms of how a decrease in aggregate demand impacts GDP, and why the change in GDP affects unemployment.

 Who Benefits and Who Loses from Inflation? Inflation is an important policy issue because it causes a redistribution of income and wealth, and discourages saving and investment. Discuss how inflation affects borrowers and l

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