ECO 203 Week 2 Quiz

This document of ECO 203 Week 2 Quiz shows the solutions to the following problems:

1. The term “recession” refers to a

2. Who is NOT a loser in inflation?

3. The transfer of funds from savers to business investors takes place in the

4. If taxes increase and the AS curve is upward sloping, then

5. The turning points of the business cycle are called

6. As an economy recovers from a trough in the business cycle,

7. Short-term unemployment while searching for a new job is called

8. Economists use the phrase "business cycle" when discussing

9. In the circular flow model, how can households use their income?

10. The curve that shows quantities of total real output that will be offered for sale at various price levels is called 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 sm...

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You no longer live at home, and you will have to care for yourself. Make sure to eat nutritious foods, get adequate sleep and clean up after yourself. Try to make a schedule that includes classes, study, recreation and caring for yourself properly. Stress and an unhealthy diet can make you sick.
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 d...