2024 – Question 1 Capital consists of the assets of a firm the assets of

ECO 204 Week 1 Quiz (All Correct) – 2024


Question 1.                        Capital consists of

                                                 the assets of a firm.

                                                 the assets of the government.

                                                 the assets of upper-income groups.

                                                 aids to production created by humans.

                                                 stocks and bonds.

Question 2.                        Self-interested behavior and incentives are

                                                 not operational in socialistic economic systems.

                                                 the organizing principles in a market economy.

                                                 not present in markets for goods and services.

                                                 available in third-world economies.

                                                 the basis for the Canadian currency.

Question 3.                        Along with the other social sciences, economics is concerned with

                                                 the behavior of human beings as individuals.

                                                 the behavior of human beings in groups.

                                                 the activities of international agencies.

                                                 the laws of mathematics as they apply to decision making.

                                                 the behavior of human beings both as individuals and in groups.

Question 4.                        The Wall Street Journal carried a story on a type of grocery store that operates with few services and limited use of attractive displays, but with lower prices than its competitors. This decision of the owners is a way of answering a question that every society must face. Which of the following is that question?

                                                 What goods and services will be produced?

                                                 How can we avoid inflation?

                                                 How can we avoid a recession?

                                                 Who will get the goods and services produced?

                                                 How will the goods and services be produced?




Question 5.                        If left alone, a market-directed economy will

                                                 invariably provide the correct economic choices.

                                                 provide the correct economic choice in many but not all cases.

                                                 protect consumers from monopoly.

                                                 avoid the production problems encountered in command economies.


Question 6.                        The measure of the cost of a particular good in terms of what is given up to produce that good is called

                                                 a fixed cost.

                                                 a dollar cost.

                                                 a necessary cost.

                                                 an opportunity cost.

                                                 an explicit cost.

Question 7.                        When price changes, there is an opposite change in the

                                                 quantity supplied.



                                                 quantity demanded.

                                                 level of technology and income.



Question 8.                        If beans are inferior goods, a decrease in income will

                                                 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.



 Question 9.                       Macroeconomics is the study of

  individuals in an economy.

anything large.

 the interaction of consumers and producers in markets for particular goods and services.

the overall price level and the levels of unemployment and output.

the small aspects of large entities.

Question 10.                      All but which one of the following could shift the demand curve?

                A shift of the supply curve

                A rise in income

                A change in the price of substitutes

                An increase in the size of the age group buying that good

                A successful advertising campaign which convinces people that they want more of this good









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