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DEVRY ECO312 WEEK 1 WEEKLY ASSIGNMENT

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Question;(TCO 1) The general concern of economics is with the study;of the;degree of competition in stock and bond markets in the economy.;efficient use of limited productive resources;to satisfy economic wants.;issue of equality in the distribution of;income and wealth among households.;budget deficits in the domestic economy and;trade deficits in the international economy.;Instructor Explanation: Chapter 1.;Points Received: 1 of 1;Comments;Question 2. Question;(TCO 1) The basic economic problem is essentially one of;deciding how to make the best use of;limited resources to satisfy limited economic wants.;limited resources to satisfy unlimited;economic wants.;unlimited resources to satisfy unlimited;economic wants.;unlimited resources to satisfy limited;economic wants.;Points Received;Comments;Question 3. Question;(TCO 1) Are the goods that businesses offer for;free" to consumers also free to society?;Yes, because the individual consumer does not have to pay for them.;Yes, because the marginal benefit is greater;than the marginal cost.;No, because scarce resources were used to;produce the free goods.;No, because society does not assign a value to;free goods.;Instructor Explanation: Chapter 1.;Points Received: 1 of 1;Comments;Question 4. Question;(TCO 1) The individual who brings together economic;resources and assumes the risk in a capitalist economy is called the;manager.;entrepreneur.;stockbroker.;banker.;Instructor Explanation: Chapter 1.;Points Received: 1 of 1;Comments;Question 5. Question;(TCO 1) A movement along the production possibilities curve;would imply that;the labor force has grown.;productivity has increased.;productivity has declined.;society has chosen a different set of outputs.;Instructor Explanation: Chapter 1.;Points Received: 0 of 1;Comments;Question 6. Question;(TCO 1) Which statement best describes a capitalist economy?;The production of goods and services is determined primarily by markets, but;the allocation of goods and services is determined primarily by government.;The production of goods and services is;determined primarily by government, but the allocation of goods and services is;determined primarily by markets.;The production and allocation of goods and;services is determined primarily through markets.;The production and allocation of goods and;services is determined primarily through government.;Instructor Explanation: Chapter 2.;Points Received: 0 of 1;Comments;Question 7. Question;(TCO 1) The term dollar votes means;inflation will occur if consumers don't spend wisely.;voters may be offered dollars to help elect;certain political candidates.;government is responsible for determining what;will be considered legal tender.;consumers "vote" for certain;products to be produced by how they spend their incomes.;Instructor Explanation: Chapter 2.;Points Received: 1 of 1;Comments;Question 8. Question;(TCO 1) Which of the following would be primarily determined;in the resource market?;The price of compact discs;The wage rates for electricians;The number of automobiles produced;The amount of money in circulation;Instructor Explanation: Chapter 2.;Points Received: 0 of 1;Comments;Question 9. Question;(TCO 1) Which is a major feature of the market system?;Government set prices in all markets;Reallocation of all resources from private to;public uses;The right to own private property and control;resource use;Central planning by government to provide;goods and services;Question 10. Question;(TCO 1) Consider a barter situation where you have pens and;you want pencils. To achieve your objective, there must be a(n);use of capital goods.;entry and exit from the market.;large number of sellers.;coincidence of wants.;Instructor Explanation: Chapter 2.;Points Received: 0 of 1;Comments;Question 11. Question;(TCO 1) Tammie makes $150 a day as a bank clerk. She takes;off two days of work without pay to fly to another city to attend the concert;of her favorite music group. The cost of transportation for the trip is $250.;The cost of the concert ticket is $50. What is the opportunity cost of Tammie?s;trip to the concert? Show your calculations;Question 12. Question;(TCO 1) Identify some intrinsic qualities of capitalist and;command economic systems. Identify two countries that practice each.

 

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