ECO 203 Week 1 Quiz

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ECO 203 Week 1 Quiz

1. Macroeconomics is the study of

2. 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?

3. A production possibilities curve shows

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

5. Which of the following is a macroeconomic issue?

6. If left alone, a market-directed economy will

7. An economy that does NOT engage in international trade is

8. Capital consists of

9. In a market economy, the basic economic question “For whom?” is answered by

10. If the supply of coffee shifts to the right and the price has NOT yet changed to a new price, then