WEEK 1ECO 204 NEW Week 1 Quiz1.Question :In economics, scarcity means thatStudent Answer: there are not sufficient resources to produce everything that people want. poverty will always exist.a country can never feed all of its citizens.the price of a good may increase more rapidly than the general price level. there is not enough of a particular good for people to buy all they want at the prevailing price.Points Received:1 of 1Comments:2.Question :If beans are inferior goods, a decrease in income willStudent Answer: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.Points Received:1 of 1Comments:ECO 204 NEW Week 1 DQ 1 Circular Flow DiagramExplain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.
