ECO 203 TUTORIALS Lessons in Excellence--eco203tutorials.com

ECO 203 Entire Course (Ash Course)
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This Tutorial contains 3 Set of Papers for each Assignment, 4 Set of
Quiz for each Week (DQs—1 Set Only)
ECO 203 Week 1 DQ 1 Economics Systems
ECO 203 Week 1 DQ 2 Role of Government
ECO 203 Week 1 Quiz (4 Set)
ECO 203 Week 2 Journal Challenges to the American Labor Force
ECO 203 Week 2 DQ 1 The Current State of the Economy and
Unemployment
ECO 203 Week 2 DQ 2 Who Benefits and Who Loses from Inflation?
ECO 203 Week 3 Assignment Efforts to Reduce the Budget Deficit (3
Papers)
ECO 203 Week 3 Discussion Question 1 Government Fiscal Policy
ECO 203 Week 3 Discussion Question 2 Budget Deficits and the
National Debt
ECO 203 Week 4 DQ 1 (Federal Reserve Bank Policy during the 2007-
2008 Recession)

ECO 203 Week 4 DQ 1 (The Effect of Bank Lending on the Company)
ECO 203 Week 4 Journal (Reflection on Government Participation in
the Economy)
ECO 203 Week 5 DQ 1 Foreign Direct Investment
wECO 203 Week 5 DQ 2 Economies In Transition
ECO 203 Week 5 Final Expansionary Economic Policy (3 Papers)
==============================================
ECO 203 Week 1 DQ 1 Economics Systems (Ash Course)
Week 1
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.
==============================================
ECO 203 Week 1 DQ 2 Role of Government (Ash Course)
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

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.
==============================================
ECO 203 Week 1 Quiz (Ash Course)
This Tutorial contains 4 Set of Week 1 Quiz (All Questions Listed
Below) ECO 203 Week 1 Quiz 1
1. Question : An economy that does NOT engage in international
trade is
2. Question : In what kind of economy is a central planning board or
commission typically used to answer the basic economic questions?
3. Question : All but which one of the following could shift the
demand curve?
4. Question : The basis for a market solution to the basic economic
questions is
5. Question : When economists say "consumers vote with their
dollars," they mean that

6. Question : In a market economy, what to produce is primarily
decided by
7. Question : Capital consists of 8. Question : If an individual's
income increases, then the demand for a normal good will
9. Question : When the government allocates money to build
highways, it is answering which basic economic question?
10. Question : Which of the following is NOT an economic function
of the government? ECO 203 week 1 Quiz 2
1. Question : An example of investment, as defined in economics, is
2. Question : What function of government promotes price stability
and full employment?
3. Question : An economic system is said to be
4. Question : The measure of the cost of a particular good in terms of
what is given up to produce that good is called
5. Question : In a market system, property rights are enforced by 6.
Question : The basic economic problem is
7. Question : In a market economy, what to produce is primarily
decided by
8. Question : Which of the following would be described as capital
by an economist?
9. Question : A shift to the right (away from the origin) of a
production possibilities curve is an illustration of
10. Question : In what kind of economy is a central planning board or
commission typically used to answer the basic economic questions?
ECO 203 Week 1 Quiz 3

1. Question : Macroeconomics is the study of
2. Question : An economic system is said to be
3. Question : A shift to the right (away from the origin) of a
production possibilities curve is an illustration of
4. Question : The self-interest assumption is made by economists
because
5. Question : When price changes, there is an opposite change in the
6. Question : Demand relates the various amounts that consumers are
willing to buy over a specified time period
7. Question : When price changes, one should expect a change in 8.
Question : Self-interested behavior and incentives are0
9. Question : Which of the following would be described as capital
by an economist?
10. Question : When the government allocates money to build
highways, it is answering which basic economic question? ECO 203
Week 1 Quiz 4
1. Question : If an individual's income increases, then the demand for a
normal good will
2. Question : An example of investment, as defined in economics, is 3.
Question : All but which one of the following could shift the demand
curve?
4. Question : 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?
5. Question : When price changes, one should expect a change in

6. Question : Demand relates the various amounts that consumers are
willing to buy over a specified time period
7. Question : When the government redistributes income, it is answering
a basic economic question. Which one?
8. Question : Self-interested behavior and incentives are
9. Question : Which of the following would be described as capital by an
economist?
w10. Question : When price changes, there is an opposite change in the
==============================================
ECO 203 Week 2 DQ 1 The Current State of the Economy
and Unemployment (Ash Course)
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 decline in aggregate demand.
Reference: Chapter 6, section 6.3: Aggregate Equilibrium and Changes
in Equilibrium.
classmates’ posts by discussing this question in terms of how a decrease
in aggregate demand
impacts GDP, and why the change in GDP affects unemployment.
==============================================
ECO 203 Week 2 DQ 2 Who Benefits and Who Loses from
Inflation (Ash Course)
Who Benefits and Who Loses from Inflation? Inflation is an important
policy issue because it causes a
redistribution of income and wealth, and discourages saving and
investment. Discuss how inflation affects borrowers and lenders,
asset prices, and households on fixed incomes.
Reference: Chapter 4, section 4.3: Gainers and Losers from Inflation.
classmates’ posts by sharing any ideas you may have about how
households and

businesses can protect themselves against inflation. Be sure to refer to
concepts found in the reading when responding to your classmates.
==============================================
This Tutorial contains 4 Set of Week 1 Quiz (All Questions Listed Below)
ECO 203 Week 2 Quiz 1 1. Question : All but which one of the
following are possible benefits of economic growth? 2. Question : A
country is in a recession if 3. Question : All but one of the following
will shift the aggregate supply curve to the right. 4. Question : The
labor force is composed of 5. Question : When the jobs available in
a market don't fit the skills of those looking for work, the economy is
experiencing 6. Question : If aggregate demand increases and the
aggregate supply curve is upward sloping and unchanged, 7. Question :
Cyclical unemployment is a function of 8. Question : During the
expansionary phase of the business cycle, it is likely that real 9.
Question : The typical aggregate demand curve 10. Question :
The turning points of the business cycle are called ECO 203 Week
2 Quiz 2 1.Question : A very important fact about national income
accounting is that 2. Question : Who is NOT a loser in inflation? 3.
Question : Cyclical unemployment is a function of 4. Question :
A country is in a recession if 5. Question : Which of the
following is a criticism of the CPI? 6. Question : If taxes increase and

the AS curve is upward sloping, then 7.Question : The presence of
discouraged workers may cause 8. Question : Which of the
following is a result of slow economic growth? 9. Question : During the
expansionary phase of the business cycle, it is likely that real 10.
Question : The turning points of the business cycle are called set 2
1. Question : All but one of the following factors may contribute to
slow growth of productivity in the United States: 2. Question :
Policies to reduce fluctuations in output and employment are
called 3. Question : When the jobs available in a market don't fit the
skills of those looking for work, the economy is experiencing 4.
Question : Which of the following is a result of slow economic
growth? 5. Question : All but one of the following will shift the
aggregate supply curve to the right. 6. Question : Cyclical
unemployment is a function of 7. Question : The turning points of the
business cycle are called 8. Question : All but which one of the
following are possible benefits of economic growth? 9. Question : As an
economy recovers from a trough in the business cycle, 10. Question :
Which form of unemployment will probably last for the shortest
time for a given worker? ECO 203 week 2 Quiz 3 1. Question : GDP
is defined as 2. Question : The transfer of funds from savers to business
investors takes place in the 3. Question : The curve that shows
quantities of total real output that will be offered for sale at various
price levels is called the 4. Question : The turning points of the
business cycle are called 5. Question : Which of the following is a
criticism of the CPI? 6. Question : Who is most likely to be a winner
during inflationary times? 7. Question : All but one of the following
factors may contribute to slow growth of productivity in the United
States: 8. Question : Which of the following is a result of slow
economic growth? 9. Question : If aggregate demand increases and the
aggregate supply curve is upward sloping and unchanged, 10.

Question : During the expansionary phase of the business cycle, it
is likely that real ECO 203 Week 2 Quiz 1. Question : Who is most
likely to be a winner during inflationary times? 2. Question : A very
important fact about national income accounting is that 3. Question :
Policies to reduce fluctuations in output and employment are
called 4. Question : All but which one of the following are possible
benefits of economic growth? 5. Question : In the circular flow model,
how can households use their income? 6. Question : The curve that
shows quantities of total real output that will be offered for sale at
various price levels is called the 7. Question : Cyclical
unemployment is a function of 8. Question : The government component
of GDP includes government expenditures on 9. Question : An
increase in the money supply 10. Question : Which of the following is a
criticism of the CPI? Week 2 Quiz Set 5 1. Question : The term
“recession” refers to a 2. Question : Who is NOT a loser in inflation? 3.
Question : The transfer of funds from savers to business investors takes
place in the 4. Question : If taxes increase and the AS curve is upward
sloping, then 5. Question : The turning points of the business cycle are
called 6. Question : As an economy recovers from a trough in the
business cycle, 7. Question : Short-term unemployment while searching
for a new job is called 8. Question : Economists use the phrase
"business cycle" when discussing 9. Question : In the circular flow
model, how can households use their income? 10. Question : The curve
that shows quantities of total real output that will be offered for sale at
various price levels
==============================================

ECO 203 Week 3 Assignment Efforts to Reduce the Budget
Deficit (Ash Course)
This Tutorial contains 3 Papers of this Assignment Efforts to Reduce the
Budget Deficit The rapid growth of the national debt alarmed some
politicians and created pressure for restricting Congress's unlimited
ability to spend. After reviewing Chapter 10, Section 10.2: Efforts to
Reduce the Deficit, write a 2-3 page paper, formatted according to APA
style as outlined in your approved style guide, discussing the actions
taken by the Congress since 1985 to reduce the budget deficits. Include
some authoritative sources on the current debate between the White
House and Congress on what measures are necessary to address
spending and revenues, i.e. news reports, official statements, press
conferences, as well as numerous government websites. Suggested
references: Ashford University Online Library (follow the Library link
within the left-handed tool bar). Congressional Budget Office:
www.cbo.gov. Internal Revenue Service: www.irs.gov. The Executive
Office of the President: www.whitehouse.gov. The paper: • Must be 2
to 3 double-spaced pages in length and formatted according to APA
style as outlined in your approved style guide. • Must have a cover
page that includes: 1. Title of paper 2. Student’s name 3. Course
name and number 4. Instructor’s name 5. Date submitted Must
include an introductory paragraph with a succinct thesis statement.
Must address the topic of the paper with critical thought. Must conclude
with a restatement of the thesis and a conclusion paragraph. Must use at
least three references, including the textbook. One reference must come

from the Ashford Library. Must use APA style as outlined in your
approved style guide to document all sources. Must include, on the final
page, a Reference List that is completed according to APA style as
outlined in your approved style guide
==============================================
ECO 203 Week 3 DQ 1 Government Fiscal Policy (Ash
Course)
Government Fiscal Policy. Between 2007 and 2009 the U.S. economy
experienced a severe recession. In an effort to stimulate the
economy, the federal government passed a stimulus package. Explain
the federal government’s use of fiscal policy (the stimulus) to
promote growth and employment. Support your ideas with concepts
found in the assigned reading. Include the following in your response:
Discuss some actions taken by the federal government and whether the
recession would have been longer and the unemployment rate higher if
the government had not acted by passing the stimulus package?
If left alone, do you believe the economy would have corrected itself as
suggested by Classical economic theory? Explain.

Discuss the effect these policies had on increasing the size of the budget
deficits and the national debt.
Reference: Chapter 9, section 9.4: More Recent Tax Changes, and
Chapter 10, section 10.2: Early 1990s and 2000s Recessions.
Guided Response: Review the discussion board posts of your classmates.
Respond to at least two of your classmates by agreeing or disagreeing
with their posts. Support your ideas with concepts found in the assigned
reading.
Related Tutorials
==============================================
ECO 203 Week 3 DQ 2 Budget Deficits and the National
Debt (Ash Course)
Budget Deficits and the National Debt. Between 2007 and 2011 the
federal budget deficit grew from $160.7 billion to $1,299.6 billion,
and the national debt grew from $8.9 trillion to $14.8 trillion. (Figure
10.1: The ratio of debt to GDP, 1977-2011.)
In your post, differentiate the budget deficit from the national debt. How
do you think the increases in the budget deficits and the national
debt will affect the economy in the future?

Reference: Chapter 10, section 10.1: Debt and Deficits, and section
10.4: Do Deficits Matter?
Respond to at least two of your classmates with questions that
allow them to extend their thinking. Support your ideas with concepts
found in the assigned reading.
==============================================
Budget Deficits and the National Debt. Between 2007 and 2011 the
federal budget deficit grew from $160.7 billion to $1,299.6 billion,
and the national debt grew from $8.9 trillion to $14.8 trillion. (Figure
10.1: The ratio of debt to GDP, 1977-2011.)
In your post, differentiate the budget deficit from the national debt. How
do you think the increases in the budget deficits and the national
debt will affect the economy in the future?
Reference: Chapter 10, section 10.1: Debt and Deficits, and section
10.4: Do Deficits Matter?
Respond to at least two of your classmates with questions that

allow them to extend their thinking. Support your ideas with concepts
found in the assigned reading.
==============================================
ECO 203 Week 4 DQ 1 Federal Reserve Bank Policy during
the 2007-2008 Recession (Ash Course)
ECO 203 Week 3 Quiz 1 1. Question : In a macroeconomic equilibrium,
2. Question : A progressive tax taxes each individual 3. Question :
Supply-side tax cuts are aimed primarily at encouraging 4.
Question : Keynes believed that the correct role for government
during a depression was to 5. Question : The largest source of
income for state governments is 6. Question : Before Keynes, most
economists and politicians believed in 7. Question : Say's law states
that supply creates its own demand because 8. Question : The
national debt 9. Question : In the classical model, the economy will tend
toward full employment because of 10. Question : The length of time it
takes to realize that there is an economic problem is called SET 2 1.
Question : A progressive tax taxes each individual 2. Question :
In the classical model, the supply of loanable funds is 3.Question :
Which of the following is the largest source of funds for the federal
government? 4. Question : The length of time it takes to realize that
there is an economic problem is called 5. Question : If the

equilibrium level of national income is less than the desired level of
national income, then 6. Question : Keynes argued that planned
saving was 7. Question : Why do deficits persist even during the
expansionary phase of the business cycle? 8.Question : The largest
single item in the federal budget is 9. Question : Before Keynes, most
economists and politicians believed in 10. Question : The national
debt is a burden on future generations if ECO 203 week 3 Quiz 3 1.
Question : A laissez-faire attitude toward most markets is most
closely associated with 2. Question : Imports are 3. Question : A
structural deficit 4. Question : In the classical model, the supply of
loanable funds is 5. Question : Fiscal policy is different in an open
economy than in a closed economy because 6. Question : The
national debt 7. Question : The Investment Tax Credit 8. Question :
The federal income tax is 9. Question : The measure that shows
how much of the deficit is due to a downturn in economic activity is 10.
Question : If taxes are cut, then consumption ECO 203 Week 3
Quiz 1. Question : The Investment Tax Credit 2. Question : A
structural deficit 3. Question : The national debt is a burden on future
generations if 4. Question : Fiscal policy is different in an open
economy than in a closed economy because 5. Question : A laissez-
faire attitude toward most markets is most closely associated with 6.
Question : In the Keynesian view, the primary purpose of fiscal
policy is to 7. Question : Before Keynes, most economists and
politicians believed in 8. Question : Opponents of discretionary fiscal
policy believe that it 9. Question : In the classical model, the supply
of loanable funds is 10. Question : The length of time it takes to
realize that there is an economic problem is called Week 3 Quiz Set 4 1.
Question : The time between the legislation of fiscal policy and its effect
on output and employment is called 2. Question : The federal income tax
is 3. Question : The largest single item in the federal budget is 4.

Question : The Investment Tax Credit 5. Question : The measured deficit
would be larger if 6. Question : Opponents of discretionary fiscal policy
believe that it 7. Question : Keynes blamed economic downturns
primarily on 8. Question : Keynes argued that planned saving was 9.
Question : A structural deficit 10. Question : When aggregate planned
expenditure falls short of potential output, the economy experiences
==============================================
ECO 203 Week 4 DQ 2 The Effect of Bank Lending on the
Economy (Ash Course)
The Effect of Bank Lending on the Economy. In conducting
expansionary monetary policy, even if the Federal Reserve Bank is
providing
reserves to the banking system, during a recession or during periods of
slow economic growth, banks may choose not to lend out their reserves
when interest rates are low and potential borrowers look risky. This is
known as a “credit crunch”. Explain how a credit crunch affects
economic growth.
Specifically, answer these questions in your post:
How does a credit crunch affect consumer spending and business
investment?

How does a credit crunch affect aggregate demand, GDP, and
unemployment?
Reference: Chapter 14.1 Is Monetary Policy Effective? and section 14.3:
Domestic Sectoral Effects.
==============================================
ECO 203 Week 4 Quiz 1 1. Question : The bulk of the M1 money supply
is made up of 2. Question : Through open market operations, the
Federal Reserve 3. Question : All but which one of the following are
tools of monetary policy? 4.Question : Which of the following is a
function performed by a modern society's money? 5. Question : If the
Federal Reserve creates excess bank reserves, banks are likely to 6.
Question : The central bank and monetary authority of the United
States is 7. Question : The M1 money supply includes 8.Question : The
fact that money is legal tender increases its 9. Question : In the
classical model, the money supply affects the economy 10. Question :
The most important monetary tool of the Federal Reserve System is
ECO 203 Week 4 Quiz 2 1. Question : In an economy with a large
foreign sector, compared to one with little international economic
activity, 2. Question : To keep the federal funds rate from rising above
the target zone, the Fed must 3. Question : The store of wealth function

of money refers to money as 4. Question : If the demand for money is
highly sensitive to changes in the interest rate, a small decrease in the
interest rate will cause 5. Question : When the Fed changes monetary
policy in response to changing economic conditions, it is 6. Question :
Changes in the reserve ratio, open market operations, and changes
in the discount rate are all tools used by the Fed to 7. Question :
Individuals accept dollars because 8. Question : The medium of
exchange function of money refers to money as 9. Question : The lender
of last resort function refers to 10. Question : The First National
Bank of Oklahoma has checkable deposits of $10,000,000 and total
reserves of $2,500,000; the reserve ratio is 15 percent. What is the most
this bank can lend out? ECO 203 Week 4 Quiz 1. Question : M1
includes all but which one of the following? 2. Question : The most
important monetary tool of the Federal Reserve System is 3. Question :
If the Fed sells government bonds on the open market, which of the
following is likely to occur? 4. Question : In the classical model, the
money supply affects the economy 5. Question : The First National
Bank of Oklahoma has checkable deposits of $ 10,000,000 and total
reserves of $2,500,000; the reserve ratio is 15 percent. What is the
required level of reserves for this bank? 6. Question : Which of the
following is a function performed by a modern society's money? 7.
Question : If the market for money is in equilibrium, then 8.
Question : A bank's lending out a portion of the deposits of its
customers is 9. Question : If the Federal Reserve creates excess bank
reserves, banks are likely to 10. Question : Which of the following is
NOT a correct statement? Week 4 Quiz Set 4 1. Question : M1 includes
all but which one of the following? 2. Question : The transactions
demand for money depends on 3. Question : Individuals accept dollars
because 4. Question : The fact that money is legal tender increases its 5.
Question : According to the M1 definition, the money supply consists of

currency held by the public plus 6. Question : To keep the federal funds
rate from rising above the target zone, the Fed must 7. Question : If the
Fed sells government bonds on the open market, which of the following
is likely to occur? 8. Question : When the Federal Open Market
Committee buys a government bond from a bank, 9. Question :
Transactions that involve the direct trade of one good for another are
called 10. Question : The ability of an ass
==============================================
ECO 203 Week 5 DQ 1 Foreign Direct Investment (Ash
Course)
Foreign Direct Investment. Imagine you are in charge of development
for a developing country and were approached by a multinational
corporation interested in locating in your country.
Identify some of the benefits and some of the costs to the host country
from allowing a multinational corporation to locate in a country with a
developing economy.
Discuss with your classmates if developmental assistance from world
developmental agencies, such as the World Bank or the United Nations,
would be
preferable to private investment.

Reference: Chapter 17, section 17.5: Help From The Private Sector:
Multinationals.
==============================================
ECO 203 Week 5 DQ 2 Economies in Transition (Ash
Course)
Economies in Transition. The movement in the direction of a market-
based system with freely determined prices, competition, profits, private
ownership, and other features of capitalism is not simple. Discuss some
of the challenges associated with an economy transitioning from
socialism to capitalism.
Reference: Chapter 20, section 20.1: World Economic Systems, and
section 20.2: Transition to a Market System
==============================================
ECO 203 Week 5 Final Paper Expansionary Economic
Policy (Ash Course)

Week 5 Final Paper
In an effort to move the economy out of a recession, the federal
government would engage in expansionary economic policies.
Describe the actions the government would take in conducting
expansionary fiscal policy and expansionary monetary policy.
Expansionary Fiscal Policy:
Review Chapter 7: Classical Macroeconomics and the Keynesian
Challenge and Chapter 9: Taxes, Government Spending, and Fiscal
Policy.
Explain the actions the federal government would take while engaging
in expansionary fiscal policy in terms of the following:
The necessary change in taxes and government spending, The effect on
aggregate demand, GDP, and employment.
Final Paper
Expansionary Monetary Policy:
Review Chapter 12: Banking and The Federal Reserve System and
Chapter 14: Monetary Policy In Theory And Practice.
Identify the three tools available to the Federal Reserve Bank (The Fed)
when conducting monetary policy. Explain whether the Fed would:
Increase or decrease the required reserve ratio Increase or decrease the
discount rate Buy or sell government securities when conducting
expansionary monetary policy

Explain how these actions would affect the money supply, interest rates,
spending, aggregate demand, GDP, and employment.
Writing the Final Paper
The Final Paper:
1. Must be 5 to 6 double-spaced pages in length and formatted
according to APA style as outlined in your approved style guide.
2. Must have a cover page that includes:
a. Title of paper
b. Student’s name
c. Course name and number
d. Instructor’s name
e. Date submitted
3. Must include an introductory paragraph with a succinct thesis
statement.
4. Must address the topic of the paper with critical thought.
5. Must conclude with a restatement of the thesis and a conclusion
paragraph.
6. Must use at least four scholarly resources, including the textbook.
Two references must come from the Ashford Library.
7. Must use APA style as outlined in your approved style guide to
document all sources.

8. Must include, on the final page, a Reference List that is completed
according to APA style as outlined in your approved style guide.
==============================================

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