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ECO 204 Principles of Microeconomics Week 1 Quiz Answers

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ECO 204 Principles of Microeconomics Week 1 Quiz Answers

  1. If the demand for coffee decreases as income decreases, coffee is a(n):
  2. In the simplified pure market economy described by the two-sector circular flow model, the participants are

  3. What will cause a change along the supply curve?

  4. In Collegia, a small college town, the market for parking spaces is in equilibrium at a going price of $5 a day. There are 1,500 spaces and they are all sold every day with no unsatisfied buyers. Now the college takes in 200 more students, each of whom also wants a parking space at $5 a day. If there is a normal, upward-sloping supply curve, what will happen when the market has time to adjust?

  5. Along with the other social sciences, economics is concerned with

  6. In what type of economic system are the basic economic questions answered in the same way as in the past?

  7. Macroeconomics is the study of

  8. Demand for a good will always rise when

  9. Microeconomics might include the study of

  10. Which of the following would embody entrepreneurship as it is defined by an economist?

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