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Ashford
Principles of microeconomics
week 1
ECO 204 Week 1 Quiz

ECO 204 Week 1 Quiz

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In economics, scarcity means that  2. Question : If beans are inferior goods, a decrease in income will  3. Question : Which of the following is a macroeconomic issue?  4. Question : 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. Question : Demand for a good will always rise when  6. Question : In what type of economic system are the basic economic questions answered in the same way as in the past?  7. Question : All but which one of the following could shift the demand curve?  8. Question : When price changes, there is an opposite change in the  9. Question : What will cause a change along the supply curve?  10. Question : The Wall Street Journal carried a story on a type of grocery store that operates with few services and limited use of attractive displays, but with lower prices than its competitors. This decision of the owners is a way of answering a question that every society must face. Which of the following is that question?

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