ECO 204 ECO/204 ECO204 Week 2 Quiz Answers

ECO 204 ECO/204 ECO204 Week 2 Quiz Answers


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ECO 204 ECO/204 ECO204 Week 2 Quiz

  1. Opportunity costs are
  2. When price changes, one should expect a change in
  3. When economists make the assumption that wants are unlimited, they mean that most people
  4. If left alone, a market-directed economy will
  5. Ceteris paribus, as applied in demand theory, means
  6. 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?
  7. The measure of the cost of a particular good in terms of what is given up to produce that good is called
  8. All but which one of the following could shift the demand curve?
  9. Macroeconomics is the study of
  10. 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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