Ashford ECO 204 ECO/204 ECO204 Week 1 Quiz Solutions

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  1. Capital consists of
  2. If the demand for coffee decreases as income decreases, coffee is a(n):
  3. If there is a need to increase the quantity and supply of oil, the most effective way to get it quickly is to
  4. Demand for a good will always rise when
  5. Opportunity costs are
  6. When price changes, there is an opposite change in the
  7. 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?
  8. Microeconomics might include the study of
  9. Macroeconomics is the study of
  10. If beans are inferior goods, a decrease in income will