ECO 204 Principles of Microeconomics Week 1 Quiz Answers (2022).docx
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ECO 204 Principles of Microeconomics
Week 1 Quiz Answers (2022)
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204-principles-of-microeconomics-week-
1-quiz-answers-2022/
Students and retired people travel by bus more often than business executives. An economic explanation for
this observation would be that __________.
Which of the following would most likely be regarded as a macroeconomic issue?
Why is the self-interest assumption useful to economists?
All of the following are examples of a government’s economic allocation function EXCEPT __________.
Assume that Indiana levies a tax on gasoline and uses the proceeds to repair roads in low-income areas.
Which government function(s) is (are) being carried out?
What government function or functions promote price steadiness and full employment?
In economic terms, what are coffee and tea vis-à-vis each other?
If an economist sees that an inferior good’s price has increased from $1.00 to $1.50 per unit, and that the
income available to purchase that inferior good has increased from $10,000 to $15,000, the economist will
Which one of the following does NOT affect demand for a good?
Markets perform poorly when there is __________.
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