Eco week 1 quiz

If the demand for coffee decreases as income decreases, coffee is a(n):

 

If there is a need to increase the quantity and supply of oil, the most effective way to get it quickly is to

 

Macroeconomics is the study of

 

The interactions of producers and consumers in individual markets are part of the study of

 

The measure of the cost of a particular good in terms of what is given up to produce that good is called

 

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

 

Capital consists of

 

Sales of bananas have dropped from 100,000 pounds to 75,000 pounds per day because a freeze resulted in a smaller supply. In the process, the average price of a pound of bananas has risen from $0.80 to $1.00. Which of the following is most likely true?

 

Demand for a good will always rise when

 

What will cause a change along the supply curve?