ECO 203 Week 1 Quiz

This document of ECO 203 Week 1 Quiz includes answers to the next questions:

1. If an individual’-s income increases, then the demand for a normal good will

2. An example of investment, as defined in economics, is

3. All but which one of the following could shift the demand curve?

4. When a firm decides to replace some workers with robots in its production process, it is making a decision about one of the basic economic questions. Which one?

5. When price changes, one should expect a change in

6. Demand relates the various amounts that consumers are willing to buy over a specified time period

7. When the government redistributes income, it is answering a basic economic question. Which one?

8. Self-interested behavior and incentives are

9. Which of the following would be described as capital by an economist?

10. When price changes, there is an opposite change in the.