Quiz for ECON 002 - PRINCIPLES OF MICROECONOMICS with Boal at Drake (Drake)

Quiz Information

Material Type:Quiz 2
University:Drake University
Term:Summer 2008
  • Drake University
  • Alternative Goods
  • Complementary Good
  • Complementary
  • Calculators
  • Change in Demand
  • Substitute Goods
  • Excess Supply
  • Regulations
  • Excess Demand
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Sample Document Text

Principles of Microeconomics (Econ 2) Drake University, Summer 2008 William M. Boal Signature: Printed name: QUIZ #2 VERSION B “Supply and Demand” July 22, 2008 INSTRUCTIONS: This quiz is closed-book, closed-notes. Simple calculators are permitted, but graphing calculators or calculators with alphabetical keyboards are NOT permitted. Numerical answers, if rounded, must be correct to at least 3 significant digits. Point values for each question are noted in brackets. Maximum total points are 100. I. Multiple choice: Circle the one best answer to each question. [2 pts each: 34 pts total] (1) Money, as defined in economics, must be a. accepted by everyone as payment. a. b. c. d. can afford to buy more of everything due to the drop  in price of this good. want to substitute goods for money. want to reward sellers for lowering the price by  increasing sellers' incomes. shift their purchases from alternative goods that have  not fallen in price. b. "legal...

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