04 Jun B. decreases the quantity demanded of the other good
Question
ECO 212 Final Exam
1) Which of the following issues is an application of using macroeconomics to make a real world decision?
A. Whether a company should increase its worker benefits
B. Whether this year’s enrollment will increase for University of Phoenix.
C. Whether the growth rate of the Chinese economy will exceed 10% in 2010
D. Whether workers should choose to remain in a factory
2) The forces that make market economies work are
A. work and leisure
B. demand and supply
C. regulation and restraint
D. taxes and government spending
3) A market is a
A. group of buyers and sellers of a particular good or service
B. group of people with common economic characteristics
C. place where buyers and sellers come together to engage in trade
D. place where an auctioneer helps set prices and arrange sales
4) If a decrease in income increases the demand for a good, then the good is
A. a substitute good
B. a complement good
C. a normal good
D. an inferior good
5) Two goods are substitutes if a decrease in the price of one good
A. decreases the demand for the other good
B. decreases the quantity demanded of the other good
C. increases the demand for the other good
D. increases the quantity demanded of the other good
6) A likely example of substitute goods for most people would be
A. peanut butter and jelly
B. tennis balls and tennis rackets
C. televisions and subscriptions to cable television services
D. pencils and pens
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