2020 -- Quiz 2 - Name: _ Date: _ ECO 2020 (902) 11656...

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Name: __________________________________________________ Date: ___________________ ECO 2020 (902) 11656 QUIZ 2 Wayne State University Instructor: Jinghua Huang Fall 2011 Multiple Choice: Identify the letter of the choice that best completes the statement or answers the question. ____ 1. 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. ____ 2. If Francis experiences a decrease in his income, we would expect that, as a result, Francis’s demand for a. each good he purchases will remain unchanged. b. normal goods will decrease. c. luxury goods will increase. d. inferior goods will decrease. ____ 3. 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. ____ 4.
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This note was uploaded on 03/11/2012 for the course ECO 2020 taught by Professor Huang during the Winter '12 term at Wayne State University.

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2020 -- Quiz 2 - Name: _ Date: _ ECO 2020 (902) 11656...

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