Econ 528 midterm test - Study guides, Class notes & Summaries

Econ 528 Midterm Test 2020 – Grade Midterm 1.) A good that is similar to another, and can be consumed in place of it, is called: A.) A complementary good B.) A substitute good C.) An inferior good D.) A normal good 2.) Unlike an accountant, an economist measures costs on a(n) basis. A.) Historical B.) Conservative C.) Explicit D.) Replacement 3.) Scarcity A.) Applies only to people living in poverty B.) Leads to higher prices C.) Used to exist everywhere but has been eliminated in ...