ECO 365T FINAL EXAM – QUESTION AND ANSWERS.

FINAL EXAM 1




ECO 365T FINAL EXAM – QUESTION AND
ANSWERS




Final Exam

) Which of the following will cause a change in the demand for flashlight batteries?

a. Improved technology for manufacturing batteries

b. An increase in the price of flashlights

c. A change in producers' expectations

d. A change in the price of copper




2) In economics, the steeper (i.e., more vertical) the demand curve is the more _______ it is.

a. unreliable

b. elastic

c. inelastic

d. reliable

, FINAL EXAM 2




3) A surplus will occur when ______________.

a. production quantities are falling.

b. price is above the equilibrium point.

c. price is below the equilibrium point.

d. the demand curve is shifting to the right.

e. Both c and d are correct.




4) A demand curve will shift to the left if the ______________.

a. buyers' incomes decrease.

b. number of buyers increases.

c. future expectations become more optimistic.

d. prices of substitute goods decrease.




5) A(n) ________________ is a market structure with only a few sellers.

a. monopoly

b. oligopoly

c. global market structure

d. monopolistic competition




6) A very important law in the history of American business that positively impacted the market
economy by banning monopolies and restraints of trade was ______________?