ECO 365T Midterm Quiz 2021 with all correct answers
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ECO 365T Midterm Quiz 2021 with all correct answers/ ECO 365T Midterm Quiz 2021 with all correct answers/ ECO 365T Midterm Quiz 2021 with all correct answers/ ECO 365T Midterm Quiz 2021 with all correct answers
eco 365t midterm quiz 2021 with all correct answers
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ECO 365T Midterm Quiz 2021 with all correct answers
1. A shift in the demand curve occurs when ____________.
a. suppliers place more goods on the market
b. the price of a commodity rises
c. consumers want to buy more than before at a given price
d. the price of a commodity falls
2. If a 5% decrease in the price of a long-distance phone call leads to a 25% increase in the
numberof calls made, we can then conclude that the demand for long-distance phone calls at the
current rate is __________________.
a. elastic
b. inelastic
c. unitarily elastic
d. cannot be determined on the basis of the data given
3. A wage decrease agreement by the United Auto Workers would lead to a(n) _______ shift in the
_____________ function for cars, leading to a(n) _____________ in the price of the domestically
produced cars.
a. upward, demand, increase
b. upward, supply, no change
c. downward, supply, decrease
d. downward, demand, increase
4. When a new product (e.g., product "B") appears on the market, and "B" can be readily used to
substitute for an existing product (e.g., product "A"), then the demand function for "A" may be
expected to _________________.
a. shift inward (leftward)
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