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ECON 102 Final

ECON 102 Final - Practice final s08 Multiple Choice...

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Practice final s08 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. When the price of a good or service changes, a. the supply curve shifts in the opposite direction. b. the demand curve shifts in the opposite direction. c. the demand curve shifts in the same direction. d. there is a movement along a given demand curve. ____ 2. Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 an hour it is likely that the ____ 3. An increase in the price of oranges would lead to ____ 4. New cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable, auto-workers accept lower wages and automobile insurance becomes more expensive? ____ 5. Which of the following events would definitely result in a higher price in the market for Snickers? a. Demand for Snickers increases and supply of Snickers decreases. b. Demand for Snickers and supply of Snickers both decrease. c. Demand for Snickers decreases and supply of Snickers increases. d. Demand for Snickers and supply of Snickers both increase ____ 6. Other things equal, the demand for a good tends to be more inelastic, the ____ 7. The flatter the demand curve through a given point, the Figure 5-4
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