{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ECON 102 Final

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

This preview shows pages 1–3. Sign up to view the full content.

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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
____
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern