ECO 212 MID TERM EXAM

ECO 212 MID TERM EXAM - ECO 212 Midterm 11/4/10 Chris...

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ECO 212 Midterm – 11/4/10 Chris Rakovalis 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 percent decrease in the price of long-distance phone calls leads to a 25 percent increase in the number of 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 data given 3) A wage concession by the United Auto Workers would lead to a(n) ________ shift in the ___________ function for cars, leading to a(n) ____________ in the price of domestically produced cars. a. upward, demand, increase b. upward, supply, no change c. downward, supply, decrease d. downward, demand, increase
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This note was uploaded on 01/05/2012 for the course 101 melissa jo taught by Professor Acc101 during the Spring '11 term at Aarhus Universitet.

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ECO 212 MID TERM EXAM - ECO 212 Midterm 11/4/10 Chris...

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