ECON+2100+Study+Guide+for+Final+Exam+for+121310

ECON+2100+Study+Guide+for+Final+Exam+for+121310 - ECON 2100...

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Page 1 ECON 2100 Study Guide for Fina Exam Covers Chapters: 3, 5, 7-8, 13, 15-16, 18 Final Exam Format: Approximately 35-40 Multiple Choice Questions Final Exam Date: Monday, 12/13 @ 2:50pm ***No Make-up Final Exams will be Given*** ***Also make use of exams 1-3 to prepare for the final exam** Name: __________________________ Date: _____________ 1. The primary difference between a change in supply and a change in the quantity supplied is: A) a change in quantity supplied is a movement along the supply curve, while a change in supply is a shift in the supply curve. B) both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions. C) a change in supply is related to the supply curve, while a change in quantity supplied is related to shifts in the demand curve that elicit a change in supply. D) a change in supply is a movement along the supply curve, while a change in quantity supplied is a shift in the supply curve. 2. If people demand more of product A when the price of B falls, then A and B are: A) not related. B) substitutes. C) complements. D) inferior.
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Page 2 Use the following to answer question 3: Table: The Demand for Chocolate-Covered Peanuts Quantity demanded Price (bags per month) (per bag) George Barbara Dan $0.90 10 0 60 $0.80 15 10 80 $0.70 20 20 100 $0.60 25 30 120 $0.50 30 40 140 $0.40 35 50 160 $0.30 40 60 180 3. (Table: The Demand for Chocolate-Covered Peanuts) If George, Barbara, and Dan are the only three buyers in the market, and the price of a bag of chocolate-covered peanuts is $0.50, the total market demand is ________ bags per month. A) 80 B) 105 C) 210 D) 280 4. The primary difference between a change in demand and a change in the quantity demanded is: A) a change in demand is a movement along the demand curve and a change in quantity demanded is a shift in the demand curve. B) a change in quantity demanded is a movement along the demand curve and a change in demand is a shift in the demand curve. C) both a change in quantity demanded and a change in demand are shifts in the demand curve, only in different directions. D) both a change in quantity demanded and a change in demand are movements along the demand curve, only in different directions. 5. Given that pizza is a normal good, if students' income at your college increases substantially, there would be: A) an increase in the demand for pizza. B) an increase in the quantity of pizza demanded. C) a decrease in the demand for pizza. D) no change in the demand for pizza.
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Page 3 6. A decrease in the price of eggs will result in a(n): A) increase in the demand for eggs. B) increase in the supply of eggs. C) greater amount of eggs supplied. D) greater amount of eggs demanded.
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This note was uploaded on 01/30/2012 for the course ECON 2100 taught by Professor Klimenko during the Fall '08 term at Georgia Tech.

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ECON+2100+Study+Guide+for+Final+Exam+for+121310 - ECON 2100...

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