Fall 2011-Practice Final Exam
1. Which of the following is not a basic characteristic of monopolistic competition?
A. the use of trademarks and brand names
B. recognized mutual interdependence
C. product differentiation
D. a relatively large nu
MICROECONOMICS - TEST ONE
Forty-four multiple choice questions, each worth 2 points; and two short-answer questions, each worth 6 points.
For each question, circle the best answer.
1. The study of economics is primarily concerned with:
A) keeping p
If you believe we are going into a recession, what goods and services would you produce
and why. When the recession ends would you continue to produce the same products or
services? If not, what would you produce at that point and why.
List three pr
CHAPTER 3: DEMAND, SUPPLY, AND MARKET EQUILIBRIUM
Supply and demand are mechanisms by which our market economy functions. Changes in supply
and demand affect prices and quantities produced, which in turn affect profit, employment,