ECO 365T Midterm Quiz – Question and Answers

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ECO 365T Midterm Quiz – Question and Answers

  1. A shift in the demand curve occurs when ____________.
  2. If a 5% decrease in the price of a long-distance phone call leads to a 25% increase in the number of calls made, we can then conclude that the demand for long-distance phone calls at the current rate is __________________.
  3. A wage decrease agreement by the United Auto Workers would lead to a(n) _______ shift in the _____________ function for cars, leading to a(n) _____________ in the price of the domestically produced cars.
  4. When a new product (e.g., product “B”) appears on the market, and “B” can be readily used to substitute for an existing product (e.g., product “A”), then the demand function for “A” may be expected to _________________.
  5. The U.S. government banned cigarette advertising on radio and television in the early 1970’s.  You would expect to find that, after the ban took effect, _______________.
  6. If the international oil price keeps rising, then we can expect the supply curves of products using oil to _________________.
  7. The concept of derived demand be best be illustrated by the statement:
  8. One way to view the law of diminishing marginal productivity is to say that ____________.
  9. The costs of a firm that vary with the level of production are called _____________.
  10. An increase in sales taxes on goods and services will likely lead to a _________ shift in the __________ curves of those goods and services.

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