ECO 365 FINAL EXAM

Aug 6th, 2016
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1. Macroeconomics is a. the study of individual choice and how that choice is influenced by economic forces b. the study of the pricing policies of firms and the purchasing decisions of households c. the study of aggregate economic relationships d. an analysis of economic reality that proceeds from the parts to the whole 2. The invisible hand theorem comes from a. microeconomics b. macroeconomics c. sociology d. political science 3. The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes a. up, the quantity demanded goes up b. up, the quantity demanded goes down c. down, the quantity demanded goes down d. down, the quantity demanded stays the same 4. Which of the following situations best demonstrates the law of demand? a. Moviegoers react to an increase in the price of a ticket by seeing fewer movies per year. b. Moviegoers see fewer movies per year due to an overall

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ECO 365 FINAL EXAM1.Macroeconomics isa. the study of individual choice and how that choice is influenced by economicforcesb. the study of the pricing policies of firms and the purchasing decisions ofhouseholdsc. the study of aggregate economic relationshipsd. an analysis of economic reality that proceeds from the parts to the whole2.The invisible hand theorem comes froma. microeconomicsb. macroeconomicsc. sociologyd. political science3.The law of demand states that the quantity demanded of a good is inversely related to theprice of that good. Therefore, as the price of a good goesa. up, the quantity demanded goes upb. up, the quantity demanded goes downc. down, the quantity demanded goes downd. down, the quantity demanded stays the same4.Which of the following situations best demonstrates the law of demand?a. Moviegoers react to an increase in the price of a ticket by seeing fewer movies peryear.b. Moviegoers see fewer movies per year due to an overall decrease in the quality ofnewly released motion pictures.c. A drought causes a decrease in the availability of pumpkins, resulting in fewer jack-olanterns displayed on Halloween.d. An increase in the number of people writing economics textbooks results in adecrease in average textbook prices.5.If quantity demanded does not change when the price changes, the demanda. is elasticb. is inelasticc. has unit elasticityd. is perfectly inelastic6.High gasoline prices hit commuters who li

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