Eco/365 Final Exam Answers 26/30

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ECO/365 Final Exam 26/30 Correct

1. George Davis and Michael Wohlgenant estimate that for every 1 percent increase in the price of Christmas trees, quantity demanded falls by 0.6 percent. The demand for Christmas trees is __________________.

inelastic
2. A Wall Street Journal headline reads: "Cigar Shortage Draws New Brands into Market." The shortage resulted from a renewed interest in smoking cigars. What best describes the facts behind the headline?
*
Price is too low, quantity demanded exceeds quantity supplied.
3. State what type of business combination is occurring in the following scenario: Samsung and Sony become partners in a flat screen manufacturing company.
*
Joint venture
4. The price of a ticket to a rock concert is set at $35. All the tickets for the concert sell out 1 hour after they go on sale and there are still 1,000 fans who want to buy tickets. It follows that
*
the equilibrium price of tickets to the concert is more than $35.
5. According to the text, Microeconomics, Colander (2013), economics is the study of how
*
human beings coordinate their wants and desires.
6. Suppose a firm finds that an additional dollar spent on labor increases output more than does an additional dollar spent on machines. Under these conditions, the firm
*
should substitute machines for labor if it wants to increase economic efficiency
7. Which of the following is the best example of a macroeconomic externality?
Many people saving more without considering the effect on unemployment
8. Refer to the graph shown. The figure shows the demand and supply curves for eggs and shows two equilibrium points, E1 and E2. An increase in demand from D1 to D2 would cause
*
price to rise from $1.00 to $1.25 a dozen and equilibrium quantity to be 3,000 dozen eggs per week.
9. State what type of business…...

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