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ECO/365– Principles of Microeconomics– Final Exam Study Guide
How to Use this Study Guide – READ ME FIRST
The following study guide will NOT have the same exact questions on your test! However, this study guide WILL help you ace the Final Exam. The guide covers the same topics and will help you gain a deeper understanding of the concepts. Best of all, you are still guaranteed a score of 90% or higher or your money back!
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1) Concert ticket prices increase by 5%, while attendance decreases by 2%. What is the elasticity of demand for concert tickets?
0.4
Explanation: In this problem, elasticity of demand is calculated as 2 divided by 5.

2) How is microeconomics different from macroeconomics?
Microeconomics covers the choices made by individuals. Macroeconomics covers the total economy’s performance.
Explanation: Microeconomics is about individual choices, while Macroeconomics is about the overall economy.

3) What type of research contains the relationship between the money supply, interest rates, and inflation rates?
Macroeconomic
Explanation: Factors that affect massive groups of people are considered macroeconomic research.

4) Oil prices started rising in the 1990s. Much of the supply was met from sources that were non-OPEC. OPEC was not able to stop output among its members to lift oil prices. How would you describe this scenario?
The increase in demand shifted the demand for oil to the right. When price went up, the quantity of oil supplied also went up.
Explanation: As the prices of oil rose, it created a boom in supply from other suppliers wanting to get in on the action. When demand increases it shifts…...

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