ECON 312 Week 2 Quiz

ECON 312 Week 2 Quiz

1. (TCO 2) Economists use the term “demand” to refer to

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2. (TCO 2) Which of the following would not shift the demand curve for beef?

3. (TCO 2) Which of the following is most likely to be an inferior good?

4. (TCO 2) Which of the following would mostly likely increase the demand for gasoline?

5. (TCO 2) The supply curve shows the relationship between

6. (TCO 2) The price elasticity of demand is generally

7. (TCO 2) Suppose the price of local cable TV service increased from $16.20 to $19.80, and as a result, the number of cable subscribers decreased from 224,000 to 176,000. Use the Midpoint formula to find the answer. Along this portion of the demand curve, price elasticity of demand is

8. (TCO 2) A firm can sell as much as it wants at a constant price. Demand is thus

9. (TCO 2) The demand schedules for such products as eggs, bread, and electricity tend to be

10. (TCO 2) The demand for autos is likely to be

11. (TCO 2) What is the Law of Supply? Why does the supply curve slope upwards?

12. (TCO 2) Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work.