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Eco 365 Week 5 Final Exam

  • Date Submitted: 10/24/2016 09:39 PM
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ECO 365 Week 5 Final Exam  

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Which of the following statements is true about a downward-sloping demand curve that is a straight line?
The slope remains the same, but elasticity falls as you move down the demand curve.
The slope and the elasticity fall as you move down the demand curve.
The slope remains the same, but elasticity rises as you move down the demand curve.
The slope and elasticity are the same at all points.

The best example of positive externality is:
Roller coaster rides
Pollution
Education
Alcoholic beverages


Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year.   Based on this information, we can best conclude that:
despite the increase in price, quantity demanded rose due to some other factors changing.
this situation has nothing to do with the law of demand.
the law of demand is invalid.
the demand for a college education is positively sloped.

Suppose foreign shrimp prices drop by 32 percent and importers gain a 90 percent market share.   From this information, what would economists strongly suspect about this industry?
The large sales of foreigners indicate they are better strategic business bargainers than Americans are.
Foreign sellers probably are colluding on price to maximize profits.
Americans have a comparative advantage in shrimping.
Foreigners have a comparative advantage in shrimping.


The theory that quantity supplied and price are positively related, other things constant, is referred to as the law of:
supply
opportunity cost
profit maximization
demand


At one time, sea lions were depleting the stock of steelhead trout. One idea to scare sea lions away from the Washington coast was to launch fake killer whales, which are predators of sea lions. The cost of making the first whale is...

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