ECON 104 FINAL EXAM KU
1. Consumers act as blank factors of production in the blank
market.
A) sellers; product
B) sellers; factor
C) buyers; product
D) buyers; factor
Answer B) Sellers; factor
2. Which of the following situations is sufficient to represent current demand
for a car?
A) You have plenty of money to buy it, but you can't decide if you want a
motorcycle or a car.
B) You have enough money to buy it and you are willing to spend the money
on the car.
,C) You've decided you want a car and you can possibly borrow the money from
a bank.
D) You want to buy a motorcycle and a car and you'll have enough money for
both in two years.
Answer B
3. Ceteris paribus, a change in which of the following would be least likely to
cause a shift in the demand curve for jackets?
A) income
B) taste
C) the price of jackets
D) the price of sweaters
Answer C
4. Ceteris paribus, according to the law of demand, if the price of a computer
game increases from $25 to $30, the
,A) quantity demanded will not be affected.
B) demand curve for computer games will shift to the left.
C) quantity demanded of computer games will increase.
D) quantity demanded of computer games will decrease.
Answer D
, 5. Which of the following is not a determinant of demand?
A) income
B) available technology
C) the price of other goods
D) expectations of income
Answer B
6. Ceteris paribus, which of the following will cause the demand curve for
basketballs to shift to the left?
A) The cost of producing basketballs increases
B) Consumer incomes increase
C) Parents decide soccer is a bettter sport for their children than basketball
D) People become more interested in basketball as more football players are
arrested for drugs
Answer C
7. Ceteris paribus, which of the following will cause the demand for pizza to
1. Consumers act as blank factors of production in the blank
market.
A) sellers; product
B) sellers; factor
C) buyers; product
D) buyers; factor
Answer B) Sellers; factor
2. Which of the following situations is sufficient to represent current demand
for a car?
A) You have plenty of money to buy it, but you can't decide if you want a
motorcycle or a car.
B) You have enough money to buy it and you are willing to spend the money
on the car.
,C) You've decided you want a car and you can possibly borrow the money from
a bank.
D) You want to buy a motorcycle and a car and you'll have enough money for
both in two years.
Answer B
3. Ceteris paribus, a change in which of the following would be least likely to
cause a shift in the demand curve for jackets?
A) income
B) taste
C) the price of jackets
D) the price of sweaters
Answer C
4. Ceteris paribus, according to the law of demand, if the price of a computer
game increases from $25 to $30, the
,A) quantity demanded will not be affected.
B) demand curve for computer games will shift to the left.
C) quantity demanded of computer games will increase.
D) quantity demanded of computer games will decrease.
Answer D
, 5. Which of the following is not a determinant of demand?
A) income
B) available technology
C) the price of other goods
D) expectations of income
Answer B
6. Ceteris paribus, which of the following will cause the demand curve for
basketballs to shift to the left?
A) The cost of producing basketballs increases
B) Consumer incomes increase
C) Parents decide soccer is a bettter sport for their children than basketball
D) People become more interested in basketball as more football players are
arrested for drugs
Answer C
7. Ceteris paribus, which of the following will cause the demand for pizza to
