1|Page
ECON 300 MIDTERM 1 ||VERIFIED EXAM!!|| MOST
RECENT EXAM ACTUAL COMPLETE REAL EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ | GUARANTEED
SUCCESS!! NEWEST EXAM!!!
If the demand for oranges is written as Q = 100 minus 5p,
then the inverse demand function is
A.
Q = 5p minus 100.
B.
p = 20 minus 5Q.
C.
p = 20 minus .2Q.
D.
Q = 20 minus .2p. - Answer-C
Suppose the demand curve for a good shifts rightward,
causing the equilibrium price to increase. This increase in
the price of the good results in
A.
a leftward shift of the supply curve.
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B.
a downward movement along the supply curve.
C.
an increase in quantity supplied.
D.
a rightward shift of the supply curve. - Answer-D
If the supply curve of a product changes so that sellers are
now willing to sell 2 additional units at any given price, the
supply curve will
A.
shift rightward by 2 units.
B.
shift vertically up by 2 units.
C.
shift vertically down by 2 units.
D.
shift leftward by 2 units. - Answer-A
Assuming plasma TVs are a normal good, an increase in
consumer incomes will lead to
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A. a movement upward along the demand curve for
plasma TVs.
B. a rightward shift of the supply curve for plasma TVs.
C. a rightward shift of the demand curve for plasma TVs.
.D. no change of the demand curve for plasma TVs. -
Answer-C
As the price of a good increases, the change in the
quantity demanded can be shown by
A. moving up along the same demand curve.
B. shifting the demand curve rightward.
C. moving down along the same demand curve.
D. shifting the demand curve leftward. - Answer-A
The cross price elasticity of demand between two goods
will be positive if
A.
the two goods are luxuries.
B.
the two goods are complements.
C.
ECON 300 MIDTERM 1 ||VERIFIED EXAM!!|| MOST
RECENT EXAM ACTUAL COMPLETE REAL EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ | GUARANTEED
SUCCESS!! NEWEST EXAM!!!
If the demand for oranges is written as Q = 100 minus 5p,
then the inverse demand function is
A.
Q = 5p minus 100.
B.
p = 20 minus 5Q.
C.
p = 20 minus .2Q.
D.
Q = 20 minus .2p. - Answer-C
Suppose the demand curve for a good shifts rightward,
causing the equilibrium price to increase. This increase in
the price of the good results in
A.
a leftward shift of the supply curve.
,2|Page
B.
a downward movement along the supply curve.
C.
an increase in quantity supplied.
D.
a rightward shift of the supply curve. - Answer-D
If the supply curve of a product changes so that sellers are
now willing to sell 2 additional units at any given price, the
supply curve will
A.
shift rightward by 2 units.
B.
shift vertically up by 2 units.
C.
shift vertically down by 2 units.
D.
shift leftward by 2 units. - Answer-A
Assuming plasma TVs are a normal good, an increase in
consumer incomes will lead to
, 3|Page
A. a movement upward along the demand curve for
plasma TVs.
B. a rightward shift of the supply curve for plasma TVs.
C. a rightward shift of the demand curve for plasma TVs.
.D. no change of the demand curve for plasma TVs. -
Answer-C
As the price of a good increases, the change in the
quantity demanded can be shown by
A. moving up along the same demand curve.
B. shifting the demand curve rightward.
C. moving down along the same demand curve.
D. shifting the demand curve leftward. - Answer-A
The cross price elasticity of demand between two goods
will be positive if
A.
the two goods are luxuries.
B.
the two goods are complements.
C.
