STUDY NOTES & REFERENCE GUIDE
SUBJECT: ECONOMICS VERIFIED A+ GRADED CONTENT
Economics Comprehensive Practice Exam ·
80-Question Economics Comprehensive Practice Exam
Microeconomics & Macroeconomics
Supply & Demand, Market Structures, GDP, Money & Banking, Fiscal & Monetary Policy
DOCUMENT TYPE: Comprehensive
/ ExamPractice
Prep Exam
ACADEMIC YEAR:
TOTAL QUESTIONS: 75 unique practice questions
CONTENT: Questions · Rationales · Reference Tables · Practice Exams
SUITABLE FOR: NCLEX, Board Certification, Midterm & Final Exam Prep
QUALITY: Thoroughly verified for accuracy, currency, and clarity
PREMIUM STUDY MATERIAL GUARANTEE
Each document in this series contains exclusively original, thoroughly verified content. All questions include detailed rationale
explanations. Structured for maximum examination readiness across NCLEX, board certification, and university-level assessments.
2026·2027 Academic Excellence Series | High-Yield Study Document
Courseroomsity Stuvia | Page 1 of 160
, STUDY NOTES & REFERENCE GUIDE
ECONOMICS Comprehensive Practice Exam
TABLE OF CONTENTS···
Section 1: Chapter 1: Supply, Demand & Market Equilibrium
Section 2: Chapter 2: Market Structures & Firm Theory
Section 3: Chapter 3: GDP, Economic Growth & Business Cycles
Section 4: Chapter 4: Money, Banking & Monetary Policy
Section 5: Chapter 5: Fiscal Policy, International Trade & Exchange
GRADED A+ VERIFIED | 2026/2027 ACADEMIC SERIES Page 2 of 160
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, STUDY NOTES & REFERENCE GUIDE
ECONOMICS Comprehensive Practice Exam
PART I · PRACTICE QUESTIONS (75 Questions)
Chapter 1: Supply, Demand & Market Equilibrium
Q1.
If the price of coffee rises significantly, what is the most likely effect on demand for tea
(a substitute)?
A) Demand for tea decreases
B) Demand for tea increases · consumers switch to substitutes
C) No effect on tea demand
D) Supply of tea decreases
Q2.
A city sets maximum rent of $800/month in a market where equilibrium rent is $1,200. This is
an example of:
A) A price floor above equilibrium
B) A price ceiling below equilibrium · creates a housing shortage
C) A market equilibrium price
D) A subsidy for renters
Q3.
Which would cause the supply curve for wheat to shift rightward (increase in supply)?
A) A rise in the price of wheat
B) A technological improvement in harvesting equipment
C) An increase in consumer income
D) Higher wages for farm workers
Q4.
If demand for a good is perfectly inelastic, what happens to total revenue when price
increases?
A) Total revenue decreases
B) Total revenue increases proportionally · quantity demanded does not change
C) Total revenue stays the same
D) Total revenue decreases then increases
Q5.
The government imposes a tariff on imported steel. Most likely effect in the domestic steel
market?
A) Price falls, quantity rises
B) Domestic price rises, domestic production increases, imports decrease, consumer surplus falls
C) Price falls, imports increase
D) No effect · tariffs only affect foreign markets
GRADED A+ VERIFIED | 2026/2027 ACADEMIC SERIES Page 3 of 160
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, STUDY NOTES & REFERENCE GUIDE
ECONOMICS Comprehensive Practice Exam
Q6.
A drought destroys 30% of this year's corn crop. In the corn market, this leads to:
A) Rightward shift in supply and lower prices
B) Leftward shift in supply, raising equilibrium price and reducing equilibrium quantity
C) Leftward shift in demand
D) No change in price if government regulates it
Q7.
A market has 5 firms each producing 20 units at $10/unit. A 6th firm enters. What is the
most likely immediate effect?
A) Market price rises to $12
B) Market supply increases, leading to lower equilibrium price and higher total quantity
C) Each existing firm increases output to 25 units
D) Demand shifts rightward
Q8.
If the government provides a $2 per unit subsidy to producers of solar panels, what happens?
A) Demand increases
B) Supply increases (rightward shift), equilibrium price falls, equilibrium quantity rises
C) Price rises due to increased demand
D) Supply decreases
Q9.
When income increases, consumers buy MORE of a good. This good is classified as:
A) A Giffen good
B) A normal good · income elasticity of demand is positive
C) An inferior good
D) A complement good
Q10.
In a competitive market, producer surplus is best described as:
A) The difference between consumer WTP and market price
B) The difference between the market price received and the minimum price the seller would have
accepted (marginal cost)
C) Profit earned after paying taxes
D) Total revenue minus all costs
Q11.
Which of the following is NOT a determinant of price elasticity of demand?
A) Availability of substitutes
B) The production technology of the supplier
C) Proportion of income spent on the good
D) Time available for consumers to adjust
GRADED A+ VERIFIED | 2026/2027 ACADEMIC SERIES Page 4 of 160
Courseroomsity Stuvia | Page 4 of 160
SUBJECT: ECONOMICS VERIFIED A+ GRADED CONTENT
Economics Comprehensive Practice Exam ·
80-Question Economics Comprehensive Practice Exam
Microeconomics & Macroeconomics
Supply & Demand, Market Structures, GDP, Money & Banking, Fiscal & Monetary Policy
DOCUMENT TYPE: Comprehensive
/ ExamPractice
Prep Exam
ACADEMIC YEAR:
TOTAL QUESTIONS: 75 unique practice questions
CONTENT: Questions · Rationales · Reference Tables · Practice Exams
SUITABLE FOR: NCLEX, Board Certification, Midterm & Final Exam Prep
QUALITY: Thoroughly verified for accuracy, currency, and clarity
PREMIUM STUDY MATERIAL GUARANTEE
Each document in this series contains exclusively original, thoroughly verified content. All questions include detailed rationale
explanations. Structured for maximum examination readiness across NCLEX, board certification, and university-level assessments.
2026·2027 Academic Excellence Series | High-Yield Study Document
Courseroomsity Stuvia | Page 1 of 160
, STUDY NOTES & REFERENCE GUIDE
ECONOMICS Comprehensive Practice Exam
TABLE OF CONTENTS···
Section 1: Chapter 1: Supply, Demand & Market Equilibrium
Section 2: Chapter 2: Market Structures & Firm Theory
Section 3: Chapter 3: GDP, Economic Growth & Business Cycles
Section 4: Chapter 4: Money, Banking & Monetary Policy
Section 5: Chapter 5: Fiscal Policy, International Trade & Exchange
GRADED A+ VERIFIED | 2026/2027 ACADEMIC SERIES Page 2 of 160
Courseroomsity Stuvia | Page 2 of 160
, STUDY NOTES & REFERENCE GUIDE
ECONOMICS Comprehensive Practice Exam
PART I · PRACTICE QUESTIONS (75 Questions)
Chapter 1: Supply, Demand & Market Equilibrium
Q1.
If the price of coffee rises significantly, what is the most likely effect on demand for tea
(a substitute)?
A) Demand for tea decreases
B) Demand for tea increases · consumers switch to substitutes
C) No effect on tea demand
D) Supply of tea decreases
Q2.
A city sets maximum rent of $800/month in a market where equilibrium rent is $1,200. This is
an example of:
A) A price floor above equilibrium
B) A price ceiling below equilibrium · creates a housing shortage
C) A market equilibrium price
D) A subsidy for renters
Q3.
Which would cause the supply curve for wheat to shift rightward (increase in supply)?
A) A rise in the price of wheat
B) A technological improvement in harvesting equipment
C) An increase in consumer income
D) Higher wages for farm workers
Q4.
If demand for a good is perfectly inelastic, what happens to total revenue when price
increases?
A) Total revenue decreases
B) Total revenue increases proportionally · quantity demanded does not change
C) Total revenue stays the same
D) Total revenue decreases then increases
Q5.
The government imposes a tariff on imported steel. Most likely effect in the domestic steel
market?
A) Price falls, quantity rises
B) Domestic price rises, domestic production increases, imports decrease, consumer surplus falls
C) Price falls, imports increase
D) No effect · tariffs only affect foreign markets
GRADED A+ VERIFIED | 2026/2027 ACADEMIC SERIES Page 3 of 160
Courseroomsity Stuvia | Page 3 of 160
, STUDY NOTES & REFERENCE GUIDE
ECONOMICS Comprehensive Practice Exam
Q6.
A drought destroys 30% of this year's corn crop. In the corn market, this leads to:
A) Rightward shift in supply and lower prices
B) Leftward shift in supply, raising equilibrium price and reducing equilibrium quantity
C) Leftward shift in demand
D) No change in price if government regulates it
Q7.
A market has 5 firms each producing 20 units at $10/unit. A 6th firm enters. What is the
most likely immediate effect?
A) Market price rises to $12
B) Market supply increases, leading to lower equilibrium price and higher total quantity
C) Each existing firm increases output to 25 units
D) Demand shifts rightward
Q8.
If the government provides a $2 per unit subsidy to producers of solar panels, what happens?
A) Demand increases
B) Supply increases (rightward shift), equilibrium price falls, equilibrium quantity rises
C) Price rises due to increased demand
D) Supply decreases
Q9.
When income increases, consumers buy MORE of a good. This good is classified as:
A) A Giffen good
B) A normal good · income elasticity of demand is positive
C) An inferior good
D) A complement good
Q10.
In a competitive market, producer surplus is best described as:
A) The difference between consumer WTP and market price
B) The difference between the market price received and the minimum price the seller would have
accepted (marginal cost)
C) Profit earned after paying taxes
D) Total revenue minus all costs
Q11.
Which of the following is NOT a determinant of price elasticity of demand?
A) Availability of substitutes
B) The production technology of the supplier
C) Proportion of income spent on the good
D) Time available for consumers to adjust
GRADED A+ VERIFIED | 2026/2027 ACADEMIC SERIES Page 4 of 160
Courseroomsity Stuvia | Page 4 of 160
