ECON 300 EXAM 1 || MOST RECENT EXAM 2026-2027
ACTUAL COMPLETE REAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+ | GUARANTEED SUCCESS!! NEWEST
EXAM | JUST RELEASED!!
In the elastic portion of the supply, small changes in prices
lead to ________ changes in quantity, while in the inelastic
portion of the supply curve, small changes in prices lead to
________ changes in quantity.
A. large; small
B. small; large
C. large; large
D. small; small - ANSWER-A
Which of the following is true?
A. The elasticity of supply varies along most supply curves.
B. The elasticity of supply varies only along upward-sloping
linear supply curves.
C. The elasticity of supply is constant along most supply
curves. D. None of the above. - ANSWER-A Which of the
following is true?
A. When η > 1, supply is considered elastic.
B. When η = 1, supply is considered unit elastic.
,C. When 0 < η < 1, supply is considered inelastic.
D. All of the above.
E. None of the above. - ANSWER-D
If the supply curve for orange juice is estimated to be Q=−20 +
2p, then
A. supply is elastic only at prices
below −20.
B. supply is inelasticinelastic at
all prices.
C. supply is elasticelastic at all
prices.
D. no general statements about price elasticity of supply can be
made. -
ANSWER-C
In the case of a specific tax the resulting price received by
producers depends on
A. who pays the tax.
B. the price elasticity of demand.
C. the price elasticity of supply.
D. All of the above. - ANSWER-D
Which of the following statements is true?
A. The equilibrium price after a specific tax will be the same
whether the tax is collected from consumers or producers.
B. The equilibrium price after a specific tax will depend on
whether the tax is collected from consumers or producers.
,C. The tax incidence on consumers will be higher if the tax is
collected from consumers.
D. The tax incidence on producers will be higher if the tax is
collected from producers. - ANSWER-A
Which of the following statements is true?
A. More tax revenue is raised if a tax is collected from
consumers.
B. More tax revenue is raised if a tax is collected from
producers.
C. More tax revenue is raised if a tax is collected from both
consumers and producers.
D. The same tax revenue is raised regardless of whether the
government collects the tax from consumers or producers.
E. There is no way to identify with any certainty the collection
conditions under
which more tax revenue will be raised. - ANSWER-D
A specific tax on sellers will
A. shift the demand curve to the left.
B. shift the supply curve to the right.
C. shift the supply curve to the left.
D. shift the demand curve to the right. - ANSWER-C
The supply curve for tickets for a sporting event
A. has a price elasticity
of zero.
, B. is
vertical.
C. is perfectly
inelastic.
D. All of the above. -
ANSWER-D
In the case of a specific tax, tax incidence is
independent of who pays
A. only when supply and demand elasticities are not constant.
B. only when the tax is collected from consumers.
C. in most but not all cases.
D. in all cases. - ANSWER-D
If a government wants to maximize revenues from a tax it
should
A. impose it on
sellers.
B. choose a good with a relatively
inelastic demand.
C. choose a good with a relatively elastic demand.
D. impose it on consumers. - ANSWER-B
The percentage change in the quantity supplied in response to
a percentage change in the price is known as the
A. excess supply.
B. slope of the supply curve.
C. price elasticity of supply.
D. All of the above. - ANSWER-C
ACTUAL COMPLETE REAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+ | GUARANTEED SUCCESS!! NEWEST
EXAM | JUST RELEASED!!
In the elastic portion of the supply, small changes in prices
lead to ________ changes in quantity, while in the inelastic
portion of the supply curve, small changes in prices lead to
________ changes in quantity.
A. large; small
B. small; large
C. large; large
D. small; small - ANSWER-A
Which of the following is true?
A. The elasticity of supply varies along most supply curves.
B. The elasticity of supply varies only along upward-sloping
linear supply curves.
C. The elasticity of supply is constant along most supply
curves. D. None of the above. - ANSWER-A Which of the
following is true?
A. When η > 1, supply is considered elastic.
B. When η = 1, supply is considered unit elastic.
,C. When 0 < η < 1, supply is considered inelastic.
D. All of the above.
E. None of the above. - ANSWER-D
If the supply curve for orange juice is estimated to be Q=−20 +
2p, then
A. supply is elastic only at prices
below −20.
B. supply is inelasticinelastic at
all prices.
C. supply is elasticelastic at all
prices.
D. no general statements about price elasticity of supply can be
made. -
ANSWER-C
In the case of a specific tax the resulting price received by
producers depends on
A. who pays the tax.
B. the price elasticity of demand.
C. the price elasticity of supply.
D. All of the above. - ANSWER-D
Which of the following statements is true?
A. The equilibrium price after a specific tax will be the same
whether the tax is collected from consumers or producers.
B. The equilibrium price after a specific tax will depend on
whether the tax is collected from consumers or producers.
,C. The tax incidence on consumers will be higher if the tax is
collected from consumers.
D. The tax incidence on producers will be higher if the tax is
collected from producers. - ANSWER-A
Which of the following statements is true?
A. More tax revenue is raised if a tax is collected from
consumers.
B. More tax revenue is raised if a tax is collected from
producers.
C. More tax revenue is raised if a tax is collected from both
consumers and producers.
D. The same tax revenue is raised regardless of whether the
government collects the tax from consumers or producers.
E. There is no way to identify with any certainty the collection
conditions under
which more tax revenue will be raised. - ANSWER-D
A specific tax on sellers will
A. shift the demand curve to the left.
B. shift the supply curve to the right.
C. shift the supply curve to the left.
D. shift the demand curve to the right. - ANSWER-C
The supply curve for tickets for a sporting event
A. has a price elasticity
of zero.
, B. is
vertical.
C. is perfectly
inelastic.
D. All of the above. -
ANSWER-D
In the case of a specific tax, tax incidence is
independent of who pays
A. only when supply and demand elasticities are not constant.
B. only when the tax is collected from consumers.
C. in most but not all cases.
D. in all cases. - ANSWER-D
If a government wants to maximize revenues from a tax it
should
A. impose it on
sellers.
B. choose a good with a relatively
inelastic demand.
C. choose a good with a relatively elastic demand.
D. impose it on consumers. - ANSWER-B
The percentage change in the quantity supplied in response to
a percentage change in the price is known as the
A. excess supply.
B. slope of the supply curve.
C. price elasticity of supply.
D. All of the above. - ANSWER-C
