ECON 300 EXAM 1 || MOST RECENT EXAM 2026-2027
ACTUAL COMPLETE 122 REAL EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+ | GUARANTEED SUCCESS!!
NEWEST EXAM | JUST RELEASED!!
The government wants to transfer welfare from buyers to
sellers by collecting a
$1 tax on a good from buyers and subsidizing sellers $1 for
each unit of the
good sold. This policy will: - ANSWER-decrease the
equilibrium price.
If the government subsidizes the production of a good: -
ANSWER-deadweight
loss results because too much of the good is
exchanged.
Which of the following is not an assumption underlying the
supply and demand
model? - ANSWER-Different firms sell their goods at
different prices.
When Demand increases - ANSWER-The demand curve Shifts to
the Right.
,If the demand curve is Q^D = 10 - 2P, then the lowest price at
which no consumer is willing to buy the good (i.e., the demand
choke price) is: -
ANSWER-5
Which of the following will not cause demand for apples
to increase or
decrease? - ANSWER-A reduction in the price
of apples.
If the price of crude oil increase and the number of people who
own cars falls: -
ANSWER-The equilibrium price of gasoline will be uncertain
and equilibrium
quantity of gasoline will
decrease.
If the price of crude oil decreases: - ANSWER-The equilibrium
price of gasoline
will decrease and equilibrium quantity of gasoline
will increase.
If the supply curve is Q^S = 4P - 4, then the highest price at
which no producer
is willing to sell the good (i.e., the supply choke price) is:
- ANSWER-1
, When the prevailing price is above the price where supply
intersects demand: - ANSWER-Price falls because there is a
surplus, so producers cut prices to try to attract buyers.
Which of the following would cause an increase in the
quantity demanded for
pizza? - ANSWER-An increase in the
supply of pizza.
If demand increases and supply increases: - ANSWER-
Equilibrium price will be
uncertain and equilibrium quantity
will increase.
If supply decreases: - ANSWER-Equilibrium price increases
and equilibrium
quantity
decreases.
If supply increases and demand decreases: - ANSWER-
Equilibrium price will
decrease and equilibrium quantity will be
uncertain.
If demand decreases: - ANSWER-Equilibrium price decreases
and equilibrium
quantity
decreases.
ACTUAL COMPLETE 122 REAL EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+ | GUARANTEED SUCCESS!!
NEWEST EXAM | JUST RELEASED!!
The government wants to transfer welfare from buyers to
sellers by collecting a
$1 tax on a good from buyers and subsidizing sellers $1 for
each unit of the
good sold. This policy will: - ANSWER-decrease the
equilibrium price.
If the government subsidizes the production of a good: -
ANSWER-deadweight
loss results because too much of the good is
exchanged.
Which of the following is not an assumption underlying the
supply and demand
model? - ANSWER-Different firms sell their goods at
different prices.
When Demand increases - ANSWER-The demand curve Shifts to
the Right.
,If the demand curve is Q^D = 10 - 2P, then the lowest price at
which no consumer is willing to buy the good (i.e., the demand
choke price) is: -
ANSWER-5
Which of the following will not cause demand for apples
to increase or
decrease? - ANSWER-A reduction in the price
of apples.
If the price of crude oil increase and the number of people who
own cars falls: -
ANSWER-The equilibrium price of gasoline will be uncertain
and equilibrium
quantity of gasoline will
decrease.
If the price of crude oil decreases: - ANSWER-The equilibrium
price of gasoline
will decrease and equilibrium quantity of gasoline
will increase.
If the supply curve is Q^S = 4P - 4, then the highest price at
which no producer
is willing to sell the good (i.e., the supply choke price) is:
- ANSWER-1
, When the prevailing price is above the price where supply
intersects demand: - ANSWER-Price falls because there is a
surplus, so producers cut prices to try to attract buyers.
Which of the following would cause an increase in the
quantity demanded for
pizza? - ANSWER-An increase in the
supply of pizza.
If demand increases and supply increases: - ANSWER-
Equilibrium price will be
uncertain and equilibrium quantity
will increase.
If supply decreases: - ANSWER-Equilibrium price increases
and equilibrium
quantity
decreases.
If supply increases and demand decreases: - ANSWER-
Equilibrium price will
decrease and equilibrium quantity will be
uncertain.
If demand decreases: - ANSWER-Equilibrium price decreases
and equilibrium
quantity
decreases.
