ECON 528 PRE TEST
REVIEWED QUESTIONS
AND CORRECT ANSWERS
GRADED A+ 2025-2026
Microeconomics studies the allocation of
A: Decision makers
B: Models
C: Scarce resources
D: Unlimited Resources - ANS-Scarce Resources
If the price of automobiles were to decrease substantially, the demand curve for pizza
would most likely
A: Remain unchanged while quantity demanded would change
B: Shift Leftward
C: Shift Rightward
D: Remain unchanged - ANS-Shift Leftward
As people have become more health conscious and decided to eat food that is better
for them
A: the demand curve for cupcakes has shifted to the right
B: the demand curve for oranges and apples has shifted to the right
C: the demand curve for scooters has shifter to the right
, D: None - ANS-The demand curve for oranges and apples has shifted to the right
If a city were to ban the use of automobiles within its city limits, we would expect
A: the demand curve for bicycles to shift to the left
B: the demand curve for automobiles to shift to the left
C: people to move to another city
D: the demand curve for automobiles to remain the same - ANS-The demand curve for
automobiles to shift to the left
The quantity demanded for a good
A: can be greater than the quantity actually sold
B: must equal the quantity actually sold
C: is always greater than the quantity actually sold
D: can be less than the quantity actually sold - ANS-can be greater than the quantity
actually sold
A downward sloping demand curve indicates that
A: individuals all have the same valuation of the same product
B: certain individuals are uninformed about certain aspects of the product
C: individuals have no valuations of a particular product
D: individuals have different valuations of the same product - ANS-individuals have
different valuation of the same product
According to the law of demand, a demand curve for a good will
A: shift leftward when the price of the good increases
B: slope downward
REVIEWED QUESTIONS
AND CORRECT ANSWERS
GRADED A+ 2025-2026
Microeconomics studies the allocation of
A: Decision makers
B: Models
C: Scarce resources
D: Unlimited Resources - ANS-Scarce Resources
If the price of automobiles were to decrease substantially, the demand curve for pizza
would most likely
A: Remain unchanged while quantity demanded would change
B: Shift Leftward
C: Shift Rightward
D: Remain unchanged - ANS-Shift Leftward
As people have become more health conscious and decided to eat food that is better
for them
A: the demand curve for cupcakes has shifted to the right
B: the demand curve for oranges and apples has shifted to the right
C: the demand curve for scooters has shifter to the right
, D: None - ANS-The demand curve for oranges and apples has shifted to the right
If a city were to ban the use of automobiles within its city limits, we would expect
A: the demand curve for bicycles to shift to the left
B: the demand curve for automobiles to shift to the left
C: people to move to another city
D: the demand curve for automobiles to remain the same - ANS-The demand curve for
automobiles to shift to the left
The quantity demanded for a good
A: can be greater than the quantity actually sold
B: must equal the quantity actually sold
C: is always greater than the quantity actually sold
D: can be less than the quantity actually sold - ANS-can be greater than the quantity
actually sold
A downward sloping demand curve indicates that
A: individuals all have the same valuation of the same product
B: certain individuals are uninformed about certain aspects of the product
C: individuals have no valuations of a particular product
D: individuals have different valuations of the same product - ANS-individuals have
different valuation of the same product
According to the law of demand, a demand curve for a good will
A: shift leftward when the price of the good increases
B: slope downward
