ECON 247 COMPREHENSIVE TEST PAPER
2026 QUESTIONS AND CORRECT ANSWERS
GRADED A+
●● an increase in the expected future price of a good will cause the
current demand for the good to:
a. decrease, which is a shift to the right
b. decrease which is a shift to the left
c. increase shift to the right
d. increase shift to the left.
Answer: c
●● if francis receives an increase in his pay, we would expect
a. francis' demand for inferior goods to increase
b. francis' demand for normal goods to decrease
, c. francis' demand for luxury goods to increase.
Answer: c
●● when there is a surplus in a market
a. there is upward pressure on price
b. there is downward pressure on price
c. the market is operating below the equilibrium level.
Answer: b
●● At a price of $5 Layla buys 10 units of a product; when the price
increases to $6 Layla buys 8 units. Has Layla's demand decreased?
a. yes Laylas demand has decreased
b. no Laylas demand has increase
c. no Layla's quantity demanded has decreased and her demand has not
changed.
Answer: c
2026 QUESTIONS AND CORRECT ANSWERS
GRADED A+
●● an increase in the expected future price of a good will cause the
current demand for the good to:
a. decrease, which is a shift to the right
b. decrease which is a shift to the left
c. increase shift to the right
d. increase shift to the left.
Answer: c
●● if francis receives an increase in his pay, we would expect
a. francis' demand for inferior goods to increase
b. francis' demand for normal goods to decrease
, c. francis' demand for luxury goods to increase.
Answer: c
●● when there is a surplus in a market
a. there is upward pressure on price
b. there is downward pressure on price
c. the market is operating below the equilibrium level.
Answer: b
●● At a price of $5 Layla buys 10 units of a product; when the price
increases to $6 Layla buys 8 units. Has Layla's demand decreased?
a. yes Laylas demand has decreased
b. no Laylas demand has increase
c. no Layla's quantity demanded has decreased and her demand has not
changed.
Answer: c
