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MICRO ECON TEST 1 - GEORGIA
SOUTHERN 2026 REAL QUESTIONS WITH
EXPERTLY VERIFIED ANSWERS.
A typical demand curve slopes _____, reflecting a _____
relationship between the price and the quantity demanded. -
correct answer -downward; negative
In the first quarter of 2020, the price of gasoline in the United
States fell and the quantity of gasoline demanded _____ because
_____. - correct answer -Decreased; factors other than the price
influenced the quantity of gas demanded
Which of the following statements are true? (Check all that apply.)
A - Quantity demanded is not always quantity bought
B - The terms "demand" and "quantity demanded" mean the
same thing
C - Demand is not the same as a want or a need
D - A change in quantity demanded is reflected by a shift in the
demand curve - correct answer -A - Quantity demanded is not
always quantity bought
C - Demand is not the same as a want or a need
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Which of the following statements are true? (Check all that apply.)
A - The demand for a good will not increase if its price falls
B - The price of a good and the quantity of the good demanded
are negatively related
C - An increase in consumer income causes a downward
movement along the demand curve
D - A rise in the price of a good will result in a leftward shift of the
demand curve - correct answer -A - The demand for a good will
not increase if its price falls
B - The price of a good and the quantity of the good demanded
are negatively related
Recall that in the lecture example, Polina, a freelance graphic
designer, is going to a concert. She gets a ticket for $55 and will
need to spend $5 on gas to drive to the venue and spend $12 on
parking. It will take her 4 hours to attend the concert. Suppose
now that if she doesn't go to the concert, she would earn $45 per
hour working on her design project. Polina's cost of attending the
concert then is $_____. - correct answer -252
To get her college degree in four years, Keira needs to take 30
credit hours per year, which will cost her $11,900 to cover tuition,
fees, and textbooks. Her annual cost of housing is $4,200, and
her cost of food is $2,300 per year. If she does not go to college,
MICRO ECON TEST 1 - GEORGIA
SOUTHERN 2026 REAL QUESTIONS WITH
EXPERTLY VERIFIED ANSWERS.
A typical demand curve slopes _____, reflecting a _____
relationship between the price and the quantity demanded. -
correct answer -downward; negative
In the first quarter of 2020, the price of gasoline in the United
States fell and the quantity of gasoline demanded _____ because
_____. - correct answer -Decreased; factors other than the price
influenced the quantity of gas demanded
Which of the following statements are true? (Check all that apply.)
A - Quantity demanded is not always quantity bought
B - The terms "demand" and "quantity demanded" mean the
same thing
C - Demand is not the same as a want or a need
D - A change in quantity demanded is reflected by a shift in the
demand curve - correct answer -A - Quantity demanded is not
always quantity bought
C - Demand is not the same as a want or a need
, Page | 2
Which of the following statements are true? (Check all that apply.)
A - The demand for a good will not increase if its price falls
B - The price of a good and the quantity of the good demanded
are negatively related
C - An increase in consumer income causes a downward
movement along the demand curve
D - A rise in the price of a good will result in a leftward shift of the
demand curve - correct answer -A - The demand for a good will
not increase if its price falls
B - The price of a good and the quantity of the good demanded
are negatively related
Recall that in the lecture example, Polina, a freelance graphic
designer, is going to a concert. She gets a ticket for $55 and will
need to spend $5 on gas to drive to the venue and spend $12 on
parking. It will take her 4 hours to attend the concert. Suppose
now that if she doesn't go to the concert, she would earn $45 per
hour working on her design project. Polina's cost of attending the
concert then is $_____. - correct answer -252
To get her college degree in four years, Keira needs to take 30
credit hours per year, which will cost her $11,900 to cover tuition,
fees, and textbooks. Her annual cost of housing is $4,200, and
her cost of food is $2,300 per year. If she does not go to college,
