ECON 201 WVU FINAL TEST PAPER 2026
64 QUESTIONS WITH 100 PERCENT
CORRECT ANSWERS GRADED A+
⩥ A demand curve for concert tickets would show the. Answer: number
of tickets that will be purchased at various prices
⩥ In economics, the demand for a good refers to the amount of the good
people. Answer: are willing to buy at various prices.
⩥ The law of demand indicates that. Answer: the quantity of a good that
people will buy is inversely related to the price of the good.
⩥ How will consumers generally react to an increase in the price of
butter?. Answer: They will substitute other goods like margarine for the
more expensive butter.
⩥ How will consumers generally react to a decrease in the price of a
product?. Answer: They will purchase more of it.
⩥ A movement along a demand curve. Answer: is the result of a change
in the price of the good.
,⩥ The demand curve for a good. Answer: indicates the quantities of the
good that people will buy at various prices.
⩥ Assume the demand schedule for cookies is downward sloping. If the
price of cookies falls from $1.50 to $1.25 per dozen,. Answer: a larger
quantity of cookies will be demanded.
⩥ Each point on the demand curve indicates. Answer: the quantity
demanded at that price.
⩥ If price rises, what happens to the demand for a product?. Answer: It
does not change.
⩥ If price rises, what happens to the quantity demanded for a product?.
Answer: It decreases.
⩥ A decrease in the price of a good would. Answer: increase the quantity
demanded of the good.
⩥ A demand curve shows the relationship between price and quantity
demanded, other things constant. These other things include which of
the following.... Answer: consumer preferences
the price of substitute goods
consumer income
, ⩥ When economists say the demand for a product has decreased, they
mean. Answer: the demand curve has shifted to the left.
⩥ When economists say the demand for a product has increased, they
mean the. Answer: demand curve has shifted to the right.
⩥ In which statement(s) is "demand" used correctly?
(I) "An increase in the price of hot dogs will reduce the demand for hot
dogs."(II) "An increase in the price of hot dogs will reduce the demand
for hot dog buns.". Answer: in statement II only
⩥ In which statement(s) are "demand" and "quantity demanded" used
correctly?
(I). "An increase in the price of coffee will reduce the quantity
demanded of coffee"(II). "An increase in the price of coffee will reduce
the demand for creamer used in coffee". Answer: in both statements I
and II
⩥ When economists say the quantity demanded of a product has
increased, they mean the. Answer: price of the product has fallen, and
consequently, consumers are buying more of it.
64 QUESTIONS WITH 100 PERCENT
CORRECT ANSWERS GRADED A+
⩥ A demand curve for concert tickets would show the. Answer: number
of tickets that will be purchased at various prices
⩥ In economics, the demand for a good refers to the amount of the good
people. Answer: are willing to buy at various prices.
⩥ The law of demand indicates that. Answer: the quantity of a good that
people will buy is inversely related to the price of the good.
⩥ How will consumers generally react to an increase in the price of
butter?. Answer: They will substitute other goods like margarine for the
more expensive butter.
⩥ How will consumers generally react to a decrease in the price of a
product?. Answer: They will purchase more of it.
⩥ A movement along a demand curve. Answer: is the result of a change
in the price of the good.
,⩥ The demand curve for a good. Answer: indicates the quantities of the
good that people will buy at various prices.
⩥ Assume the demand schedule for cookies is downward sloping. If the
price of cookies falls from $1.50 to $1.25 per dozen,. Answer: a larger
quantity of cookies will be demanded.
⩥ Each point on the demand curve indicates. Answer: the quantity
demanded at that price.
⩥ If price rises, what happens to the demand for a product?. Answer: It
does not change.
⩥ If price rises, what happens to the quantity demanded for a product?.
Answer: It decreases.
⩥ A decrease in the price of a good would. Answer: increase the quantity
demanded of the good.
⩥ A demand curve shows the relationship between price and quantity
demanded, other things constant. These other things include which of
the following.... Answer: consumer preferences
the price of substitute goods
consumer income
, ⩥ When economists say the demand for a product has decreased, they
mean. Answer: the demand curve has shifted to the left.
⩥ When economists say the demand for a product has increased, they
mean the. Answer: demand curve has shifted to the right.
⩥ In which statement(s) is "demand" used correctly?
(I) "An increase in the price of hot dogs will reduce the demand for hot
dogs."(II) "An increase in the price of hot dogs will reduce the demand
for hot dog buns.". Answer: in statement II only
⩥ In which statement(s) are "demand" and "quantity demanded" used
correctly?
(I). "An increase in the price of coffee will reduce the quantity
demanded of coffee"(II). "An increase in the price of coffee will reduce
the demand for creamer used in coffee". Answer: in both statements I
and II
⩥ When economists say the quantity demanded of a product has
increased, they mean the. Answer: price of the product has fallen, and
consequently, consumers are buying more of it.
