SOPHIA MACROECONOMICS FULL
SOLUTION PACK BUNDLED EXAMS
COMPREHENSIVE EXAMS 2026 TESTED
QUESTIONS AND COMPLETE SOLUTIONS
GRADED A+
⩥ Which of the following statements is FALSE regarding the law of
demand? Answer: The law of demand takes into account all other
variables in the market.
⩥ As the price of a product increases, people purchase __________. This
is because they are able to find __________ for the product in question.
These changes create movement along the demand curve. Answer: less;
substitutes
⩥ According to recent numbers, the demand for college education has
fallen in recent years. Which of the following examples would indicate a
movement along the demand curve? Answer: There is a change in price
and quantity for college tuition.
⩥ A demand curve can shift for many reasons. Select the reason below
that does NOT shift a demand curve. Answer: There are changes in the
price of the good.
, ⩥ During the 18th century, as troubles with Britain escalated, American
colonists stopped drinking British tea as a form of protest, and instead
started drinking coffee as a form of patriotic duty. Which factor of
demand is this an example of? Answer: Change in taste/preference
⩥ Why does a supply curve slope upward? Answer: Because as prices
increase, producers are willing and able to supply more
⩥ As prices increase, producers are willing to Answer: supply a larger
quantity of a good or service
⩥ Which of the following causes a shift in supply to the left? Answer: A
natural disaster that destroys farms and factories
⩥ In the market for jeans, which of the following would cause a shift
from Supply 1 to Supply 2? Answer: New technology that cuts
production time in half
⩥ In the market for mangoes, which situation describes the graph above?
Answer: A change in technology makes it possible to process mangoes
more efficiently.
⩥ Which of the following occurs because of an increase in income, and
thus consumption? Answer: The demand curve shifts to the right
SOLUTION PACK BUNDLED EXAMS
COMPREHENSIVE EXAMS 2026 TESTED
QUESTIONS AND COMPLETE SOLUTIONS
GRADED A+
⩥ Which of the following statements is FALSE regarding the law of
demand? Answer: The law of demand takes into account all other
variables in the market.
⩥ As the price of a product increases, people purchase __________. This
is because they are able to find __________ for the product in question.
These changes create movement along the demand curve. Answer: less;
substitutes
⩥ According to recent numbers, the demand for college education has
fallen in recent years. Which of the following examples would indicate a
movement along the demand curve? Answer: There is a change in price
and quantity for college tuition.
⩥ A demand curve can shift for many reasons. Select the reason below
that does NOT shift a demand curve. Answer: There are changes in the
price of the good.
, ⩥ During the 18th century, as troubles with Britain escalated, American
colonists stopped drinking British tea as a form of protest, and instead
started drinking coffee as a form of patriotic duty. Which factor of
demand is this an example of? Answer: Change in taste/preference
⩥ Why does a supply curve slope upward? Answer: Because as prices
increase, producers are willing and able to supply more
⩥ As prices increase, producers are willing to Answer: supply a larger
quantity of a good or service
⩥ Which of the following causes a shift in supply to the left? Answer: A
natural disaster that destroys farms and factories
⩥ In the market for jeans, which of the following would cause a shift
from Supply 1 to Supply 2? Answer: New technology that cuts
production time in half
⩥ In the market for mangoes, which situation describes the graph above?
Answer: A change in technology makes it possible to process mangoes
more efficiently.
⩥ Which of the following occurs because of an increase in income, and
thus consumption? Answer: The demand curve shifts to the right
