1|Page
ECON EXAM 1 REVIEW 2026-
COMPLETE EXAM SET WITH VERIFIED
ANSWERS
in terms of economy's production possibilities curve, a decrease in the level of
human capital, ceteris paribus, will cause what - correct-answer -an inward shift
of the curve- a decrease in any resource, including human capital, will decrease a
nation's production possibilities curve
a demand curve shows the relationship between - correct-answer -the price of a
product and the quantity of the product demanded
a _______ _______ _______ demand curve for shampoo would be caused by an
change in the price of shampoo - correct-answer -movement along the
the market for smart watches is becoming very competitive. the increase in
competition in the market is an example of how the market responds to - correct-
answer -changes in consumer tastes
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the phrase "demand has increased" means that - correct-answer -a demand curve
has shifted to the right
suppose that when the price of hamburgers increases, the Ruiz family increases
their purchases of hot dogs. to the Ruiz family, - correct-answer -hamburgers and
hotdogs are substitutes
farmers can plant either corn or soybeans in their fields. what would cause the
supply of soybeans to increase - correct-answer -a decrease in the price of corn
last month the Tecumseh Corporation supplied 400 units of three ring binders at
$6 per units. this month the company supplied the same quantity of binders at $4
per unit based on tis evidence, Tecumseh has experienced what - correct-answer -
an increase in supply
see figure 3-2 from quiz 2, a technological advancement would be represented by
a movement from --- - correct-answer -S1 to S2
see figure 3-7 from quiz 2, assume that the graphs in this figure represent the
demand and supply curves for Blu-ray discs. which panel best describes what
ECON EXAM 1 REVIEW 2026-
COMPLETE EXAM SET WITH VERIFIED
ANSWERS
in terms of economy's production possibilities curve, a decrease in the level of
human capital, ceteris paribus, will cause what - correct-answer -an inward shift
of the curve- a decrease in any resource, including human capital, will decrease a
nation's production possibilities curve
a demand curve shows the relationship between - correct-answer -the price of a
product and the quantity of the product demanded
a _______ _______ _______ demand curve for shampoo would be caused by an
change in the price of shampoo - correct-answer -movement along the
the market for smart watches is becoming very competitive. the increase in
competition in the market is an example of how the market responds to - correct-
answer -changes in consumer tastes
, 2|Page
the phrase "demand has increased" means that - correct-answer -a demand curve
has shifted to the right
suppose that when the price of hamburgers increases, the Ruiz family increases
their purchases of hot dogs. to the Ruiz family, - correct-answer -hamburgers and
hotdogs are substitutes
farmers can plant either corn or soybeans in their fields. what would cause the
supply of soybeans to increase - correct-answer -a decrease in the price of corn
last month the Tecumseh Corporation supplied 400 units of three ring binders at
$6 per units. this month the company supplied the same quantity of binders at $4
per unit based on tis evidence, Tecumseh has experienced what - correct-answer -
an increase in supply
see figure 3-2 from quiz 2, a technological advancement would be represented by
a movement from --- - correct-answer -S1 to S2
see figure 3-7 from quiz 2, assume that the graphs in this figure represent the
demand and supply curves for Blu-ray discs. which panel best describes what
