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Supply and Demand Review Flashcards | StudBud
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Supply and Demand Review
Supply and Demand Review
19 terms
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StudBud Administration
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179 plays
This is a review game for a high school economics class.
Flashcards
19 cards
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Practice quiz
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Host live
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Questions
19
Answers
1
What would happen to the supply curve if there was an increase of sellers in the market?
No Shift
Shift Right
Shift Left
2
What kind of relationship does demand have with quantity demanded and price?
Direct
Inverse
3
Which of the items below is a normal good?
A New Car
Bus Tickets
Used Clothes
Used Furniture
4
How do you calculate revenue?
Price x Quantity
Base x Width x Height
Price + Quantity
Change in Quantity/ Change in Price
5
Which of the answers would be considered a inferior good?
New Furniture
New Clothes
A New Car
Bus Tickets
6
Which of the following goods are substitutes ?
Coca-Cola and Pepsi
All of the Above
Tea and Coffee
Butter and Margarine
7
What is the definition of Surplus?
Demand Exceeds Supply
Supply Exceeds Demand
8
Define Equilibrium
Quantity consumers can buy equals quantity producers sell
Demand Exceeds Supply
Supply Exceeds Demand
9
Which word is defined as: The amount demanded at a particular price?
Supply Curve
Demand Curve
Quantity Demanded
Quantity Supplied
10
What is the definition of Shortage?
Supply Exceeds Demand
Demand Exceeds Supply
11
Is a cleaning service elastic or inelastic?
Elastic
Inelastic
12
Which of the following are complementary goods?
Pencils and Erasers
Peanut butter and Jelly
All of the Above
Sour Cream and Potatoes
13
Which of the following cannot shift the demand curve?
Technology to Make the Good
Price of Related Goods
Consumer Income
Consumer Expectations
14
Which is not a factor of Supply?
Technology used to make good
Cost of resources to make goods
Consumer Income
Number of sellers in a market
15
Is gasoline a elastic or inelastic good?
Elastic
Inelastic
16
What relationship does supply have with quantity and price?
Direct
Inverse
17
If you have an increase of income what will happen to the demand curve?
No Shift
Shift Left
Shift Right
18
What is the formula for elasticity?
Change in Price/ Change in Quantity
Initial Price-Change in new Price/ Initial Price
Initial Quantity- New Quantity/ Initial Quantity
Change in Quantity/ Change in Price
19
Which word matches this definition? The more of a good a person consumes the the less they want
Individual Demand
Market Demand
Law of Diminishing Marginal Utility
Quantity Demanded
