where there is no government intervention

Duplicate of Markets, Demand and Supply Flashcards

1

At a Price of $2, how many Pizzas are supplied?

6
8
3
11

2

When prices go up supply will...

fall
rise
do nothing
stay the same

3

A kit-kat bar is an example of ______Demand.

Realistic
Inelastic
Unit elastic
Elastic

4

This is the idea that the more money you have the more of a good you can demand

Substitute effect
Law of increasing marginal utility
Income effect
Complementary effect

5

If the price falls, the demand is likely to?

Stay the same
copy the Price
fall
rise

6

At a demand of 5 Pizzas, what is the Price?

$2
$1.50
$1
$2.50

7

Which of the following are substitutes?

Guns and Butter
Peanut Butter and Eggs
Milk and Cereal
Cows Milk and Almond Milk

8

How many Pizzas are demanded at $2?

8
5
17
12

9

When 3 Pizzas are supplied, what is the Price?

$1
$2.50
$3.00
$1.50

10

Which of the following are complements

coke and pepsi
Cows milk and almond milk
milk and cereal
guns and butter

11

Resources are...

made into goods and services
what gets recycled
economics related
another name for secondary sources

12

Showing how much would be bought at any given Price is ....... demand?

actual
effective
special
normal

13

The idea that we have unlimited needs/wants with limited resources to meet them.

Scarcity
Elasticity
Demand
Supply

14

All of the following must exist for there to be demand EXCEPT.

An ability to buy a product
The need for a product
Producers to sell a product
A willingness to buy a product

15

A free market is...

where there is no government intervention
Independent
where there is a lot of government intervention
where there is a mix of the government and private sector

Duplicate of Markets, Demand and Supply

Questions 15

Duplicate of Markets, Demand and Supply

Questions 15