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Duplicate of Econ: Unit 2 Review Flashcards | StudBud
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Duplicate of Econ: Unit 2 Review
Duplicate of Econ: Unit 2 Review
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A review for Unit 2 (Supply and Demand) for economics. #economics #supplyanddemand
Flashcards
32 cards
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Questions
32
Answers
1
Households provide productive resources to business firms in which part of circular flow?
the product market
the public market
the resource market
the shopper's market
2
What would cause the shift seen below on this supply & demand graph for pizza?
the price of cheese increases
a decrease in consumer incomes
pizza shops close down
it's Super Bowl Sunday
3
The prices of related goods like complements and substitutes are connected with
supply
demand
4
Monetary policy is carried out by
Congress
The Federal Reserve
The Supreme Court
The Executive Branch
5
The government intervention through taxes, regulations, and subsidies affects:
supply
demand
6
Which scenario for ice tea would cause the shift seen in the graph below?
bags used to store tea increase in price
the number of US tea drinkers increases
the government gives a subsidy to the tea industry
summertime and sweet tea is popular
7
Population increases and decreases impact which of the following?
supply
demand
8
The law of supply illustrates a/an __________ relationship.
direct
indirect
9
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
supply would increase
demand would decrease
supply would decrease
demand would increase
10
Consumer incomes are connected with which of the following:
demand
supply
11
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
demand would increase
supply would decrease
supply would increase
demand would decrease
12
How are prices determined in a (free) market economy?
by the decisions of the government
interaction of buyers and sellers
by private businesses
by the Federal Reserve Bank
13
What would occur to the supply & demand graph for Fruity Circles if Fruit Loops go up in price?
demand would decrease
supply would decrease
demand would increase
supply would increase
14
The correct label for number 5 on the following circular flow diagram should be:
goods and services
expenditures
product market
resource market
15
The correct label for number 3 on the following circular flow diagram should be:
expenditures
revnue
goods and services
productive resources
16
Fiscal Policy is carried out by
Congress
The Executive Branch
The Supreme Court
The Federal Reserve
17
The correct label for number 7 on the following circular flow diagram should be:
productive resources
expenditures
revenue
goods and services
18
Which of the following items would likely have an INELASTIC demand?
toys
candy
cosmetics
gasoline
19
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
demand would decrease
demand would increase
supply would decrease
supply would increase
20
The price of inputs in the creation of a product is tied to:
demand
supply
21
What is it called with producers are not sensitive to changes in price for their product?
inelastic supply
inelastic demand
elastic demand
elastic supply
22
Improved technology in production is connected to:
supply
demand
23
This image is supply & demand graph for shoes. After the shift in demand, what occurs?
quantity demanded increases
supply decreases
price decreases
price increases
24
When the selling price of a good goes up, what is the relationship to the quantity supplied?
quantity supplied decreases
quantity supplied increases
25
The law of demand illustrates a/an ____________ relationship.
indirect
direct
26
What is occurring in the following supply and demand graph?
decrease in demand
increase in demand
decrease in supply
increase in supply
27
An economic indicator that measures changes in the prices. Used to determine inflation.
Consumer Price Index
Depression
Congress
Inflation
28
Which of the following items would likely be considered to have an ELASTIC supply?
stadium seats
car washes
oranges
fossil fuels
29
What would occur on a supply & demand graph for yogurt if the gov't increased corporate taxes?
supply would increase
demand would decrease
supply would decrease
demand would increase
30
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
supply would increase
demand would decrease
demand would increase
supply would decrease
31
Households purchase goods and services from business firms in which part of circular flow?
the product market
the resource market
the shopper's market
the factor market
32
The price of movie tickets has risen from $7 to $9. What is the effect?
the quantity demanded of tickets will increase
the quantity demanded of tickets will decrease
the demand curvefor movie tickets will move right
the demand curve for tickets will move left
