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Unit 2 Economics Review
Unit 2 Economics Review
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Economics Unit 2 Review
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
The amount of goods or services suppliers are able and willing to sell at different prices
Demand
Quantity Demanded
Quantity Supplied
Supply
2
Which of the following is consistent with the Law of Demand?
$ of eggs goes up, the demand for eggs goes down
$ of eggs goes up, the demand for eggs goes up
$ of eggs goes up, the QD for eggs goes up
$ of eggs goes up, the QD for eggs goes down
3
What will happen as a result of this information?
Demand will increase
Quantity Demanded will increase
Quantity Demanded will decrease
Demand will decrease
4
Calculate the shortage or surplus if coffee is $1.00
Surplus of 300
Shortage of 300
Market Equilibrium
Shortage of 400
5
Which of the following causes the supply curve to shift?
A change in the price of a particular product
A change in number of consumers
A change in demand
A change in the price of an input
6
How will this affect the supply of Orange Juice?
The Supply of Orange Juice will decrease
The Supply of Orange Juice will increase
The Quantity of Orange Juice supplied will decrease
The Quantity of Orange Juice supplied will increase
7
Which of the following would cause the movement shown in this graph?
A change in the $ of a compliment
None of the above
Decrease in the number of consumers
Increase in taxes
8
The Quantity Demanded for Oreo's has decreased. Which of the following explains this?
The price of milk has increased
The price of Oreo's has decreased
The price of Oreo's has increased
The price of milk has decreased
9
Which of the following will NOT cause the demand for hot dogs to change?
A change in the $ of hot dog buns
A change in the number of consumers
A change in the $ of hot dogs
A change in the $ of hamburgers
10
The graph created from this information would...
Slope upward from left to right
Be vertical
Be horizontal
Slope downward from left to right
11
Which of the following will cause the movement shown in this graph for Pepsi?
A change in the price of Pepsi
A decrease in the cost of inputs
A decrease in the price of Coca-Cola
An increase in the minimum wage
12
The movement in this graph shows:
A decrease in Quantity Demanded
A decrease in Quantity Supplied
An increase in Quantity Demanded
An increase in Quantity Supplied
13
What happens to the market for eggs if producers believe we will want more in the future
Current supply will increase
Quantity supplied will increase
Quantity demanded will decrease
Current supply will decrease
14
Which of the following would most likely cause the demand for steak sauce to increase?
An increase in the $ of steak sauce
An increase in the $ of steak
A decrease in the $ of steak
A decrease in the $ of steak sauce
15
What happens in the market if EP = $4 and gov sets price floor at $6?
Market Shortage
Market Failure
Market Surplus
Market Equilibrium
