Which is likely to happen to demand for clothes in a store when blizzards keep customers home?

The demand curve shifts to the left.

What does it mean if an economist says demand for a product is elastic?

Demand changes in response to a change in price.

What does it mean if an economist says demand for a product is inelastic?

Demand responds slightly or not at all to a change in price.

What would government do in a model free enterprise system?

stay out of economic activity altogether

Which of these would most likely increase the supply of soccer balls?

a decrease in the price of raw materials

According to the law of supply, what happens as price increases?

The quantity supplied increases.

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Supply and Demand

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Questions 18

Answers

1
Which is likely to happen to demand for clothes in a store when blizzards keep customers home?
The demand curve shifts to the right.
The demand curve shifts to the left.
The demand curve becomes steeper
The demand curve becomes flatter.
2
What does it mean if an economist says demand for a product is elastic?
Demand responds slightly or not at all to a change in price.
Demand changes in response to a change in price.
Demand always increases in response to a price increase.
Demand always decreases in response to a price decrease.
3
In the picnic season, a sharp rise in the price of burgers may lead to an increase in demand of
buns
coleslaw
chicken
relish
4
What happens to the market supply curve when there is a decrease in market supply?
It shifts to the right.
It shifts downward.
It shifts upward.
It shifts to the left.
5
The degree to which the quantity demanded responds to changes in price is called
schedule
revenue
elasticity.
utility
6
What does it mean if an economist says demand for a product is inelastic?
Demand always decreases in response to a price decrease.
Demand always increases in response to a price increase.
Demand responds slightly or not at all to a change in price.
Demand changes in response to a change in price.
7
What can cause a change in supply?
changes in government policy
all of the above
changes in technology
changes in the number of producers
8
What happens to the market demand curve when there is an increase in market demand?
It shifts to the right.
It shifts downward.
It shifts upward.
It shifts to the left
9
What would government do in a model free enterprise system?
stay out of economic activity altogether
make all economic decisions
protect property rights and enforce contracts
ensure that prices remain reasonable
10
Which of these economic goals is most important in a traditional economy?
Freedom
Growth
Efficiency
Stability
11
Which of these would most likely increase the supply of soccer balls?
an increase in the supply of tennis balls
a decrease in the price of raw materials
transportation strike
a government excise tax
12
According to the law of supply, what happens as price increases?
The supply curve shifts to the right.
The quantity supplied decreases
The quantity supplied increases.
The supply curve shifts to the left.
13
Supply depends on the willingness and ability of
producers to produce.
consumers to purchase.
advertisers to promote
donors to contribute
14
The law of demand states that as quantity demanded decreases
wages decrease.
price increases
production increases
quality decreases
15
Which kind of economy is most common today?
Traditional
Mixed
Market
Command
16
The three fundamental economic questions are what to produce, ______________, and for whom.
how
when
where
why
17
Quantity demanded moves along the demand curve in response to changes in
expectations
income
price
preferences
18
What can cause a change in demand?
changes in consumer expectations
changes in consumer tastes
all of the above
changes in income

Supply and Demand Flashcards | StudBud