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Economics Unit 2 Review Flashcards | StudBud
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Economics Unit 2 Review
Economics Unit 2 Review
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A review for Unit 2 (Supply and Demand) for economics.
Flashcards
15 cards
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Questions
15
Answers
1
The law of demand illustrates a/an ____________ relationship.
indirect
direct
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
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
demand would increase
supply would increase
supply would decrease
demand would decrease
4
When the selling price of a good goes up, what happens?
quantity supplied increases
Supply increases.
quantity supplied decreases
Supply decreases.
5
What would occur to the supply & demand graph for Fruity Circles if Fruit Loops go up in price?
supply would increase
demand would increase
demand would decrease
supply would decrease
6
The price of movie tickets has risen from $7 to $9. What is the effect?
the demand curvefor movie tickets will move right
the quantity demanded of tickets will increase
the demand curve for tickets will move left
the quantity demanded of tickets will decrease
7
Which scenario for ice tea would cause the shift seen in the graph below?
the number of US tea drinkers increases
summertime and sweet tea is popular
the government gives a subsidy to the tea industry
bags used to store tea increase in price
8
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
demand would increase
demand would decrease
supply would increase
supply would decrease
9
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
supply would decrease
supply would increase
demand would increase
demand would decrease
10
The law of supply illustrates a/an __________ relationship.
direct
indirect
11
What is occurring in the following supply and demand graph?
increase in demand
decrease in supply
increase in supply
decrease in demand
12
How are prices determined in a (free) market economy?
interaction of buyers and sellers
by the Federal Reserve Bank
by the decisions of the government
by private businesses
13
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
supply would increase
demand would increase
demand would decrease
supply would decrease
14
This image is supply & demand graph for shoes. After the shift in demand, what occurs?
supply decreases
price increases
quantity demanded increases
price decreases
15
What would occur on a supply & demand graph for yogurt if the gov't increased corporate taxes?
supply would increase
supply would decrease
demand would decrease
demand would increase
