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AP Macro- Supply and Demand Flashcards | StudBud
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AP Macro- Supply and Demand
AP Macro- Supply and Demand
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1
Which of the following will decrease the supply of good "X"?
the price of good "X" falls.
A technological advance affects the production of all goods.
The wages of workers producing good "X" increase.
The demand for good "X" decreases.
2
The market price of a good will tend to rise if:
demand decreases.
it is below the equilibrium price.
supply increases.
it is above the equilibrium price.
3
Equilibrium price will rise, but Eq quantity may increase, decrease, or stay the same if:
demand increases and supply increases
demand decreases and supply increases
demand increases and supply decreases
demand decreases and supply decreases
4
An increase in the number of buyers and a technological advance will cause:
demand to decrease and supply to increase.
demand to increase and supply to decrease.
demand to decrease and supply to decrease.
demand to increase and supply to increase.
5
What will happen in the tomato market if a salmonella outbreak is attributed to bad tomatoes?
demand will decrease and price will decrease
demand will decrease and price will increase
supply will decrease and price will increase
supply will decrease and price will decrease
6
What will occur if consumers expect the price of a good to fall in the coming months?
demand will increase today
the quantity demanded will remain the same today
the quantity demanded will rise today
demand will decrease today
7
Which of the following is true at equilibrium?
All of the above.
The quantity is zero.
The quantity demanded is the same as quantity supplied.
Every consumer who enjoys the good can consume it.
8
Which of the following will increase the demand for disposable diapers?
concern over the environmental effects of landfills
a decrease in the price of cloth diapers
a new "baby boom"
a move toward earlier potty training of children
9
Which of the following would increase demand for a normal good? A decrease in:
the price of a complement.
income.
price of a substitute.
price.
10
A decrease in the price of butter would most likely decrease the demand for:
margarine.
milk.
jelly.
bagels.
11
Which of the following will lead to an increase in the equilibrium price of product "X"? A(n)
increase in the price of machinery used to produce product X
technological advance in the production of good X
increase in consumer incomes if product X is inferior good
decrease in the price of good "Y" (substitute for good "X")
12
A technological advance in textbook production will lead to which of the following?
an increase in textbook supply.
an increase in textbook demand.
a decrease in textbook supply.
a movement along the supply curve for textbooks.
13
Which of the following is certainly true if demand and supply increase at the same time?
the equilibrium quantity will increase
the equilibrium price will decrease
the equilibrium quantity will decrease
the equilibrium price will increase
14
An increase in the demand for steak will lead to an increase in which of the following?
the supply of leather (a complement in production)
the supply of hamburger (a substitute in production)
the supply of steak
the supply of chicken (a substitute in consumption)
15
If an increase in income leads to a decrease in demand, the good is:
a substitute.
abnormal.
a complement.
inferior.
