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Demand & Supply Flashcards | StudBud
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Demand & Supply
Demand & Supply
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A quiz about #demandandsupply in #economics
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
The demand curve slopes in a ______ direction.
Upwards
Down
Downwards
Up
2
When there is a shortage what should be done?
Increase supply
Decrease price
Increase demand
Cry about it
3
The law of demand states that there is an ___ relationship between price and quantity demanded?
Inverse
Bad
Inversely
Opposite
4
Complementary products are typically defined as:
Products sold together
Both A and B
Products consumed together
Products with the same price
5
The economy's factors of production include:
Land
Labour
All of them
Capital
6
If a sin tax is placed on sales of alcohol:
The supply curve shifts to the left
The demand curve shifts to the right
The supply curve shifts to the right
The demand curve shifts to the left
7
A shift in demand causes prices to _____, whereas a shift to the left causes prices to_______.
lower; raise
raise;lower
8
A movement up along the demand curve is reffered to as an: (Choose most correct answer)
an increase in demand
A contraction in demand
A decrease in demand
An expansion in demand
9
When each additional unit of a product gives you less utility it is know as what?
Downward demand
Marginal analysis
Diminishing marginal utility
Decreasing desire
10
A market is _______. (Most correct answer)
Where money is spent
A lot of shops put together
A shop
A place where buying and selling occurs to make an exchange
11
If the demand curve shifts to the right, then we move up & to the right along our supply curve
True
False
12
The ideal price level is known as:
The ideal price level
What consumers want
Equilibrium
a lie
13
What causes the demand curve to shift to the right?
Prices of substitutes and compliments.
All of these answers.
Quality of product is increased.
Income is increased.
14
Which of the following is not a component of demand?
Desire
Ability
Surplus
Willingness
15
If the cost of making cars falls-the price drops-causing the demand curve to shift to the right
False
True
16
A movement downward along the demand curve is often referred to as an _______.
A decrease in demand
A contraction in demand
An expansion in demand
An increase in demand
17
The cash households have available for spending is known as: (most correct anwer)
Spending money households have
Discretionary income
Money they have to spend
Cash households have available for spending
18
The law of supply states there is a ____ relationship between price and quantity supplied.
Direct
Nice
Awesome
Directly
19
Non-price factors that may cause the demand curve ro shift left or right include:
Disposable Income
Price of substitutes
All of them
Preferences and tastes
