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S&D=EQ day 1 Flashcards | StudBud
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S&D=EQ day 1
S&D=EQ day 1
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Supply and demand
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
What will happen to the quantity supplied (SQ) of rice, if the price of rice increases?
the supply of rice will increase
the quantity supplied will increase
the demand for rice will increase
the quantity supplied will decrease
2
Which of the following is a true statement assuming
"e pluribus unum"
(all else equal or consistent)
Has 2 right answers
Cheaper prices usually means less supply
Cheaper prices usually results in equilibrium
Cheaper prices usually means more demand
Cheaper prices usually means less demand
3
Which situation best illustrates market equilibrium?
everyone who wants or needs soap can easily afford it
soap production ensures a good profit
the price of soap doesn't vary much from week to week
the amount of soap wanted matches the amount produced
4
Which of the following fits with this graph to make it a true statement?
Tomatoes are too expensive so no one buys them
The price of water increases suddenly by 50%
A new machine allows you to harvest tomatoes faster
Scientists prove that Tomatoes cause cancer
5
Which of the following is a possible explanation for the increase in demand for Soda? Shown in the graph below.
The price of Soda cans increases after a supply chain disruption
government put a new "per unit tax" on sugary drinks
A new highly productive Soda factory was created
New laws allow schools to start selling soda
6
Which of the following is true about this picture??
The demand curve increased
The demand curve decreased
the supply curve increased
the supply curve decreased
7
How much money will be made if the product graphed was sold at Equilibrium price?
$60
$90
$100
$80
8
What most likely happened to CDs when MP3 technology was first announced?
(two correct answers)
Increase in quantity
Suppliers decreased the price
Decrease in quantity supplied
Increase in price
9
Equilibrium basically does which of the following
Determines quantity and demand
Determines Supply and Demand
Determines price and Quantity
Determines price and demand
10
The value of the good or service that is not chosen is ......
a increase in supply
the opportunity cost
a decrease in supply
Scarce
11
Review from US government... Which branch of government determines tax rates?
Judicial
Federal Reserve
Executive
Legislative
12
Which of the following is most likely true about this picture?
the price of the product will increase
Quantity sold will decrease
the price for the product will decrease
Quantity sold will increase
13
The class of economics that looks at the "big picture" of communities, nations, and the world
Macroeconomics
Minieconomics
Microeconomics
Maxoeconomics
14
Which of the following best describes this graph assuming there are no price controls enacted by the government
There is a surplus so the price will likely decrease.
There is a shortage so the price will likely increase
There is a surplus so the price will likely increase
There is a shortage so the price will likely decrease
