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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
34 terms
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StudBud Administration
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Free Market, Supply, Demand, Equilibrium Pricing
Flashcards
34 cards
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Questions
34
Answers
1
Which is not an example of non-price competition?
location
price
service
style
2
What is the difference between a monopoly and an oligopoly?
one is a board game, the other is real life
one is owned by one, the other is owned by a few
they are the same thing
one is owned by the government, the other is privately owned
3
How is a demand curve characterized?
slopes down from left to right
slopes up from left to right
4
What does the term Laissez-faire mean?
government should not intervene in the marketplace.
government should tell the marketplace what to sell
it's french for cheese is the best
everyone should be equal
5
What's another term for a monopoly?
trust
board game
oligopoly
dictatorship
6
What number state is South Carolina in entering the Union?
5th
8th
1st
13th
7
Who created the model for a free market?
Adam Smith
Ben Franklin
Donald Trump
Tyler Perry
8
What state was the first battle of the Civil War taken place in?
Pennsylvania
South Carolina
Virginia
Maryland
9
What is my middle name?
You will never know
Charles
Chester
Clyde
10
What is the purpose of a patent?
allows you to illegally start a monopoly
protects your thoughts from the government
allows you to legally be the sole supplier of an invention
allows you to become an engineer
11
What is differentiation?
a company makes two of something but slightly different
a good is produced slightly differently from another good
when a company makes one product then changes its focus
when you change the location to better suit the consumer
12
What two factors effect equilibrium?
surplus and shortage
consumer choice and price
price and scarcity
surplus and supply
13
What actor grossed the most money in 2016?
Dwayne Johnson
Tom Cruise
Matt Damon
Jackie Chan
14
What is the largest state in the United States?
Alaska
California
Texas
New York
15
How is a supply curve characterized?
slopes up from left to right
slopes down from left to right
16
What is the law of Demand?
producers buy more of a good when its price decreases
consumers buy less of a good when its prices decrease
consumers buy more of a good when its price decreases
producers buy less of a good when its price decreases
17
Which is not a factor that shifts a demand curve?
advertising
consumer trade
population
price
18
What is the law of supply?
tendency of suppliers to offer more good at lower prices
tendency of consumers to offer more good at lower prices
tendency of consumers to offer more goods at a higher prices
tendency of suppliers to offer more goods at higher prices
19
What is the smallest nation in the world?
Nauru
Vatican City
Luxembourg
Monaco
20
Which is not a reason competition is good in the market place?
prevents lack of quality of products
Stops entrepreneurs from entering the market
prevents higher prices
prevents inferior quality
21
How many modules are there on Everfi?
12
9
16
5
22
What is a Free Market?
market where the same goods have been sold for generations
people are free to buy and sell whatever they want.
people sell what the government tells them to sell
everything is free, people simply barter for goods
23
What is an example of a natural monopoly?
airlines
the railroads
the stockmarket
water distribution
24
What is the invisible hand?
The private sector will fund failing businesses
the idea that the economy fixes itself when it fails
the government secretly fixes problems in the economy
Gods right to curb the economy
25
What movie grossed the most money (inflation included)?
Star Wars episode IV
Gone With the Wind
Avatar
Titanic
26
What is the substitution effect?
when you do magic and make something dissapear
when you buy cheaper or different goods
when you pick something over another thing
when you change one thing for another
27
How many bones are in the human body at birth?
300
157
206
400
28
What is a traditional market?
everything is free, people simply barter for goods
people are free to buy and sell whatever they want.
market where the same goods have been sold for generations
people sell what the government tells them to sell
29
If the demand curve shifts left what does that mean?
there is more demand at every level
there is less supply at every level
there is less demand at every level
there is more supply at every level
30
What is perfect competition?
the government tells producers what to sell
a few sellers sell identical products
only one seller sells a single product
many sellers sell identical products
31
What is the worlds oldest profession?
prostitution
soldier
masonry
farming
32
What is the connection between Competition and Self-interest?
people only worry about self interest when buying goods
producers have to make things the consumers want
without competition there is no self-interest
companies compete for their own self-interest
33
What does the D in "D-Day" stand for?
Disaster
Day
Denmark
Departure
34
How do you restore equilibrium?
produce less
change the price
buy a substitute
produce more
