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Demand & Supply Flashcards | StudBud
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Demand & Supply
Demand & Supply
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An #economics #review game for Chapter 5.
Flashcards
23 cards
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Questions
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Answers
1
In the summer, a sharp rise in the price of burgers may lead to an increase in demand for
chicken
relish
coleslaw
buns
2
There exists a/an ___________________________relationship between price and quantity demanded.
indirect
direct
father/son
loving
3
Which of the following will have the most inelastic demand?
Air Jordan sneakers
New car
Medicine
Macaroni and Cheese
4
A decrease in the price of electric stoves would most likely decrease the demand for:
refrigerators
gas stoves
all of these!
pots and pans
5
Quantity demanded moves along the demand curve in response to changes in
price
preferences
expectations
income
6
Who supplies the goods and services that consumers demand?
DOnald Trump
Suppliers
Consumers
Producers
7
Supply depends on the willingness and ability of
advertisers to promote.
donors to contribute.
producers to produce.
consumers to purchase.
8
When an economist says that the demand for a product has increased, this means that:
firms make less of the product available for sale
quantity demanded is greater at each possible price
the demand curve becomes steeper
consumers respond to a lower price by buying more
9
According to the law of supply, what happens as price increases?
The quantity supplied decreases.
The supply curve shifts to the left
The supply curve shifts to the right.
The quantity supplied increases.
10
A subsidy is...
a form of government regulation
like eating a taco instead of an enchilada
a tax on the production or sale of a good
a government payment to support a business or market
11
The law of demand states that as quantity demanded decreases
wages decrease.
quality decreases
price increases.
production increases.
12
Most likely to quickly become available in larger quantities as a result of a price increase...
midsize cars
medical doctors
airline service
babysitters
13
Who decides what to buy and how much to spend?
Consumers
the Government
Producers
14
Which of the following is an example of a good with an inelastic supply?
hats
toothbrushes
beanbag
apples
15
Which of these would most likely increase the supply of soccer balls?
a government excise tax
a transportation strike
a decrease in the price of raw materials
an increase in the supply of tennis balls.
16
Demand and supply are both expressed in terms of
elasticity
a time frame
the price
quantity
17
Which of these is the best example of diminishing marginal utility?
People w/ cars have less use for bikes than people w/o cars.
Bikes become less useful as they get old and start to rust.
A shortage of bike paths makes bicycles less useful.
Someone who has one bicycle will have less use for another.
18
The supply of a product that cannot easily or quickly expand or reduce its production?
elastic
Profit
Inelastic
Production challenges
19
Which of the following will decrease the supply of good ”X”?
The price of a substitute for good “X” decreases
The wages of workers producing good “X” increase
There is a technological advancement.
The price of good “X” falls.
20
The amount of a good or service that a consumer is willing and able to buy at a specific price
quantity demanded
quantity supplied
standard weight
demand command
21
What happens to demand for clothes in a clothing store when blizzards keep people at home?
The demand curve shifts to the right.
The demand curve shifts to the left.
The demand curve becomes steeper.
The demand curve becomes flatter.
22
The degree to which the quantity demanded responds to changes in price is called
utility
revenue
elasticity
schedule
23
A decrease in the price of butter would most likely decrease the demand for:
Margarine
Syrup
Milk
Bagels
