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Pre-Assessment: Supply and Demand Flashcards | StudBud
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Pre-Assessment: Supply and Demand
Pre-Assessment: Supply and Demand
30 terms
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StudBud Administration
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An #economics quiz about the factors of #supplyanddemand #grade12
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Which is not an example of complementary goods?
Whole and Powdered Milk
Peanut Butter and Jelly
Burgers and Fries
Bacon and Eggs
2
Factor of Supply or Demand: government action
demand
supply
3
A chart detailing how much of a product the company can afford to make at various prices is a
Price Floor
Supply Schedule
Demand Curve
Marginal Utility Schedule
4
What is the law of demand?
As prices fall, quantity demanded goes up
As prices fall, quantity demanded remains the same
As prices fall, quantity demanded goes down
As prices rise, quantity demanded rises
5
A drop in income would have the least effect on the demand for
Bread
Candy Bars
Maple Almond Butter
Steaks
6
A store announces an upcoming sale on beef. What will likely be the immediate economic result?
a decrease in demand
a switch to substitute goods
an increase in demand
a change in the quantity demanded
7
Which of the following usually comes first?
increased consumption of chocolate
increased orders for chocolate
increased production of cocoa
increased manufacture of chocolate
8
Factor of Supply or Demand: technology
supply
demand
9
Which of the following is NOT a demand solution to a surplus?
Increasing the price of the product
Advertising to increase consumer preference for the product
Driving competitors out of business
Persuading the government to buy the surplus
10
Why do consumer expectations influence demand?
What you expect $$ to do in the future influences you today
If it's not quality, you won't buy it
They don't
What other people say about it makes you want to buy it.
11
The price where consumer demand and producer supply meet is called the
Marginal Utility Point
Price Floor
Market Equilibrium Point
Price Ceiling
12
Factor of Supply or Demand: substitutes
demand
supply
13
If the government forces homes to be rented below the market equilibrium price, what results?
Surplus
Decrease in demand
Shortage
Inferior goods increase
14
Which is an example of an inferior good?
Ramen Noodles
iPhone
Mercedes Benz
Nike shoes
15
Pepsi and Coke are examples of
Complementary Goods
Substitute Goods
Normal Goods
Inferior Goods
16
Who affects demand?
producers
consumers
17
Why do producer expectations influence supply?
Believing prices will go up/down affects how much they make.
They don't.
Expecting people to buy common goods means they supply more
If they expect their workers to work hard, supply increases
18
Factor of Supply or Demand: complements
supply
demand
19
This "law" says that continued access to a product in a given time will decrease its value
law of increasing opportunity costs
law of diminishing marginal utility
law of supply
law of substitution
20
Who affects supply?
consumers
producers
21
What is the value of something that is given up to get something else that is wanted?
economics
opportunity cost
incentives
utility
22
What is the law of supply?
As prices fall, producers go out of business
As prices fall, the quantity supplied doesn't change
As prices rise, the quantity supplied rises
As prices rise, demand rises
23
What is considered a substitute for coffee?
Pancakes
Eggs
Donut
Tea
24
Factor of Supply or Demand: income
demand
supply
25
Factor of Supply or Demand: labor productivity
demand
supply
26
Factor of Supply or Demand: input costs
demand
supply
27
What is the typical description of a fad item's demand curve?
Shift right then left
Constantly shift left then right
Shift left then shift right
Remain constant
28
Factor of Supply or Demand: consumer tastes
demand
supply
29
Factor of Supply or Demand: market size
supply
demand
30
People lose their jobs during a depression; what happens to the demand curves for normal goods?
Remain unchanged
They shift to the right, then to the left.
They shift left
They shift right
