Which of the following is a Supply Shifter?

Freezing temperatures in Florida ruins the orange harvest.

The Law of Supply says:

As price goes up, quantity supplied goes up

When price is too low,

a shortage of goods is the result.

Even if the price of gas goes up to $5 per gallon, I will buy about the same amount because...

My demand for gas is inelastic.

What two factors must be present for demand?

Consumers must be willing and able to buy.

Differences in the allocation of natural resources among various countries results in

comparative advantages., absolute advantages.

The Law of Demand says:

As price goes up, quantity demanded goes down

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Demand, Supply & Equilibrium

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Econ basics

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Answers

1
Which of the following is a Supply Shifter?
Price of related goods goes down.
Celebrity endorsements of products.
Unemployment rate rate drops to 1.5% (currently 7%)
Freezing temperatures in Florida ruins the orange harvest.
2
The Law of Supply says:
As price goes up, quantity supplied goes down.
Price & quantity supplied have nothing to do with each other
Supply and Demand are always constant.
As price goes up, quantity supplied goes up
3
When prices are high,
there is an excess demand.
there is a shortage.
there is a recession on the way.
there is an excess supply.
4
Which of the following is a Demand Shifter?
Changes in technology
Taxes & subsidies
Changes in income
Natural disasters
5
When price is too low,
a shortage of goods is the result.
the quality of goods is poor.
producers will increase the supply.
consumer demand will decrease.
6
Even if the price of gas goes up to $5 per gallon, I will buy about the same amount because...
The supply of gas is fairly constant.
My demand for gas is inelastic.
My demand for gas is fairly elastic.
The price of a good has no impact on my decisions.
7
What two factors must be present for demand?
Consumers must have convenience and selection.
Consumers must be willing and able to buy.
Consumers must complete surveys and have a credit card.
Demand is determined by advertising.
8
Differences in the allocation of natural resources among various countries results in
comparative advantages.
price wars for resources.
absolute advantages.
discouraging local markets.
9
When quantity demanded equals quantity supplied, we are at _____.
Zero inflation
Market equilibrium
Market disequilibrium
Zero economic growth
10
The Law of Demand says:
As price goes up, quantity demanded stays the same.
As price goes up, quantity demanded goes down
As price goes up, quantity demanded goes up.
Price and quantity demanded are not connected at all.

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