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Economics - Demand & Supply Flashcards | StudBud
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Economics - Demand & Supply
Economics - Demand & Supply
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Demand and Supply Quiz
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14 cards
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Questions
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Answers
1
What will happen in the market for car tires, if the price of rubber increases?
the supply of tires will increase
the quantity demanded will decrease
the quantity supplied will decrease
the supply of tires will decrease
2
What will happen in the market for 'Nature Gift' Coffee, if there is successful advertising?
the quantity supplied of Nature Gift will increase
the demand for Nature Gift will increase
the quantity demanded of Nature Gift will increase
the supply of Nature Gift will increase
3
What will happen if there is an increase in peoples' incomes?
market demand will decrease
market demand will increase
market supply will decrease
market supply will increase
4
If the price of a good, such as an iPad, decreases, what will happen...?
demand will increase
demand will decrease
the quantity demanded will decrease
the quantity demanded will increase
5
What types of goods are Pepsi and Coca-Cola?
substitute goods
complimentary goods
giffen goods
inferior goods
6
What will happen in the market for cars, if the price of gas increases?
the supply of cars will increase
the demand for cars will increase
the demand for cars will decrease
the supply of cars will decrease
7
What happened to the market for record players, after CD's and MP3's came out?
the quantity demanded decreased
the demand for record players decreased
the quantity demanded increased
the demand for record players increased
8
What type of service is shoe repairs?
inferior good
substitute good
normal good
complimentary good
9
What is happening in demand as a result of its declining population?
quantity demanded is increasing
demand is increasing
quantity demanded is decreasing
demand is decreasing
10
What will happen to the supply of rice, if the price of rice increases?
the demand for rice will decrease
the supply of rice will increase
the quantity supplied will increase
the quantity supplied will decrease
11
What change will occur in the oil market as a result of new mining technology?
the demand for oil will decrease
the supply of oil will decrease
the demand for oil will increase
the supply of oil will increase
12
What type of goods are toothbrushes and toothpaste?
substitute goods
inferior goods
Veblen goods
complimentary goods
13
What will happen in the market for limes, if the price of rice increases?
the supply of limes will decrease
the quantity demanded will decrease
the quantity supplied will increase
the supply of limes will increase
14
If the government increases taxes on peoples' incomes, what will happen?
There will be an increase in supply
There will be a decrease in supply
There will be an increase in demand
There will be a decrease in demand
