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GSE Micro Supply & Demand Flashcards | StudBud
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GSE Micro Supply & Demand
GSE Micro Supply & Demand
30 terms
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StudBud Administration
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Questions are all related to GSE domain 2-Micro Economics
Flashcards
30 cards
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Questions
30
Answers
1
Using the image below, what happened?
Decrease in Demand
Increase in Demand
Increase in Supply
Decrease in Supply
2
A MINIMUM wage is an example of what kind of Government price control?
Price Wall
Price Plumbing
Price Floor
Price Ceiling
3
The law of demand says that as the price of a good LOWERS the quantity of the good consumers are willing buy . . .
NONE OF THE ABOVE
Decreases
Stays the same
Increases
4
Which of the following would cause a rightward shift of the demand curve?
Decrease in Resource Costs
Lower Incomes
More buyers in a Market
Improved production technology
5
What problem can happen if prices are too LOW?
Overproduction
No problem
Shortage
Surplus
6
Which of the following would cause a leftward shift of the demand curve?
Increased popularity of a product
HIgher Incomes
Decreased popularity of a product
Improved production technology
7
Which of the following would cause a leftward shift of the supply curve?
Improved production technology
Lowering taxes on production
Increased popularity of a product
Increase in Resource Costs
8
Which of the following would cause a rightward shift of the supply curve?
Increase in Resource Costs
Improved production technology
Complementary goods become more desirable
Increased popularity of a product
9
------- is the amount of a good, service, or resource sellers are willing and able to sell at one specific price.
Supply Curve
Law of Supply
Quantity Demanded
Quantity Supplied
10
Which Government price control can lead to a SHORTAGE
Price Floor
Price Ceiling
Government actions cannot lead to shortages
Minimum wage
11
------- is the amount of a good, service, or resource buyers are willing and able to buy at one specific price.
Quantity Supplied
Law of Demand
Demand Curve
Quantity Demanded
12
How can a market correct a shortage?
Increase Qs
A market cannot correct a surplus
Raise Prices
Lower Prices
13
Which Government price control is a minimum price that a seller must sell a good?
Price Floor
Price Ceiling
Increased tax rates
Price wall
14
Using the image below, what happened?
Increase in Supply
Increase in Demand
Decrease in Demand
Decrease in Supply
15
The law of demand says that as the price of a good RISES the quantity of the good consumers are willing buy . . .
NONE OF THE ABOVE
Increases
Stays the same
Decreases
16
What problem will a Government mandated Price Ceiling cause?
Overproduction
Shortage
Surplus
No problem
17
The law of supply says that as the price of a good LOWERS the quantity of the good producers are willing produce . . .
Increases
NONE OF THE ABOVE
Decreases
Stays the same
18
According to the chart what is the Quantity supplied at $1.00?
12
1
5
14
19
The law of supply says that as the price of a good INCREASES the quantity of the good producers are willing produce . .
Stays the same
NONE OF THE ABOVE
Decreases
Increases
20
At equilibrium which of the following is true . . .
Qd > Qs
None of the above
Qd = Qs
Qd < Qs
21
What problem can happen if prices are too high?
No problem
Shortage
Scarcity
Surplus
22
Which of the following is a shifter of supply?
Number of buyers
Number of Sellers
Tastes/Preferences
Substitutes and Complements
23
What is the Quantity demanded at $2.00?
100
60
90
40
24
How can a market correct a surplus?
Raise Prices
A market cannot correct a surplus
Lower Prices
Increase Qs
25
Which Government price control can lead to a SURPLUS
Increased Taxes
Price Ceiling
Government actions cannot lead to surpluses
Price Floor
26
Which Government price control is a maximum price that a seller can legally sell a good?
Price Floor
Price Ceiling
Minimum wage
Subsidy
27
Using the image below, what happened?
Decrease in Demand
Increase in Demand
Increase in Supply
Decrease in Supply
28
Using the image below, what happened?
Increase in Supply
Decrease in Demand
Increase in Demand
Decrease in Supply
29
Which of the following is a shifter of demand?
Number of buyers
Technology
Number of Sellers
Resource Costs
30
What problem will a Government mandated Price Floor cause?
Shortage
Scarcity
Surplus
No problem
