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Supply and Demand: Unit 2 Review Flashcards | StudBud
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Supply and Demand: Unit 2 Review
Supply and Demand: Unit 2 Review
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A review for Unit 2 (Supply and Demand) for economics.
Flashcards
20 cards
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Questions
20
Answers
1
This image is supply & demand graph for shoes. After the shift in demand, what occurs?
price decreases
quantity demanded increases
price increases
supply decreases
2
The law of demand illustrates a/an ____________ relationship.
indirect
direct
3
What is occurring in the following supply and demand graph?
decrease in demand
increase in supply
increase in demand
decrease in supply
4
What would cause the shift seen below on this supply & demand graph for pizza?
it's the World Cup Championship
the price of cheese increases
pizza shops close down
a decrease in consumer incomes
5
What would occur to the supply & demand graph for hot dogs if hamburgers go up in price?
supply would increase
supply would decrease
demand would increase
demand would decrease
6
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
supply would decrease
demand would increase
demand would decrease
supply would increase
7
What type of graph is depicted?
inelastic demand
elastic demand
elastic supply
inelastic supply
8
When the selling price of a good goes up, what is the relationship to the quantity supplied?
quantity supplied decreases
quantity supplied increases
9
The law of supply illustrates a/an __________ relationship.
direct
indirect
10
What would occur on a supply & demand graph for sembal if the gov't increased corporate taxes?
demand would increase
supply would increase
demand would decrease
supply would decrease
11
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
demand would decrease
supply would increase
supply would decrease
demand would increase
12
Which of the following will increase supply?
Excise tax
Price floor
Quota
Price ceiling
13
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
demand would increase
supply would increase
demand would decrease
supply would decrease
14
Which of the following is will NOT cause a shift in demand?
Number of producers
Price of substitutes
Expectations
Changes in income
15
Which scenario for ice tea would cause the shift seen in the graph below?
the government gives a subsidy to the tea industry
summertime and sweet tea is popular
bags used to store tea increase in price
the number of US tea drinkers increases
16
Which of the following has an elastic supply?
fresh corn
pork
canned corn
handmade furniture
17
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
demand would increase
supply would decrease
demand would decrease
supply would increase
18
The price of movie tickets has risen from $7to $9. What is the effect?
the demand curve for tickets will move left
the quantity demanded of tickets will increase
the demand curvefor movie tickets will move right
the quantity demanded of tickets will decrease
19
What is this graph an example of in the market?
price ceiling
quota
subsidy
excise tax
20
How are prices determined in a (free) market economy?
by the Federal Reserve Bank
by private businesses
by the decisions of the government
interaction of buyers and sellers
