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Economics: Supply and Demand Flashcards | StudBud
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Economics: Supply and Demand
Economics: Supply and Demand
18 terms
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StudBud Administration
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A quick quiz students on supply and demand #socialstudies #supplyanddemand
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
A popular product has a higher price.
True
False
2
Too much of a product causes its price to go up.
True
False
3
Demand is the price of a product.
False
True
4
If demand for a product decreases, then price
remains the same
decreases
increases
5
If something is rare...
there are very few of them
it is popular
There is a large supply of it
it is not subject to the laws of supply and demand
6
Are supply and demand related?
No
Yes
7
If I have a lot of a product, does it mean that I have...
A large demand
A large supply
A large price
A large habit
8
An opposite relationship between supply and price means
When supply goes up, price goes down
When supply goes down, price goes down
When supply goes down, price goes up
When supply goes up, price goes up
9
Diamonds are expensive because they are scarce.
False
True
10
Which of these are examples of supplementary goods?
Windex and Walmart Brand Window Cleaner
Windex and Soda
11
Another word for a good is item or service?
True
False
12
Printing too many copies of a book might lower the price if no one wants to buy it.
True
False
13
Professional athletes can earn millions because their skills are in high demand.
True
False
14
Is supply how much of a product or service is available to be purchased?
Yes
No
15
A consumer is someone who buys a good or service
False
True
16
If demand for a product increases, then price
increases
decreases
remains the same
17
Which of these is an example of a complementary good?
Printer and Ink
Cup and Screwdriver
Cell phone and charger
Car and Tires
18
An example of limited supply is
Oxygen
Places to live
Cars
Tickets to a concert
