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Duplicate of Supply and Demand Econ Review Flashcards | StudBud
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Duplicate of Supply and Demand Econ Review
Duplicate of Supply and Demand Econ Review
27 terms
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Unit 2 Economics Review #supply #demand #equilibrium
Flashcards
27 cards
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Questions
27
Answers
1
In the market for Yachts. The average price of stocks market (Nasdaq) (Dow) falls by over 20%
Supply Shifts
Demand Shifts
2
What Type of Curve is this?
Supply
Demand
In-Elastic
Elastic
3
In the market for video rentals. The price of getting cable T.V. goes up.
Supply Shifts
Demand Shifts
4
In the market for gasoline. Two super-tankerscollide.
Demand Shifts
Supply Shifts
5
In the market for U.S. cars. The U.S. imposes a tariff on Japanese car imports
Supply Shifts
Demand Shifts
6
The point at which supply and demand meet is referred to as?
Eureka!
Equilibrium
Price
Quantity
7
What does the image represent?
Equilibrium
Equality
Elasticity
Emnity
8
Brad Pitt confides to People Magazine that“he gets a big kick out of his Hula Hoop”.
Supply Shifts
Demand Shifts
9
In the market for wheat. A drought destroys much of the wheat crop in Kansas and Nebraska
Supply Shifts
Demand Shifts
10
In the market for butter. The price of margarine goes up
Demand Shifts
Supply Shifts
11
What type of goods are these?
Supplementary
Complimentary
12
In the market for windshields. A new law is passed requiring gravel trucks to cover their loads
Supply Shifts
Demand Shifts
13
In the market for cement. After a 7.9 earthquake hits San Francisco. (Severe earthquake)
Demand Shifts
Supply Shifts
14
What curve would the list shift?
Demand
Supply
15
What type of goods are these?
Complementary
Supplementary
Elastic
In-Elastic
16
In the market for gasoline. Large SUV’s like Suburbans and Expeditions become more popular
Demand Shifts
Supply Shifts
17
What curve would the following shift?
Supply
Demand
18
The quantity of a good or service that producers are willing&able to offer for sale
Demand
Equilibrium
Elasticity
Supply
19
In the market for cigars. A new study shows that smoking cigars results in lots of wrinkles
Demand Shifts
Supply Shifts
20
In the market for umbrellas. Heavy rain is forecast.
Supply Shifts
Demand Shifts
21
In the market for apples. A new pesticide is developed which controls tent caterpillars.
Demand Shifts
Supply Shifts
22
In the market for paper. The price of wood pulp increases.(Wood pulp is used to make paper.)
Demand Shifts
Supply Shifts
23
a government payment to a supplier of goods or services, designed to help that supplier
Revenue
Tariff
Subsidy
Tax
24
In the market for oranges. There is an early frost which destroys much of the crop in Florida.
Demand Shifts
Supply Shifts
25
What type of curve is this?
Supply
Demand
Elastic
In-Elastic
26
In the market for Redwood Lumber. Environmentalists urge consumers to boycott redwood products.
Supply Shifts
Demand Shifts
27
The quantity of a good or service that consumers are both willing&able to buy at various prices
Supply
Demand
Equilibrium
