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Unit 2 Review Flashcards | StudBud
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Unit 2 Review
Unit 2 Review
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CDH HEcon Unit 2 Review
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
there is a link between eCigarettes usage and cancer, how will market equilibrium change
Price increased, Quantity decreased
Price decreased, Quantity increased
Price increased, Quantity increased
Price decreased, Quantity decreased
2
Movie tickets and DVD's are substitutes. If the price for DVD's increase what will happen
demand for movie tickets will decrease
the supply of movie tickets will increase
the demand for movie tickets will increase
the supply of movie tickets will decrease
3
Which of the following has the most inelastic supply
nike soccer cleats
farmers market peppers
original Shakespeare manuscripts
Chipotle burritos
4
When the price of fryer oil goes up what will happen to the supply of McDonalds Fries
decrease
become zero
increase
stay the same
5
If the price of mints drops from .75 to 50. What will happen to the supply of mints
the quantity supplied will decrease on the original curve
the entire supply curve will shift left (decrease)
the entire supply curve will shift to the right (increase)
the quantity supplied will increase along the original curve
6
producers are willing to sell more of a good or service at a higher price than a lower price
law of supply
demand
law of demand
supply
7
An example of an inferior good is
Steak
Organic Strawberries
Frozen Pizza
Coca Cola
8
What should a supplier do in order to get rid of extra product if there is a surplus
raise the price
keep price the same
lower the price
decrease demand
9
What will happen if engineers develop new robots that can put minivans together faster
supply will increase
supply will decrease
demand will increase
demand will decrease
10
Which of these products had the most inelastic demand
Frozen Dinners
Eggs
Mountain Dew
Hershey chocolate
11
You get fired from your job. What will happen to your demand for clothing
your entire demand curve will shift to the left (decrease)
your quantity demanded will increase (new dot)
your quantity demanded will decrease (new dot)
Your entire demand curve will shift to the right (increase)
12
Which of the following would be a compliment to the iPod
iPhone
iPad
a CD
headphones
13
when the price of a good or service falls consumers buy more of it
supply
demand
law of supply
law of demand
14
Which would lead to an increase in equilibrium in price of jelly and decrease in quantity
commercials that convince people to eat more jelly
machines that allow manufactures to package jelly quickly
an increase in consumers income (normal good)
an increase in the price of grapes (input cost)
