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Economics B Theme 1 Week 4 Review Flashcards | StudBud
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Economics B Theme 1 Week 4 Review
Economics B Theme 1 Week 4 Review
22 terms
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StudBud Administration
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239 plays
Demand Supply
Flashcards
22 cards
F
Practice quiz
P
Host live
L
Questions
22
Answers
1
Which of these statements about the supply curve is
false
?
Qs is directly proportional to P
The curve plots Price (P) against Quantity supplied (Qs)
Market supply curves always slope downwards
Producers will supply more of a good when its price rises
2
When incomes increase, (for an inferior good) ...
The demand curve shifts right
The demand curve shifts left
The supply curve shifts right
The supply curve shifts left
3
When the cost of production increases, ...
The supply curve shifts right
The demand curve shifts left
The supply curve shifts left
The demand curve shifts right
4
As Price decreases...
Demand decreases
Demand increases
Qd increases (movement down the demand curve)
Qd decreases (movement up the demand curve)
5
Which of these statements about the demand curve is
false
?
Qd is inversely proportional to P
The curve plots Price (P) against Quantity demanded (Qd)
Qd is directly proportional to P
Market demand curves always slope downwards
6
When the price of a substitute increases, ...
The demand curve shifts left
The demand curve shifts right
The supply curve shifts right
The supply curve shifts left
7
When there is a bad harvest of apples...
The supply curve shifts right
The demand curve shifts right
The demand curve shifts left
The supply curve shifts left
8
What is the link between paper clips and season tickets for Man Utd?
Inferior goods
None of these
Complements
Substitutes
9
Which of these shifts the supply curve for a good
Price of a substitute
Cost of production
Price of a complement
Its own price
10
When there is a successful advertising campaign for a product...
The demand curve shifts left
The supply curve shifts left
The demand curve shifts right
The supply curve shifts right
11
When incomes increase, (for a normal good) ...
The supply curve shifts left
The supply curve shifts right
The demand curve shifts right
The demand curve shifts left
12
What is the link between coffee and tea?
None of these
Complements
Substitutes
Inferior goods
13
When the price of good X increases, ...
Quantity demanded (Qd)of good X decreases
Quantity demanded (Qd)of good X increases
The demand curve for good X shifts right
The demand curve for good X shifts left
14
What goes on the y axis of a demand and supply diagram?
Profit
Price
Cost
Quantity
15
What is the link between potatoes and bus tickets?
Complements
Inferior goods
Substitutes
None of these
16
What goes on the x axis of a demand and supply diagram?
Profit
Cost
Price
Quantity
17
When there is a health scare story about a product...
The supply curve shifts right
The demand curve shifts right
The supply curve shifts left
The demand curve shifts left
18
When the price of a complement increases, ...
The supply curve shifts right
The demand curve shifts left
The supply curve shifts left
The demand curve shifts right
19
Which of these shifts the demand curve for a good
A change in income
New competition
Cost of production
A good harvest
20
As Price increases...
Qs increases (movement up the supply curve)
Supply increases
Supply decreases
Qs decreases (movement down the supply curve)
21
When the price of good Y increases, ...
Quantity supplied (Qs)of good Y increases
Quantity supplied (Qs)of good Y decreases
The supply curve for good Y shifts left
The supply curve for good Y shifts right
22
When a new hairdresser starts up a business in Trowbridge...
The supply curve shifts right
The demand curve shifts left
The supply curve shifts left
The demand curve shifts right
