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Macro Unit 1 - Supply & Demand Flashcards | StudBud
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Macro Unit 1 - Supply & Demand
Macro Unit 1 - Supply & Demand
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A review for Unit 2 (Supply and Demand) for economics.
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
supply would decrease
demand would increase
demand would decrease
supply would increase
2
What would occur on a supply & demand graph for yogurt if the gov't increased corporate taxes?
supply would increase
demand would decrease
supply would decrease
demand would increase
3
Which scenario for ice tea would cause the shift seen in the graph below?
the number of US tea drinkers increases
summertime and sweet tea is popular
bags used to store tea increase in price
the government gives a subsidy to the tea industry
4
What would occur to the supply & demand graph for Fruity Circles if Fruit Loops go up in price?
demand would increase
supply would decrease
demand would decrease
supply would increase
5
The price of movie tickets has risen from $7to $9. What is the effect?
the demand curvefor movie tickets will move right
the quantity demanded of tickets will decrease
the quantity demanded of tickets will increase
the demand curve for tickets will move left
6
What would cause the shift seen below on this supply & demand graph for pizza?
pizza shops close down
the price of cheese increases
a decrease in consumer incomes
it's Super Bowl Sunday
7
When the selling price of a good goes up, what is the relationship to the quantity supplied?
quantity supplied increases
quantity supplied decreases
Price does not change demand
No relationship
8
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
demand would decrease
supply would increase
demand would increase
supply would decrease
9
What is occurring in the following supply and demand graph?
decrease in supply
decrease in demand
increase in supply
increase in demand
10
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
demand would increase
supply would decrease
supply would increase
demand would decrease
11
The correct label for number 5 on the following circular flow diagram should be:
expenditures
resource market
product market
goods and services
12
This image is supply & demand graph for shoes. After the shift in demand, what occurs?
price decreases
quantity demanded increases
supply decreases
price increases
13
How are prices determined in a (free) market economy?
by private businesses
by the Federal Reserve Bank
interaction of buyers and sellers
by the decisions of the government
14
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
supply would decrease
supply would increase
demand would increase
demand would decrease
