Supply and Demand (and Int'l. Trade) Review

Consumers see their incomes rise by 5% this year.  What happens in the concert ticket market?

Which trade barrier argument involves not relying on other countries to trade essential items?

What must be true in order to say one has demand for a good or service?

Which pair would most likely be complements?

The price of wheat increases.  What happens in the market for spaghetti?

Which pair would most likely be substitutes?

Price of doughnuts increases.  What happens to the market for brownies?

Which reason for trade barriers involves protecting new industries from foreign competition?

Which nonprice factor affects both demand and supply?

When it is illegal to raise the price above a certain level below the equilibrium price:

Which of the following is true, if the price is set above the equilibrium price?

Peyton Manning, Papa John's spokesman, arrested for drugs.  What happens to Papa John's market?

What is the only thing that changes quantity demanded or quantity supplied?

If demand decreases, what happens to equilibrium price?

The Disney World admission price is going to increase in three months.  What happens today?

Gov't.: Truck drivers can take half as many breaks as before.  What happens in market?

The Law of Demand states that

Price of bait increases.  What happens in the market for fishing licenses?

To benefit from trade, a country should specialize in the product in which it holds the

If supply decreases, what happens to the equilibrium price?

Which of the following countries is not one of America's top three trading partners?

Gov't. places a tariff on all Colombian coffee.  What happens in the coffee market?