Home Library Explore SAT

Home Library Explore SAT

BBI Supply & Demand Flashcards | StudBud

Explore/BBI Supply & Demand

BBI Supply & Demand

10 terms·StudBud Administration·31 plays

Introductory review of supply and demand changes

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
The following is not a condition of Demand
Income
Population
Consumer Taste
Technology
2
One of the following is not a condition of Supply:
# of suppliers
technology
Population
Trends
3
Which is one of the three Key Economics Questions?
What needs and wants should be produced?
Whose needs are the most important to produce?
What goods & services should be produced within the system?
All of the above
4
The magic point where supply and demand connects is
Middle Point
equilibrium
a price ceiling
Adam Smith land
5
The following is a condition of Demand
# of Suppliers
Income
Taxes
Subsidies
6
A decrease in the price of peanut butter would most likely increase the demand for
Ham
Jelly
Electricity
Coffee
7
Most products require a combination of?
capitalresources
humanresources
all of the above
naturalresources
8
The stuff needed to make goods and services for consumers is also known as?
factorsof production
Production Needs
Production Wants
Resource materials
9
The Law of Demand says that :
As price goes up, the quantity supplied goes up
As price goes up, quantity demanded goes up
As price goes up, quantity demanded goes down
As Price goes up, quantity demanded remains the same
10
After a heavy snowfall, the demand for snow shovels
decrease
Increase