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2016 Supply and Demand Flashcards | StudBud
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2016 Supply and Demand
2016 Supply and Demand
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Answers
1
The amount of satisfaction received for a purchase is called
demand
shortage
marginal utility
elasticity
2
Demand for a certain shoe increases after a celebrity is seen wearing it; the curve will shift
Left
Not at all
Right
3
A government set maximum price that can be charged for goods and services is called
a surplus of goods
a price ceiling
a price floor
an equilibrium price
4
Which of the following will not shift the supply curve?
change in resource cost
an increase of taxes
change in consumer taste
change in the number of producers
5
How does an increase is consumer population affect the demand for most products?
prices go down
prices go up
demand increases
demand decreases
6
A shift to the left in the demand curve indicates
decrease in price
increase in demand
increase in population
decrease in demand
7
Which of the following might cause a change in demand?
preparing for a snowstorm
daily specials at Wal-Mart
a yard sale
a clearance sale at the mall
8
A table showing quantities supplied at different prices is called a
demand curve
supply curve
supply schedule
demand schedule
9
Using the substitution effect, if two items satisfy the same need and the price of one rises
the demand will go up
people will buy something else
people will buy the higher priced item
people will buy the lower priced item
10
When does a surplus occur?
when there is no change
when price is higher than equilibrium
when the price is the same as equilibrium
when the price is lower than equilibrium
11
A table that shows quantities supplied at different possible prices is a ___
supply schedule
t-chart
demand curve
supply curve
12
Which of the following is NOT one of the basic questions of all economic systems?
how is it produced?
for whom is it produced?
what is produced?
what is the goal?
13
According to the law of supply, as the price rises for a good
consumers stop buying it
quantity supplied increases
quantity supplied decreases
manufacturers stop producing it
14
The price at which the amount producers are willing to supply and consumers are willing to buy
shortage
equilibrium price
surplus
rationing
15
The amount of a good or service that consumers are able and willing to buy is called
supply
market
demand
income
16
In a market with perfect competition, the products sold must be
exactly the same
similar
totally different
17
Hotdogs and hotdog buns are examples of
utility
substitution
complementary goods
price ceiling
18
Who benefits from supply curves?
Producers
consumers
19
Which of the following will NOT cause a shift in supply?
population
price of inputs
technology
<p>government</p>
20
The Law of Supply states that the
quantity supplied varies directly with its price
quantity demanded varies inversely with its price
quantity supplied varies irregularly with its price
quantity supplied varies inversely with its price
21
A worker who is employed in manufacturing (factory) or manual labor (mechanic, electrician )
black-collar worker
white-collar worker
unskilled worker
blue-collar worker
22
How many sellers are there in a pure monopoly?
none
a few
one
a large group
23
If two products are complementary goods, how will decrease in the price of one affect the other
Price will increase
Demand will decrease
Price will decrease
Demand will increase
24
A substitute for a Coke would be which of the following?
a hamburger
Mountain Dew
<p>Kool-aid</p>
<p>water</p>
