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Duplicate of Economics, Unit 2: Supply and Demand (without 3.5) Flashcards | StudBud
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Duplicate of Economics, Unit 2: Supply and Demand (without 3.5)
Duplicate of Economics, Unit 2: Supply and Demand (without 3.5)
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A 20 question formative assessment on supply and demand. #supplyanddemand
Flashcards
20 cards
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Questions
20
Answers
1
If a new technology allowed us to produce computers cheaper, what would happen to supply?
It would decrease
It would increase
we don't know
It would stay the same
2
The amount of something that consumers will buy at a particular price is called ______.
supply
quantity supplied
demand
quantity demanded
3
Supply curves show a line moving ______
east to west
downward from left to right
upward from left to right
north to south
4
What could have caused this supply curve to shift to the right?
cost of resources increased
less competitors in the market
more competitors in the market
cost of resources decreased
5
Demand curves show a line moving ______
east and west
downward from left to right
upward from left to right
north and south
6
What is
not
a determinant of demand?
change in income
change in weather
change in population
change in taste/preference
7
What would cause a movement along the supply curve?
a change in technology
change in price expectations
a change in price
a change in the number of sellers
8
As the price for apples goes from .40 to .60 per pound, the quantity supplied goes from:
2,000 to 3,000 lbs
3,000 lbs to 4,000 lbs
1,000 to 2,000 lbs
1,000 lbs to 3,000 lbs
9
The quantity demanded for Nike shoes has increased. The best explanation is that:
supply has decreased
price has decreased
supply has increased
price has increased
10
What is the only thing that can change quantity demanded?
change in consumers' income
change in price
change in price of substitute good
change in price of complementary good
11
In any economic curve, the PRICE is always shown on the ____
supply axis
X aixs
Y axis
demand aixs
12
The relationship between price and quantity supplied is ____.
negative
inverse
indirect
positive
13
When the price for bubble soda drops from $80 to $60, the quantity demanded goes from ____.
40 to 80
20 to 40
60 to 80
40 to 60
14
If the price of tacos (substitute good) increases, the demand for pizza will ______.
stay the same
supply will increase
increase
decrease
15
According to the law of demand: as price goes down, ______ goes up.
quantity demanded
supply
demand
quantity supplied
16
Identify the left image and the right image
L- demand schedule; R- demand curve
L- supply curve; R- supply schedule
L- supply schedule; R- supply curve
L- demand curve; R- demand schedule
17
Peanut butter and jelly, mustard and ketchup, and shoes and socks are considered:
substitute goods
supplies
natural resources
complementary goods
18
Demand is the ____ and ____ of consumers to purchase a good or service.
time, effort
intelligence, ability
willingness, intelligence
willingness, ability
19
What could have caused the shift in the demand curve?
an increase in the price of a complement
an increase in consumer income
a decrease in consumer income
a decrease in population
20
At the price of $1, what is the quantity demanded?
110
100
90
80
