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AP Supply and Demand Test Flashcards | StudBud
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AP Supply and Demand Test
AP Supply and Demand Test
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Flashcards
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Questions
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Answers
1
Which of the following represents producer surplus at equilibrium?
CDG
ABF
AB
CD
2
Looking at the graph, how much is the tax?
$8
$2
$6
$4
3
Which of the following would causes a leftward shift in supply?
Increase in substitutes
Decrease in number of consumers
Decrease in technology
Decrease in taxes
4
This concept refers to the add't satisfaction one receives each time they consumer a good.
Elasticity of Demand
Marginal Utility Satisfaction
Diminishing marginal utiltity
Total Revenue Test
5
The equilibrium price and quantity would be...
P=$5, Q=6
P= $5, Q=5
P= $6, Q= 5
P = $5, Q= 4
6
A binding price floor would cause a?
Shortage
Quantity increase
Surplus
Bad day
7
If tea and coffee are substitutes and tea increases in price the demand for coffee will?
price increases
there will be no change
the demand for tea will increase
the demand for coffee will increase
8
What is the relationship between quantity and price for demand?
Weak
Inverse
Direct
Strong
9
What would cause a shift in the demand curve for hamburgers to the right?
Increase in the price of pizza, sub for hamburgers
Decrease in the cost of making hamburgers
Increase in the price of hamburgers
Decrease in the number of hamburger consumers.
10
This graph is considered
Inelastic
Elastic
Perfectly Elastic
Perfectly Inelastic
11
What would happen to the following if sellers leave the television market?
CS↓, PS=, TS↓
CS ↓, PS↑, TS ↓
CS ↓, PS↓, TS=
CS=, PS↓, TS↓
12
Which of the following would cause an increase in the equilibrium price for tomatoes?
Tomatoes are now known to cure cancer.
There are more tomato farmers.
A decrease in price for a substitute, like almonds.
Tomatoes cause foot fungus.
13
A leftward shift in the demand curve could be caused by which of the following?
An improvement in technology
Decrease in income
Decrease in the number of sellers
Tax increase
14
How much is the tax revenue?
120
360
540
240
15
A shortage is when...
QD > QS
QS > QD
16
At a price of $2, the gov't would have instituted a
Price Ceiling
Price Floor
Surplus
Shortage
17
At which price would a surplus occur?
$7
$4
$5
$2
18
If a good has many substitutes and is considered a luxury, it must be...
Perfectly elastic
Inelastic
Elastic
Unit Elastic
19
How much is consumer surplus after the tax?
120
135
80
60
20
A price of $2 would a cause a
surplus of 400
shortage of 300
surplus of 200
shortage of 400
21
If TR ↑ and Price ↑, the good is...
Inelastic
Unit Elastic
Elastic
Perfectly inelastic
22
A diabetic who MUST have insulin daily, is considered to have what type of elasticity?
Unit Elasticity
Marginal Elasticity
Perfect Inelasticity
Perfect Elasticity
23
An increase in income would cause what to shift?
No Shift
Demand
Supply
24
Boats are considered to be a normal good. If overall income decreases...
The supply curve will shift right.
The demand curve will shift left.
The demand curve will shift right.
The supply curve will shift left.
25
If the price of a good increases, what happens to the quantity demanded for the good?
demand curve will shift right
there will be movement along the supply curve
there will be movement along the demand curve
more complementary goods will be bought
