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Duplicate of Supply and Demand Econ Review Flashcards | StudBud
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Duplicate of Supply and Demand Econ Review
Duplicate of Supply and Demand Econ Review
34 terms
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StudBud Administration
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Unit 2 Economics Review #supply #demand #equilibrium
Flashcards
34 cards
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Practice quiz
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Questions
34
Answers
1
What type of goods are these?
Elastic
In-Elastic
Complementary
Supplementary
2
Brad Pitt confides to People Magazine that“he gets a big kick out of his Hula Hoop”.
Supply Shifts
Demand Shifts
3
In the market for Redwood Lumber. Environmentalists urge consumers to boycott redwood products.
Supply Shifts
Demand Shifts
4
The point at which supply and demand meet is referred to as?
Quantity
Eureka!
Equilibrium
Price
5
In the market for paper. The price of wood pulp increases. (Wood pulp is used to make paper.)
Supply Shifts right
Supply Shifts left
Demand Shifts right
Demand Shifts left
6
In the market for umbrellas. Heavy rain is forecast.
Demand Shifts
Supply Shifts
7
Illegal market in which goods are traded at prices or quantities higher than those set by law
Free Market
Amazon
Walmart
Black Market
8
What does the image represent?
Equilibrium
Equality
Emnity
Elasticity
9
What type of curve is this?
In-Elastic
Elastic
Demand
Supply
10
In the market for U.S. cars. The U.S. imposes a tariff on Japanese car imports
Supply Shifts
Demand Shifts
11
In the market for Yachts. The average price of stocks market (Nasdaq) (Dow) falls by over 20%
Supply Shifts
Demand Shifts
12
In the market for cement. After a 7.9 earthquake hits San Francisco. (Severe earthquake)
Supply Shifts
Demand Shifts
13
What is the term for the governmental imposed limit below
Price Ceiling
Supply Curve
Equlibrium
Price Floor
14
In the market for cigars. A new study shows that smoking cigars results in lots of wrinkles
Supply Shifts
Demand Shifts
15
The amount of money a firm receives in the course of doing business.
Profit
Taxes
Revenue
Income
16
Measure of the degree to which a good or service changes in response to a change in price
elasticity
Supply
Demand
Demandticity
17
In the market for butter. The price of margarine goes up
Supply Shifts
Demand Shifts
18
What curve would the following shift?
Supply
Demand
19
What type of goods are these?
Complimentary
Supplementary
20
A government payment to a supplier of goods or services, designed to help that supplier
Subsidy
Tariff
Tax
Revenue
21
What curve would the list shift?
Supply
Demand
22
What is the term for the governmental imposed limit below
Supply Curve
Price Ceiling
Equlibrium
Price Floor
23
In the market for gasoline. Two super-tankerscollide.
Demand Shifts
Supply Shifts
24
What does the image represent?
Interdependence
Demand Chain
Communism
Supply Chain
25
What type of curve is this?
Demand
In-Elastic
Supply
Elastic
26
In the market for video rentals. The price of getting cable T.V. goes up.
Supply Shifts
Demand Shifts
27
In the market for apples. A new pesticide is developed which controls tent caterpillars.
Supply Shifts
Demand Shifts
28
The quantity of a good or service that consumers are both willing&able to buy at various prices
Demand
Supply
Equilibrium
29
In the market for oranges. There is an early frost which destroys much of the crop in Florida.
Supply Shifts
Demand Shifts
30
In the market for windshields. A new law is passed requiring gravel trucks to cover their loads
Supply Shifts
Demand Shifts
31
The quantity of a good or service that producers are willing & able to offer for sale.
Demand
Elasticity
Supply
Equilibrium
32
What Type of Curve is this?
Elastic
Supply
Demand
In-Elastic
33
In the market for wheat. A drought destroys much of the wheat crop in Kansas and Nebraska
Supply Shifts
Demand Shifts
34
In the market for gasoline. Large SUV’s like Suburbans and Expeditions become more popular
Demand Shifts
Supply Shifts
