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Econ Chapter 4 & 5 Flashcards | StudBud
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Econ Chapter 4 & 5
Econ Chapter 4 & 5
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Demand and Supply Test
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
A normal good
has not been damaged.
will be purchased, regardless of changes in a person's income.
will be in higher demand if a person's income decreases.
will be in higher demand if a person's income increases.
2
Demand curves
slope upward from left to right
slope downward from right to left.
show a positive relationship.
slope downward from left to right.
3
Which of the following could increase demand for a good?
all of the above
higher birthrate
increased immigration
higher prices in the future
4
On the graph, which of the following represents the supplier's response to a decrease in the production?
Shift from s1 to s2
Movement from A to B
Shift from s1 to s3
Movement from C to B
5
What will happen in the car market if consumers expect higher prices in the near future?
The demand for cars will decrease.
The demand for cars will increase.
The demand for cars will not change.
The supply of cars will drop.
6
When quantity supplied changes by the same percentage as price, it is
None of these
inelastic
unit-elastic
elastic
7
If the sellers do not respond to a change in in price, supply is
None of these
unit-elastic
inelastic
elastic
8
A shift of the demand curve represents
a change in the quantity demanded.
a change of demand.
all of the above
a movement on the demand curve.
9
When goods are substituted, the demand for 1 good moves in the same direction as the price of the other good.
True
False
10
The law of supply says that
the quantity supplied of a good decreases when the prices rises.
a seller must have both willingness and ability to produce a good.
a quantity supplied of a good rises when the price of the good rises.
sellers prefer lower prices to higher prices.
11
A Market place is any place
where buyers and sellers meet.
where only sellers offer goods for sale.
where fruits and vegetables are sold.
with a sign designating a store.
12
The law of supply is shown on a graph as
a direct relationship.
a shift of the curve up or down.
an inverse relationship.
a shift of the curve to the right or left.
13
Elasticity of supply is measured by looking at the relationship between
how much the quantity supplied responds to changes in price of a good.
how much the price of a good responds to changes in taxes.
how much sellers respond to advances in technology.
how much the quantity supplied responds to changes in resource prices.
14
A supply curve is a reflection of
what consumers are willing and able to purchase.
what suppliers purchase from their input sources.
what the demand schedule lists, including prices & quantities demanded.
what suppliers are willing and able to produce.
15
A supply schedule includes
price and quantity supplied at each price.
all of these
shifts to the left or right of the supply curve.
the producer's cost
16
The word supply refers to
the willingness and ability to produce a good.
the quantity produced of a particular good.
the abillity to produce a good.
the willingness and desire to produce a good.
17
If the number of buyers in the market increases, which of the following will happen?
The supply in the market will decrease.
The demand on the market will increase.
The demand in the market will decrease.
The supply in the market will increase.
18
Market demand represents
all buyers annd sellers in the market
all of the above
all individual demand curves added together
all producers in the market
19
If demand for a good is elastic and its price decreases, total revenue
goes up
goes down
cannot be predicted
remains the same
20
Higher per-unit production costs would cause producers to
supply more.
hire more workers.
want to produce more.
supply less.
21
In economics, demand means
willingness and desire to buy a good.
willingness and ability to buy a good.
willingness to buy a good.
ability to buy a good.
22
If the price of a product increases, we would expect the graph to show
Shift from s1 to s3
Shift from s1 to s2
Movement from A to B
Movement from C to B
23
Quantity supplied refers to
the amount supplied at a particular price.
the amount demanded at a particular price.
a shift of the supply curve to the right.
a shift of the supply curve to the left.
24
The law of demand can be represented
as a schedule listing prices & quantities demanded.
All of the above
in picture form as a graph.
in words.
25
Which of the following can cause a supply curve shift?
all of the above
weather
future price expectations
number of sellers
