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Supply & Demand BBI Flashcards | StudBud

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Supply & Demand BBI

10 terms·StudBud Administration·108 plays

Introductory review of supply and demand changes

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Questions 10

Answers

1
A decrease in the price of peanut butter would most likely increase the demand for
Jelly
Ham
Coffee
Electricity
2
The following is a condition of Demand
Subsidies
Income
Taxes
# of Suppliers
3
Which is one of the three Key Economics Questions?
All of the above
Whose needs are the most important to produce?
What goods & services should be produced within the system?
What needs and wants should be produced?
4
Most products require a combination of?
capitalresources
all of the above
humanresources
naturalresources
5
One of the following is not a condition of Supply:
# of suppliers
Trends
Population
technology
6
The stuff needed to make goods and services for consumers is also known as?
Resource materials
factorsof production
Production Needs
Production Wants
7
The Law of Demand says that :
As price goes up, quantity demanded goes down
As price goes up, the quantity supplied goes up
As price goes up, quantity demanded goes up
As Price goes up, quantity demanded remains the same
8
The magic point where supply and demand connects is
equilibrium
Adam Smith land
a price ceiling
Middle Point
9
After a heavy snowfall, the demand for snow shovels
decrease
Increase
10
The following is not a condition of Demand
Income
Consumer Taste
Population
Technology