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Economics EOC Review Unit 2 Flashcards | StudBud

Explore/Economics EOC Review Unit 2

Economics EOC Review Unit 2

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Supply and Demand

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Questions 9

Answers

1
Which is the definition of quantity demanded?
It is the amount of goods demanded at a specific price.
It is the amount of goods supplied at a specific price.
It is the amount of goods supplied at every price.
It is the amount of goods demanded at every price.
2
Which of the following would make the demand curve shift?
Increase in input costs.
Increase in population.
Decrease in technology.
Increase in tariffs.
3
Which would describe the results of a minimum wage increase?
Input costs increase. Decrease in unemployment.
Input costs decrease. Increase in unemployment.
Input costs and unemployment increase.
Input costs and unemployment decrease.
4
Why do entrepreneurs supply goods and services?
They see it as a service to humanity.
They do not supply goods and services.
They want to be good people.
They want to make a profit.
5
Which is a good with an inelastic demand?
Cookies
Medicine
Oranges
Beef
6
Where is equilibrium on the graph?
Not on this graph
Top of Supply curve
Where Supply and Demand curves meet
Bottom of Demand curve
7
What happens to the price of a good when there is a shortage?
It increases.
It decreases.
Shortages never cause a change in price.
There is no change in price.
8
Which describes the Law of Demand?
Price goes up. Quantity demanded goes down.
Price goes up. Demand goes down.
Price goes down. Quantity demanded goes down.
Price goes up. Quantity demanded goes up.
9
What happens to prices when a new technology is introduced?
Prices decrease.
Prices increase.
Prices do not change.
Technology only changes demand.