stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply & Demand Flashcards | StudBud
Explore
/
Supply & Demand
Supply & Demand
16 terms
·
StudBud Administration
·
130 plays
Economics test #12thgradeeconomics
Flashcards
16 cards
F
Practice quiz
P
Host live
L
Questions
16
Answers
1
All of the following may cause a change in demand except
change in costs of production
change in tastes
change in price of related goods
change in income
2
Which of the following will most likely persuade a dairy farmer to purchase more cows?
current real-estate markets
current interest rates
the price of grain
the price of milk
3
People lose their jobs during a depression; what happens to the demand curves for normal goods?
They remain unchanged.
They shift to the right, then to the left.
They shift to the right.
They shift to the left.
4
What term do economists use to describe the act of buying?
util
demand
supply
price
5
The lower the price charged for a good, the greater the quantity of it people will demand.
law of demand
law of supply
marginal utility
equilibrium point
6
If the government forces milk to be sold above the market equilibrium rice, what results?
surplus
shortage
price ceilings
increase in demand
7
The price where consumer demand and producer supply meet
marginal utility point
price ceiling
price floor
market equilibrium point
8
A drop in income would have the least effect on the demand for
bread
cars
candy bars
steaks
9
The amount of a product a company is willing to provide at varous prices
supply
product ceiling
demand
equilibrium price
10
Rosebushes 40% off. Store sells 300--that's 2x the normal number. What has occurred?
a switch to substitute goods
an increase in demand
a fad item
a change in the quantity demanded
11
If the government forces homes to be rented below the market equilibrium price, what results?
price floors
decrease in demand
surplus
shortage
12
Which is an example of an inferior good?
whole milk
Mercedes Benz
powdered milk
iPhone
13
A store announces an upcoming sale on beef. What will likely be the immediate economic result?
a change in the quantity demanded
a decrease in demand
an increase in demand
a switch to substitute goods
14
A chart detailing how much of a product the company can afford to make at various prices is
a demand curve
a supply schedule
a marginal utility schedule
a price floor
15
Which is not an example of complementary goods?
whole and powdered milk
burgers and fries
bacon and eggs
peanut butter and jelly
16
What term describes the amount of product a company is willing to provide at various prices?
supply
demand
product ceiling
equilibrium price
