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G442 Reviewing Demand and Supply Flashcards | StudBud
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G442 Reviewing Demand and Supply
G442 Reviewing Demand and Supply
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review for S/D test
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Questions
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Answers
1
Which of the following is a product that will not vary greatly in demand?
Profit
Inelastic
elastic
Production challenges
2
Which of the following will decrease the supply of good ”X”?
The price of a substitute for good “X” decreases
The price of good “X” falls.
There is a technological advancement.
The wages of workers producing good “X” increase
3
Which type of demand does the graph below depict?
Pefectly Elastic
Perfectly Inelastic
4
A decrease in the price of butter would most likely decrease the demand for:
Syrup
Bagels
Milk
Margarine
5
In the summer, a sharp rise in the price of burgers may lead to an increase in demand for
buns
chicken
coleslaw
relish
6
What happens to demand for clothes in a clothing store when blizzards keep people at home?
The demand curve becomes flatter.
The demand curve shifts to the left.
The demand curve becomes steeper.
The demand curve shifts to the right.
7
There exists a/an ___________________________relationship between price and quantity demanded.
indirect
father/son
direct
loving
8
Quantity demanded moves along the demand curve in response to changes in
expectations
income
preferences
price
9
A decrease in the price of electric stoves would most likely decrease the demand for:
gas stoves
pots and pans
refrigerators
all of these!
10
Which of these is the best example of diminishing marginal utility?
People w/ cars have less use for bikes than people w/o cars.
Someone who has one bicycle will have less use for another.
A shortage of bike paths makes bicycles less useful.
Bikes become less useful as they get old and start to rust.
11
The degree to which the quantity demanded responds to changes in price is called
elasticity
revenue
schedule
utility
12
Supply depends on the willingness and ability of
donors to contribute.
producers to produce.
advertisers to promote.
consumers to purchase.
13
Demand and supply are both expressed in terms of
only the price
price and quantity
elasticity
resource prices
14
The amount of a good or service that a consumer is willing and able to buy at a specific price
standard weight
demand command
quantity demanded
quantity supplied
15
Which of these would most likely increase the supply of soccer balls?
a transportation strike
a decrease in the price of raw materials
an increase in the supply of tennis balls.
a government excise tax
16
Who decides what to buy and how much to spend?
the Government
Consumers
Producers
17
According to the law of supply, what happens as price increases?
The quantity supplied decreases.
The quantity supplied increases.
The supply curve shifts to the right.
The supply curve shifts to the left
18
Which of the following will have the most inelastic demand?
Air Jordan sneakers
Medicine
Kraft macaroni and Cheese
New car
19
When an economist says that the demand for a product has increased, this means that:
consumers respond to a lower price by buying more
the demand curve becomes steeper
quantity demanded is greater at each possible price
firms make less of the product available for sale
20
A subsidy is...
a government payment to support a business or market
like eating a taco instead of an enchilada
a tax on the production or sale of a good
a form of government regulation
21
Who supplies the goods and services that consumers demand?
the government
The market system
Producers
Consumers
22
The law of demand states that as quantity demanded decreases
wages decrease.
production increases.
quality decreases
price increases.
