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2016 Supply and Demand Flashcards | StudBud
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2016 Supply and Demand
2016 Supply and Demand
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1
Which of the following might cause a change in demand?
preparing for a snowstorm
daily specials at Wal-Mart
a yard sale
a clearance sale at the mall
2
Which of the following is NOT one of the basic questions of all economic systems?
for whom is it produced?
how is it produced?
what is produced?
what is the goal?
3
Which of the following will not shift the supply curve?
change in resource cost
an increase of taxes
change in the number of producers
change in consumer taste
4
When does a surplus occur?
when there is no change
when the price is the same as equilibrium
when price is higher than equilibrium
when the price is lower than equilibrium
5
A table that shows quantities supplied at different possible prices is a ___
supply curve
supply schedule
demand curve
t-chart
6
The amount of a good or service that consumers are able and willing to buy is called
market
supply
income
demand
7
Which of the following will NOT cause a shift in supply?
<p>government</p>
population
price of inputs
technology
8
In a market with perfect competition, the products sold must be
exactly the same
similar
totally different
9
Who benefits from supply curves?
Producers
consumers
10
A worker who is employed in manufacturing (factory) or manual labor (mechanic, electrician )
unskilled worker
black-collar worker
white-collar worker
blue-collar worker
11
If two products are complementary goods, how will decrease in the price of one affect the other
Demand will increase
Price will decrease
Demand will decrease
Price will increase
12
A shift to the left in the demand curve indicates
decrease in demand
increase in population
increase in demand
decrease in price
13
Using the substitution effect, if two items satisfy the same need and the price of one rises
people will buy the higher priced item
people will buy something else
people will buy the lower priced item
the demand will go up
14
The amount of satisfaction received for a purchase is called
demand
marginal utility
shortage
elasticity
15
A substitute for a Coke would be which of the following?
<p>Kool-aid</p>
Mountain Dew
<p>water</p>
a hamburger
16
How many sellers are there in a pure monopoly?
a large group
a few
one
none
17
The price at which the amount producers are willing to supply and consumers are willing to buy
surplus
equilibrium price
shortage
rationing
18
The Law of Supply states that the
quantity supplied varies inversely with its price
quantity demanded varies inversely with its price
quantity supplied varies irregularly with its price
quantity supplied varies directly with its price
19
According to the law of supply, as the price rises for a good
manufacturers stop producing it
quantity supplied decreases
quantity supplied increases
consumers stop buying it
20
Hotdogs and hotdog buns are examples of
price ceiling
utility
complementary goods
substitution
21
A government set maximum price that can be charged for goods and services is called
an equilibrium price
a surplus of goods
a price floor
a price ceiling
22
Demand for a certain shoe increases after a celebrity is seen wearing it; the curve will shift
Left
Right
Not at all
23
A table showing quantities supplied at different prices is called a
demand curve
supply curve
supply schedule
demand schedule
24
How does an increase is consumer population affect the demand for most products?
demand decreases
prices go up
demand increases
prices go down
