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11ECO Demand and Supply Flashcards | StudBud
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11ECO Demand and Supply
11ECO Demand and Supply
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1
Why is the production possbility frontier curved?
The economic problem
The law of supply
The law of increasing opportunity cost
The law of demand
2
Which of the following best describes why the demand/supply curves would look like this?
The government increased taxes
The number of buyers in this country increased
The number of sellers increased
The Price of the good went down
3
The economic problem: humans have _________ wants and __________ resources
Unlimited, limited
Too many, not enough
Limited, unlimited
Not enough, too many
4
What could cause an outward shift in the PPF?
A decrease in the number of resources
An increase in opportunity cost
An improvement in technology
A decrease in opportunity cost
5
The combinations of goods and services that can be produced in an economy can be shown on a
Production Possibility Frontier
Demand/Supply diagram
Supply schedule
Demand schedule
6
Which of the follow best describes capital as a factor of production?
The person(s) behind the business idea
The physical premises of a business, such as a farm
Human involvement, employees
Man made resources such as machinery
7
What happens to prices when demand increases?
Price decreases
Price stays the same
Price increases
Indeterminate
8
What four types of income are paid to resource (land, labour, capital, enterprise) owners?
Wages, salaries, interest, profit
Rent, wages, interest, profit
Rent, superannuation, interest, profit
Rent, salaries, wages, interest
9
Which of the following would result in a price increase?
Demand decrease
Supply increase
Demand increase
Supply decrease
10
The law of supply says that as prices decrease, the quantity supplied will _____.
Decrease
Stay the same
Increase
11
What happens to price when supply decreases?
Price stays the same
Indeterminate
Price decreases
Price increases
12
What could cause an inward shift of the PPF?
An increase in the number of resources
An improvement in technology
A decrease in the number of resources
An increase in opportunity cost
13
Which sector of economics studies individual markets or industries?
Macroeconomics
Microeconomics
Normative economics
Positive economics
14
Which sector of economics studies the economy as a whole?
Positive economics
Macroeconomics
Microeconomics
Normative economics
15
Which economic system relies the most on supply and demand to help it run smoothly?
Market Economy
Mixed Economy
Traditional Economy
Command Economy
16
Which of the following would be a strong explanation for the market for wheat below?
The number of sellers increased
Prices increased
The government lowered taxes
A cyclone hit Western Australia
17
Which of the following would result in a decrease in price?
Supply increase
Demand increase
Supply decrease
Demand decrease
18
Which of the following correctly matches the graph?
The news reports that the market treats employees poorly
Prices decreased
The number of buyers increases
Taxes increased
19
Which type of economic system is most commonly used around the world today?
Planned economy
Mixed economy
Traditional economy
Market economy
20
What change has occurred in this diagram?
A decrease in Demand
A decrease in Supply
An increase in Supply
An increase in Demand
21
What is the term used in economics for purchasing more capital resources?
Natural resources
Entrepreneurship
Investment
Profit
22
Which of the following does the graph describe?
Number of sellers increased
Price of this product decreased
Price of a substitute product increased
Price of a complementary product increased
23
The law of demand says that as prices increase, quantity demanded ______.
Decreases
Increases
Stays the same
24
Opportunity cost represents
The three key economic questions
A solution to the economic problem
Positive economics
The true economic cost of a decision
25
What change has occurred in this diagram?
Supply decrease
Demand decrease
Demand increase
Supply increase
26
What happens to price when demand diminishes?
Price stays the same
Indeterminate
Price increases
Price decreases
27
Who is going to ace their test tomorrow?
No one
Me
Everyone
What test?
28
What change is shown in the image below?
Supply Increase
Demand Decrease
Demand Increase
Supply Decrease
29
Which of the following correctly represents the change in this diagram?
Increase in Demand
Decrease in Demand
Increase in Supply
Decrease in Supply
30
What is the impact on price when supply increases?
Indeterminate
Price remains the same
Price increases
Price decreases
