stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply and Demand Flashcards | StudBud
Explore
/
Supply and Demand
Supply and Demand
26 terms
·
StudBud Administration
·
21 plays
Revision assessment on supply and demand. #supplyanddemand
Flashcards
26 cards
F
Practice quiz
P
Host live
L
Questions
26
Answers
1
Demand is the ____ and ____ of consumers to purchase a good or service.
willingness, intelligence
willingness, ability
time, effort
intelligence, ability
2
When the price for bubble soda drops from $80 to $60, the quantity demanded goes from ____.
60 to 80
40 to 80
40 to 60
20 to 40
3
Peanut butter and jelly, mustard and ketchup, and shoes and socks are considered:
substitute goods
natural resources
complementary goods
supplies
4
The branch of economics that deals with individual actors is ____.
swot analysis
pest analysis
macroeconomics
microeconomics
5
The sale of insect repellant has gone up recently due to Zika, what happen to the demand curve?
Demand curve moves along the curve
Demand curve shifts to the right
Demand curves does not move
Demand curve shifts to the left
6
At the price of $1, what is the quantity demanded?
80
100
90
110
7
The amount of something that consumers will buy at a particular price is called ______.
supply
quantity demanded
demand
quantity supplied
8
What is the ONLY thing that can change quantity demanded?
change in consumers' income
change in price of substitute good
change in price of complementary good
change in price
9
_____ is the ability to buy or pay for the goods sold in the market
scarcity
equality
desirability
affordability
10
The objectives of a business is to
have adequate return on the investment
earn profits
provide smooth supply of goods to society
create employment
11
According to the law of demand: as price goes down, ______ goes up.
quantity supplied
quantity demanded
supply
demand
12
If a new technology allowed us to produce computers cheaper, what would happen to supply?
It would decrease
we don't know
It would increase
It would stay the same
13
Two goods are in competitive supply if they use the ___ types of inputs in their production
different
same
extra
inferior
14
The relationship between price and quantity supplied is ____.
negative
direct
inverse
positive
15
What would cause a movement along the supply curve?
a change in technology
a change in the number of sellers
change in price expectations
a change in price
16
If the price of tacos (substitute good) increases, the demand for pizza will ______.
stay the same
increase
decrease
supply will increase
17
All of the following will shift the supply curve to the right EXCEPT
State of technology improves
Factor of production worsens
Number of sellers decrease
Good weather condition prevails
18
The quantity demanded for Nike shoes has increased. The best explanation is that:
supply has increased
supply has decreased
price has increased
price has decreased
19
Demand is the ____ and ____ of consumers to purchase a good or service.
time, effort
willingness, ability
willingness, intelligence
intelligence, ability
20
The demand of a product decreases when the income increase, this product is a/an
exception good
inferior good
normal good
superior good
21
What could have caused this supply curve to shift to the right?
more competitors in the market
less competitors in the market
cost of resources decreased
cost of resources increased
22
What is
not
a determinant of demand?
change in weather
change in taste/preference
change in income
change in population
23
What could have caused the shift in the demand curve?
an increase in consumer income
the price of a substitute good goes up
a decrease in consumer income
a decrease in population
24
These are examples of joint supply goods
chocolate and bananas
beef and hide
sugar and coffee
milk and honey
25
As the price for apples goes from .40 to .60 per pound, the quantity supplied goes from:
3,000 lbs to 4,000 lbs
1,000 to 2,000 lbs
1,000 lbs to 3,000 lbs
2,000 to 3,000 lbs
26
A tornado in USA destroys all the apples plantation, what will likely to happen?
The supply of apples will decrease, curve shifts to the left
The supply of apples will increase,curve shifts to the right
The demand of apples will increase,curve shifts to the right
The demand of apples will decrease,curve shifts to the left