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Economics Unit 2 - Supply and Demand Flashcards | StudBud
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Economics Unit 2 - Supply and Demand
Economics Unit 2 - Supply and Demand
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Questions
31
Answers
1
Income Effect: If income stays the same, and prices fall, consumers have less purchasing power.
False
True
2
What will happen if the price of ePhones increases?
It will create a surplus
It will create a shortage
Demand Line will shift to the right
Supply Line will shift to the left
3
What is the Quantity Demanded (Qd) at 40$?
3 Thingamabobs
4 Thingamabobs
4.5 Thingamabobs
2 Thingamabobs
4
When Supply decreases, what happens to Equilibrium?
EQ Price Increases, EQ Quantity Decreases
EQ Price Decreases, EQ Quantity Increases
EQ Price Increases, EQ Quantity Increases
EQ Price Decreases, EQ Quantity Decreases
5
What is the result of price being set at $12?
Surplus of 200 Units
Shortage of 600 Units
Shortage of 200 Units
Surplus of 400 Units
6
What is the Elasticity Coefficient for an
Elastic
Curve?
< 1, or Less than 1
= 1, or Equal to 1
> 1, or Greater than 1
7
If Quantity Demanded (Qd) exceeds Quantity Supplied (Qs), the result is...
A shortage
A surplus
8
If Quantity Supplied (Qs) exceeds Quantity Demanded (Qd), the result is...
A shortage
A surplus
9
Is the
BLUE
line a supply or demand curve?
Demand
Supply
10
What is the Elasticity Coefficient for a
Unit Elastic
Curve?
< 1, or Less than 1
> 1, or Greater than 1
= 1, or Equal to 1
11
Is this an Elastic or Inelastic Curve?
Elastic
Inelastic
12
Which of these is
NOT
a shifting factor for
Demand
?
Complemetary Goods
Expectations of Producers
Expectations of Consumers
Income of Consumers
13
Substitution Effect: If a price increases relative to similar goods, people will consume other the similar good instead
True
False
14
What is the Law of Diminishing Marginal Utility? (Law of Diminishing Returns)
The more you consume of a good, the less satisfaction you recieve
The more you use Marginal Analysis, the less reliable it becomes
15
Which of these is
NOT
a shifting factor for
Supply
?
Other Related Goods
Technology
Number of Buyers
Number of Sellers
16
Is this a Demand Schedule or a Supply Schedule?
Supply Schedule
Demand Schedule
17
According to the Law of Demand, what happens to Quantity Demanded when Price increases?
Quantity Demanded increases
Quantity Demanded stays the same
Quantity Demanded Decreases
18
What is the Equilibrium Quantity?
4 Thingamabobs
3 Thingamabobs
2 Thingamabobs
.875 Thingamabobs
19
According to the Law of Supply, what happens to Quantity Supplied when Price increases?
Quantity Supplied stays the same
Quantity Supplied increases
Quantity Supplied decreases
20
Which of these is
NOT
a shifting factor for
Demand
?
Technology
Substitute Goods
Number of Buyers
Taste
21
Is this an Elastic or Inelastic Curve?
Inelastic
Elastic
22
What is the Quantity Supplied (Qs) at 40$?
3.5 Thingamabobs
4 Thingamabobs
2 Thingamabobs
3 Thingamabobs
23
Is this a Demand Schedule or a Supply Schedule
Supply Schedule
Demand Schedule
24
When Supply increases, what happens to Equilibrium?
EQ Price Decreases, EQ Quantity Decreases
EQ Price Increases, EQ Quantity Increases
EQ Price Increases, EQ Quantity Decreases
EQ Price Decreases, EQ Quantity Increases
25
When Demand increases, what happens to Equilibrium?
EQ Price Increases, EQ Quantity Increases
EQ Price Decreases, EQ Quantity Decreases
EQ Price Increases, EQ Quantity Decreases
EQ Price Decreases, EQ Quantity Increases
26
When Demand decreases, what happens to Equilibrium?
EQ Price Decreases, EQ Quantity Increases
EQ Price Decreases, EQ Quantity Decreases
EQ Price Increases, EQ Quantity Increases
EQ Price Increases, EQ Quantity Decreases
27
Which of these is
NOT
a shifting factor for
Supply
?
Technology
Expectations of the Producer
Income of Producers
Resources
28
What is the result of price being set at $6?
Surplus of 600 Units
Surplus of 200 Units
Shortage of 400 Units
Shortage of 200 Units
29
What is the Elasticity Coefficient for an
Inelastic
Curve?
= 1, or Equal to 1
> 1, or Greater than 1
< 1, or Less than 1
30
Is the
RED
line a supply or demand curve?
Demand
Supply
31
What is the Equilibrium Price?
$22.50
$60
$40
$80
