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Duplicate of Unit 2 Test Review Flashcards | StudBud
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Duplicate of Unit 2 Test Review
Duplicate of Unit 2 Test Review
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A review/practice test for a unit test on microeconomics, supply and demand, elasticity, etc.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
With the more of something we consume, what happens to the satisfaction we get from it?
it increases
it decreases
it doesn't change
we get diminishing returns
2
The red arrows represent what?
a change in the quantity supplied
a change in demand
a change in supply
a change in quantity demanded
3
Which of the following statements is
NOT
true regarding a supply schedule?
it only shows quantities supplied, not demanded
it includes quantity supplied at many different price levels
it shows quantity supplied at one price only
it is a table that shows quantities supplied
4
In this supply and demand schedule for pizza, what is the equilibrium price and quantity?
$1.50 and 200
$0.50 and 200
$1 and 150
$2 and 250
5
If we consider pop a luxury and the price goes up, how will we respond as buyers?
we'll buy less
we'll look at substitute goods
we'll buy the same amount
we'll buy more
6
Supply schedules and curves show that the relationship between price and quantity supplied is:
parallel
inverse
direct
opposite
7
Which of the following will cause a shift in the demand curve?
entrepreneurship, related goods, market size
profit motive, market size, price expectations
income, substitute goods, and tastes
population, complementary goods, personal tastes
8
What will see the LEAST change in quantity demanded with an increase in price?
meals at nice restaurants
video games
electricity
expensive shoes
9
According to this demand curve, what would the quantity demanded be at a price of $2?
70
90
100
80
10
Equilibrium is defined as ____.
quantity demanded = quantity supplied
suppliers have goods left over
the point where buyers spend all their money
where the supply and demand curves intersect
11
According to this supply curve, at a price of .60 the best quantity to produce is:
2,000 apples
1,000 apples
3,000 apples
4,000 apples
12
The price of tacos goes up, a restaurant makes more tacos each day. What is this an example of?
the law of demand
the law of supply
the law of the land
the law of diminishing returns
13
What would happen if a disease killed a large portion of the nation's chicken?
supply curve shifts to the left
there will be no change
supply curve shifts to the right
the demand curve shifts to the right
14
The quantity demanded of Nike shoes is 100 and the quantity supplied is 60, what is that?
a surplus
a market clearing
a shortage
an equilibrium
15
If the price rises from $1.50 to $2.50 what is the result?
too much pizza will be produced
we'll have equilibrium
customers will buy more pizza
we'll have a surplus of pizza
16
A product that serves the same purpose as, and can replace another product, is called what?
a substitute
a complement
a determinant
marginal cost
17
When New York City puts a price ceiling on their apartment rents, what is the result?
a surplus
a shortage
an equilibrium
we need more information
18
The quantity that buyers will buy at every possible price is called what?
excess supply
supply
demand
excess demand
19
Which of the following would not shift the demand curve for chicken?
an increase in the price of beef (a substitute good)
a new study that shows that chicken helps you live longer
an increase in the income of chicken consumers
a reduction in the price of chicken feed
20
The quantity demanded for ice cream has decreased. Why might this be so?
people got sick of ice cream
the price decreased
it is winter
the price increased
