stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Unit 2 Review Flashcards | StudBud
Explore
/
Economics Unit 2 Review
Economics Unit 2 Review
15 terms
·
StudBud Administration
·
864 plays
Supply and Demand Review
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
When supply decreases, Ep will __ & Eq will __.
Decrease; Decrease
Increase; Decrease
Decrease; Increase
Increase;Increase
2
Focusing on the law of supply, when the market price of a good goes up, ____________.
The profit made on each item goes down.
It becomes practical to produce more goods.
There is no relationship between the two.
The cost of production goes down.
3
Jack sees that shoe prices have gone up, being a good econ students, he knows this will cause
Quantity Supplied to increase
Quantity Demanded to Increase
Demand to increase
Supply to Increase
4
Workers agree to a 10% wage increase. This alone will cause the _______ curve to shift _____.
demand; right
supply; right
demand; left
supply; left
5
If a 5% increase in the price of a good causes a 7% decrease in quantity demanded, then we
perfectly elastic demand
have unit elastic demand
have elastic demand
have inelastic demand
6
What is the change being shown in the picture?
Decrease in Quantity Demanded
Increase in Quantity Supplied
Increase in Supply
Decrease in Demand
7
When the price of a good changes,
only quantity demand changes
only quantity supplied changes
both quantity demand & quantity supplied changes
only supply will change
8
If there is a surplus in the market for jeans, we would expect the price of jeans to
rise
stay constent
There is not enough info to answer the question
fall
9
What market is being created: Kellen gets paid $10/hr to work at Culver's
Resource Market
Product Market
Both a Resource & Product Market
Neither a Product nor a Resource Market
10
What type of production does point A represent in this image?
Inefficient
Impossible
Unknown
Efficient
11
Who is the demander in the
RESOURCE MARKET
in the Circular Flow Model
Government
None of the above
Business Firms
Households
12
What is the shifter in the market for hamburgers if
cattle prices decrease
.
Decrease in the price of a complementary good.
Decrease in the price of resources
Decrease in price of the good
Expectations of future price decrease
13
May is addicted to Mtn. Dew, we would expect her demand would be __ when MD prices increase.
IDK
unit elastic
elastic
inelastic
14
This is the reason we have to make choices.
Shortages
Opportunity Costs
Scarcity
Trade Offs
15
Pig Farmer A believes the price of pork will rise next month. The supply of
pork today
will:
increase
remain unchanged - its demand that changes
decrease
remain unchanged - its quantity supplied that changes
