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AP Micro Unit 2 Review Flashcards | StudBud
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AP Micro Unit 2 Review
AP Micro Unit 2 Review
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Supply and Demand
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
Expectations among hiking boot-makers that boot prices will rise in the future will result in
A movement to the left on the supply curve
A decrease in boot supply
No change in boot supply
An increase in boot supply
2
What is Mr. Markatos' Dog named?
Max
Percy Jackson
Jackson
Zues
3
if the gov't established a quota of 1,000 in this market, the demand price would be
$8
Less than 4
$4
$6
4
An increase in the numbers of buyers and a tech advance will cause
Demand to increase and supply to increase
demand to increase and supply to decrease
None of the above
Demand to decrease and supply to increase
5
Which of the following will increase the
demand
for disposable diapers
Concern over the environmental effects of landfills
A new "Baby Boom"
A decrease in the price of disposable diapers
A decrease in the price of cloth diapers
6
A price floor set at $5 will result in
a surplus of 100 units
a surplus of 200 units
A shortage of 200 units
A shortage of 100 units
7
If the gov't established a min wage at $10, how many workers will benefit from the higher wage?
80
60
30
50
8
A decrease in the price of butter would most likely decrease demand for
Bagels
Jelly
Margarine
Syrup
9
In the gov't established a quota of 1,000 in this market, the supply price would be
less than $4
$6
$8
$4
10
An increase in income leads to a decrease in demand, the good is
Inferior
A substitute
Normal
A complement
11
With the Min Wage at $10 how many workers are unemployed(Would like to work, but are unable to)
50
80
30
60
12
The equilibrium $ will rise, but equilibrium quantity may increase decrease or not change if
Demand increases and supply increases.
Demand decreases and supply increases
Demand increases and supply decreases
None of the above
13
What is the Highest Grossing Film of 2019?
Avatar
The Avengers: End Game
Black Panther
The Lion King
14
What happen in the market for tomatoes if a news story says salmonella is found in tomatoes
Demand will decrease and price will decrease.
Supply will increase and price will increase.
Demand will decrease and price will increase.
Supply will decrease and price will increase.
15
A technological advance in textbook production will lead to which of the following
A decrease in textbook supply
A movement along the supply curve for textbooks,
An increase in textbook supply
An increase in textbook demand
16
Effective price ceilings are inefficient because they
All of the Above
Create Black Markets
Create Shortages
Lead to Wasted Resources
17
Which Professional Sports Team Has Won 27 (Soon to be 28) World Championships?
New York Yankees
Boston Red Sox
San Diego Padres
New England Patriots
18
Which of the following is certainly true if demand and supply increase at the same time?
The equilibrium quantity will increase
The equilibrium quantity will decrease
The equilibrium price will increase
The equilibrium price will decrease
19
An increase in the $ for seasoning, which increases the $ of steak, will lead to a
Decrease in Supply of Steak
Increase in Qs of Steak
Decrease in Qs of Steak
Increase in Supply of Steak
20
Which of the following will decrease the supply of rice?
technology advance
Price of corn (substitute for rice) decreases
Price of rice falls
Wages for workers producing rice increase
21
If the government established a quota of 1,000 in the market, the quota rent would be
$2
$8
$6
$4
22
These two companies who recently merged in 2019 own the rights to the Star Trek Film & TV Series.
Sony and WB
Paramount and CBS
Fox and Disney
NBC and WB
23
To be effective, a price ceiling must be set
Below Equilibrium Price
None of the Above
at Equilbrium
In the Housing Market
