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Unit 2 Review
Unit 2 Review
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StudBud Administration
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Supply and Demand
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
At point on the graph, will you find equilibrium?
D
A
B
C
2
What do entrpreneurs supply in a market?
goods and services
diseases
regulations
demand
3
What is occurring in the following supply and demand graph?
decrease in supply
increase in supply
4
The graph for Tylenol shows what happens ....
when the supply of it increases
quantity demanded increases
when the supply of it decreases
when the price of Advil drops
5
Law of Supply is....
price increases/ quantity demanded decreases
price increases/ quantity demanded increases
price decreases/ quantity supplied increases
price increases/ quantity supplied increases
6
Which are complements?
beans and cars
snakes and chainsaws
peanut butter and jelly
jackets and toliet paper
7
When the price of gas increases, less people go on vacation. This is explained by...
Income effect
Law of Supply
Substitution effect
Law of Diminishing Marginal Utility
8
What would occur on a supply & demand graph for milk if people expect a snow storm?
demand would decrease
demand would increase
supply would increase
supply would decrease
9
The government raises minimum wage from $7.25 an hour to $8.25 an hour. What will happen?
prices increase/ number of jobs increase
prices increase/ number of jobs decrease
nothing changes
prices decrease/ number of jobs decrease
10
Why does the government use price ceilings (rent control)?
To limit demand
To limit supply
To make goods more affordable
To make goods more expensive
11
Law of Demand is...
price increases/ quantity supplied decreases
price increases/ quantity supplied increases
price increases/ quantity demanded decreases
price increases/ quantity demanded increases
12
The government intervention through excise taxes limits....
supply
demand
13
Which of the following items would likely be considered to have an INELASTIC supply?
oranges
puzzles
diapers
candy bars
14
What do suppliers do if they expect their prices to go up in the future?
They sell more now.
They do not sell it.
They go out of business.
They store or warehouse it.
15
If the price of cars are expected to go down in three months, what will happen to demand now?
Go down
Go up
People drive cars?
Stay the same
16
Which is an inferior good?
milk
furniture
Ramen noodles
medicine
17
The more Spaghettios that I buy, the less satisifed that I am with my purchase describes....
Law of Diminishing Marginal Utility
Law of Increasing Costs
Law of Supply
Law of Demand
18
Which of the following items would likely have an INELASTIC demand?
toys
medication
cosmetics
candy
19
The price of movie tickets has risen from $7 to $9. What is the effect?
the quantity demanded of tickets will increase
the demand curve for movie tickets will move right
the quantity demanded of tickets will decrease
the demand curve for tickets will move left
20
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
demand would decrease
demand would increase
supply would increase
supply would decrease
21
Improved technology in production improves....
supply
demand
22
Which is a normal good?
used clothes
cars
Spam
Ramen noodles
