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Yr 11 Eco Market Flashcards | StudBud
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Yr 11 Eco Market
Yr 11 Eco Market
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A review of both the demand unit and the supply unit
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
According to this supply curve, at a price of .60 the best quantity to produce is:
4,000 apples
3,000 apples
2,000 apples
1,000 apples
2
What will see the LEAST change in quantity demanded with an increase in price?
meals at nice restaurants
electricity
video games
expensive shoes
3
Which of the following would not shift the demand curve for chicken?
a new study that shows that chicken helps you live longer
an increase in the income of chicken consumers
an increase in the price of beef (a substitute good)
a reduction in the price of chicken feed
4
Which of the following will cause a shift in the demand curve?
profit motive, market size, price expectations
population, complementary goods, personal tastes
income, substitute goods, and tastes
entrepreneurship, related goods, market size
5
A shift in this demand curve to the right indicates:
a decrease in demand and an increase in equilibrium price
an increase in demand and an increase in equilibrium price
a decrease in demand and a decrease in equilibrium price
an increase in demand and a decrease in equilibrium price
6
The price of tacos goes up, a restaurant makes more tacos each day. What is this an example of?
the law of Frewen's Economics Graphs
the law of demand
the law of the land
the law of supply
7
If we consider pop a luxury and the price goes up, how will we respond as buyers?
we'll buy more
we'll buy the same amount
we'll buy less
we'll look at substitute goods
8
The quantity demanded for ice cream has decreased. Why might this be so?
people got sick of ice cream
the price increased
it is winter
the price decreased
9
Those factors that influence the demand of a good or service, they shift the demand curve:
microeconomic factors
determinants of demand
macroeconomic factors
determinants of supply
10
Which of the following statements is
NOT
true regarding a supply schedule?
it includes quantity supplied at many different price levels
it only shows quantities supplied, not demanded
it is a table that shows quantities supplied
it shows quantity supplied at one price only
11
What would happen if a disease killed a large portion of the nation's chicken?
the demand curve shifts to the right
there will be no change
supply curve shifts to the left
supply curve shifts to the right
12
A place or situation people interact to buy and sell goods and services is called:
price
microeconomics
market
macroeconomics
13
The term we use to describe the total amount of something demanded at a given price and time:
excess demand
demand
quantity demanded
law of demand
14
What would we call shoes and socks, or hamburgers and fries?
substitute goods
complementary goods
marginal costs
marginal benefits
15
The quantity that buyers will buy at every possible price is called what?
supply
excess supply
demand
excess demand
16
A shift of this supply curve to the right would indicate:
an increase in supply and a higher equilibrium price
a decrease in supply and a lower equilibrium price
a decrease in supply and a higher equilibrium price
an increase in supply and a lower equilibrium price
17
According to this demand curve, what would the quantity demanded be at a price of $2?
80
90
100
70
18
A product that serves the same purpose as, and can replace another product, is called what?
a determinant
a substitute
marginal cost
a complement
19
The term we use to describe the amount of goods supplied at a particular price is:
quantity supplied
excess supply
supply
law of supply
20
Supply schedules and curves show that the relationship between price and quantity supplied is:
direct
opposite
inverse
parallel
21
The red arrows represent what?
a change in the quantity supplied
a change in quantity demanded
a change in supply
a change in demand
