Beef and pork are substitutes. There is a drought in the cattle grazing areas. The will cause..

demand curve for pork to shift right

Jimmy John’s closes in Dubuque due to massive budget cuts. How will this affect the economy?

Supply of sandwiches shifts left

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AP Econ: Changes in Supply, Demand, Market Equilibrium Project

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AP Econ Chapter 3 Review: Changes in Demand, Supply, and Market Equilibrium

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Questions 10

Answers

1
Wearing silly bandz has become increasingly trendy. What will be the effect of this phenomenon?
Real Output decreases
Equilibrium price decreases
Equilibrium price increases
Supply shifts left
2
How will an increase in consumers' taste and increase in technology affect the product?
Increase price level
decrease price level
price level is indeterminate
real output decreases
3
People expect the price of gasoline will rise next week. As a result...
Supply of gasoline increases
the price of gasoline decreases
Demand of gasoline increases
the supply of gasoline decreases
4
To reduce a budget deficit, government increases taxes on production costs. What is the effect?
Real output decreases
Real output increases
Equilibrium price is indeterminant
Equilibrium price decreases
5
This graph could be an example of:
Less buyers in the market
Decrease in Technology
Increase in consumer's taste
Less sellers in the market
6
Beef and pork are substitutes. There is a drought in the cattle grazing areas. The will cause..
demand curve for pork to shift right
supply curve for pork to shift right
demand curve for pork to shift left
supply curve for pork to shift
7
Jimmy John’s closes in Dubuque due to massive budget cuts. How will this affect the economy?
Demand for sandwiches shifts right
Supply of sandwiches shifts right
Demand for sandwiches shifts left
Supply of sandwiches shifts left
8
Average income in Dubuque raises 5% in 2015. How does this affect the economy?
Demand shifts right
Demand shifts left
Supply shifts left
Supply shifts right
9
When income rises, the consumption of Little Caesar's declines. What type of good is this?
Complementary good
Substitute good
Inferior good
Normal good
10
The intersection of the demand and supply curve indicates
Indeterminate
Surplus
Shortage
Equilbrium

AP Econ: Changes in Supply, Demand, Market Equilibrium Project Flashcards | StudBud