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Supply/Demand Test Review Flashcards | StudBud
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Supply/Demand Test Review
Supply/Demand Test Review
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StudBud Administration
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Intro Supply/Demand, Price Controls, Elasticity
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Anikan opens another Jedi school to train young Padiwans: Measuring Number of Jedi students
Future Price
JK don't sign up for that school
Technology
# of Sellers
2
The demand for one good increases causes the demand for another good to increase. They would be
A Batman/Robin Super Team
The two best friends anyone could have
Substitutes
Compliments
3
Cereal and milk would be examples of goods which are ________ for each other.
Compatible
Compliments
Substitutes
BFF's
4
Which is not a factor for demand?
Quantity Demanded
Price of Related Goods
Future Price
Trends/Preferences
5
Find the Factor: Mr.Wheaton endorses a New Light Saber. Measure For: New Light Sabers
Price of Related Goods
Resource Prices
Technology
Trends/Preferences
6
In the Law of Demand: If the price of a good goes down, then the demand for that good will...(Think Quantity Demanded)
Fall
Rise
Shift to the Right
Shift to the Left
7
Who Implements a price control?
The Avengers or Justice league
The Government
The FED
Private Institutions
8
What does "EP" Stand For?
Everything Pizza
Equilibrium Price
Everything is Possible
Everyone has a Price
9
Toothpaste is an example of this type of good.
Normal
Inferior
Elastic
Neutral
10
Practice: The Price of Coke goes down. Measure for the exchange of Pepsi.
The Demand Curve shifts to the Right
The Demand Curve Shifts to the Left
The Supply Curve shifts to the Right
The Supply Curve shifts to the Left
11
Name the Factor: The Cloning process has been made more efficient by new technology. Measuring for Clones
Future Price
Han Shot First
Technology
Greedo Shot First
12
True or False: EP will always shift in the opposite direction of EQ
True
EP never shifts
No idea
False
13
Which factor has to deal with "Normal, Inferior, and Neutral Goods?
Future Price
Tastes/Preferences
Consumer Income Changes
Price of Related Goods
14
Which factor applies to both supply and demand?
Quantity Demanded
Weather
Future Price
Price of Related goods
15
Minimum Wage is a good example of a _______ type of price control.
Price Ceiling
EQ
Price Floor
EP
16
A Price Ceiling can have the consequence of causing a...
Surplus
Shift in the force
nothing happens with a price ceiling
Shortage
17
Which factor has to deal with "Substitutes" and "Compliments"
Technology
Consumer Income Changes
Price of Related Goods
Tastes/Preferences
18
Which factor is a factor for supply?
Resource Prices
Trends/ Preferences
None of the above
# of buyers
19
If a rise in income causes a decrease in demand for a good, this good is referred to as a .....
Elastic Good
Normal Good
Neutral Good
Inferior Good
20
One thing that will not cause a shift in the supply curve for ice cream is...
Change in Price of Ice Cream
Increase in the cost of resources
Increase in the Number of Sellers
Introduction of new technology
