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Econ: Unit 2 Review Bearden Flashcards | StudBud
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Econ: Unit 2 Review Bearden
Econ: Unit 2 Review Bearden
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A review for Unit 2 (Supply and Demand) for economics.
Flashcards
22 cards
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Questions
22
Answers
1
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
supply would increase
demand would increase
demand would decrease
supply would decrease
2
How might advertising lead to a shift in the demand curve?
by increasing the popularity of inferior goods
by allowing the law of demand to operate freely
by helping to create fads and trends
by leading to a shift in demographics
3
What type of graph is this?
Equilibrium
Demand
Supply
4
The government intervention through taxes, regulations, and subsidies affects:
demand
supply
5
Which of the following items would likely be considered to have an ELASTIC supply?
car washes
fossil fuels
medicine
stadium box seats
6
Which of the following items would likely have an INELASTIC demand?
gasoline
toys
cosmetics
candy
7
Population increases and decreases impact which of the following?
demand
supply
8
When should a factory that is losing money remain in operation?
when the marginal product of labor becomes negative
when marginal revenue is equal to marginal cost
when the total revenue exceeds the operating cost
when the total cost of the product exceeds theoperating cost
9
What is it called with producers are not sensitive to changes in price for their product?
elastic demand
inelastic supply
inelastic demand
elastic supply
10
What type of graph is this?
Supply
Demand
Equilibrium
11
What would cause the shift seen below on this supply & demand graph for pizza?
it's Super Bowl Sunday
the price of cheese increases
pizza shops close down
a decrease in consumer incomes
12
The price of inputs in the creation of a product is tied to:
supply
demand
13
How are prices determined in a (free) market economy?
by the Federal Reserve Bank
by the decisions of the government
by private businesses
interaction of buyers and sellers
14
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
supply would increase
supply would decrease
demand would increase
demand would decrease
15
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
supply would decrease
demand would increase
demand would decrease
supply would increase
16
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
supply would decrease
demand would decrease
supply would increase
demand would increase
17
When the selling price of a good goes up, what is the relationship to the quantity supplied?
quantity supplied decreases
quantity supplied increases
18
How is profit determined?
total revenue plus total cost
total revenue minus total cost
19
Consumer incomes are connected with which of the following:
supply
demand
20
The price of movie tickets has risen from $7 to $9. What is the effect?
the demand curve for tickets will move left
the quantity demanded of tickets will increase
the quantity demanded of tickets will decrease
the demand curvefor movie tickets will move right
21
The prices of related goods like complements and substitutes are connected with
demand
supply
22
Improved technology in production is connected to:
supply
demand
