Government subsidies to Fracking companies will:

shift the Supply Curve to the right; P falls, Q increases

The net result of lower government income tax relief is:

increase in demand; rightward shift to demand curve

Quantity demanded is the:

total amount of a good or service buyers are willing pay for

A Leftward shift in the Demand Curve results in:

a decrease in the Quantity demanded

A doubling in the Price of oil will:

S falling, P increase and Q falling

wants, needs and desires for a good or service

Where is the Equilibrium located on a Supply/Demand chart?

the point where the Demand curve and Supply curve intersect

amount of good suppliers are willing to produce per given P

Return of 'Bell Bottoms' and the 'mini' in fashion trend sees:

a rightward shift to the demand curve

A Rightward shift of the Demand Curve results in:

an increase in the Quantity of a good demanded

The Law of Supply states:

the higher the prices, the higher the Quantity Supplied

The Law of Demand states:

the higher the price, the lower the quantity demanded

An increase in the number of buyers in the market results in an:

increase in demand; a rightward shift of the demand curve

If Supply falls and Demand remains constant, what happens to the market Equilibrium?

Quantity Supplied falls and Prices rise

Why is market equilibrium important?

it represents the most efficient resource allocation

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SUPPLY & DEMAND

20 termsStudBud Administration668 plays

economics

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Questions 20

Answers

1
What is the Price-to-Quantity relationship depicted in a Supply Curve?
none of the above
downward slopping Supply
negative correlation
positive correlation
2
Government subsidies to Fracking companies will:
Shifts the Supply Curve leftwards, P decreases, Q increases
shift the Supply Curve to the right; P falls, Q increases
Shifts the Supply Curve rightwards, P increases, Q increases
shifts the Supply Curve right; P increases, Q falls
3
The net result of lower government income tax relief is:
increase price; rightward shift to the demand curve
decrease in demand; leftward shift to the demand curve
increase in demand; rightward shift to demand curve
decrease price; leftward shift to the demand curve
4
Quantity demanded is the:
total amount of a good or service buyers are willing pay for
small gift token offered per purchase made
service charge or tip for quality of service rendered
price customers are willing to pay for goods/services
5
A Leftward shift in the Demand Curve results in:
a decrease in the Quantity demanded
a decrease in the Quantity demanded
a decrease in Price of goods demanded
an increase in the Price of goods demanded
6
A doubling in the Price of oil will:
S falling, P increase and Q falling
S increase, P falling and Q increasing
S falling, P decrease and Q decrease
S increase, P increase and Q increase
7
When the demand for torches increase, it is natural to expect a similar increase in demand for:
night vision glasses
batteries
steak
electricity
8
DEMAND is:
a restaurant bill requiring payment
a polite request to 'calm down'
wants, needs and desires for a good or service
Rolling up sleeves and asking the other guy to step outside!
9
Speculation on the price of oil going up, sparks a:
an increase in demand for oil
boycott of filling stations
an increase in demand for substitute good, e.g. kerosine
a decrease in demand for oil
10
Where is the Equilibrium located on a Supply/Demand chart?
on the Supply Curve
the point where the Demand curve and Supply curve intersect
on the Demand Curve
where the market clearing does not occur
11
What is Supply?
an order of goods or services
consumers' wants, needs and desires
amount of good suppliers are willing to produce per given P
amount of good that consumers are willing to buy
12
Return of 'Bell Bottoms' and the 'mini' in fashion trend sees:
a leftward shift to the demand curve
a rightward shift to the demand curve
a downward shift, (fall) in prices
an upward shift, (increase) in prices
13
Supply curve slopes:
upward sloping left to right
downward sloping from left to right
upward sloping right to left
downward sloping right to left
14
Which of the following is not a determinant for Supply?
disposable income
All the above
preference and trends
population of buyers within the market
15
A Rightward shift of the Demand Curve results in:
a decrease in the Quantity of a good demanded
an increase in the Price of a good demanded
an increase in the Quantity of a good demanded
a decrease in the Price of a good demanded
16
The Law of Supply states:
price and quantity move in opposite direction
the higher the prices, the higher the Quantity Supplied
the higher the prices, the lower the Quantity Supplied
the quantity supplied will decrease with increases in price
17
The Law of Demand states:
that you should always be polite to customers
poor countries will always need help from richer countries
the higher the price, the lower the quantity demanded
the higher the price, the higher the quantity demanded
18
An increase in the number of buyers in the market results in an:
increase in prices; leftward shift to the demand curve
increase in demand; a leftward shift to the demand curve
increase in demand; a rightward shift of the demand curve
decrease in prices; rightward shift of the demand curve
19
If Supply falls and Demand remains constant, what happens to the market Equilibrium?
Quantity Supplied falls and Prices rise
Q rises and P falls
Q and P both rise
Q and P both fall
20
Why is market equilibrium important?
At this points all buyers remain satisfied
At this point all suppliers remain satisfied
None of the above
it represents the most efficient resource allocation

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