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Supply and Demand
Supply and Demand
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A review for Unit 1 (Supply and Demand) for economics. #economics #supplyanddemand
Flashcards
29 cards
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Questions
29
Answers
1
What is it called with producers are not sensitive to changes in price for their product?
elastic supply
inelastic supply
elastic demand
inelastic demand
2
The law of supply illustrates a/an __________ relationship.
indirect
direct
3
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
supply would increase
demand would increase
supply would decrease
demand would decrease
4
What is occurring in the following supply and demand graph?
increase in supply
decrease in supply
increase in demand
decrease in demand
5
The correct label for number 7 on the following circular flow diagram should be:
goods and services
revenue
productive resources
expenditures
6
When the selling price of a good goes up, what is the relationship to the quantity supplied?
quantity supplied increases
quantity supplied decreases
7
What would occur to the supply & demand graph for Fruity Circles if Fruit Loops go up in price?
demand would increase
demand would decrease
supply would decrease
supply would increase
8
This image is supply & demand graph for shoes. After the shift in demand, what occurs?
price increases
quantity demanded increases
price decreases
supply decreases
9
The prices of related goods like complements and substitutes are connected with
supply
demand
10
Which scenario for ice tea would cause the shift seen in the graph below?
the number of US tea drinkers increases
summertime and sweet tea is popular
the government gives a subsidy to the tea industry
bags used to store tea increase in price
11
Which of the following items would likely have an INELASTIC demand?
gasoline
cosmetics
candy
toys
12
The price of inputs in the creation of a product is tied to:
supply
demand
13
Households purchase goods and services from business firms in which part of circular flow?
the factor market
the shopper's market
the resource market
the product market
14
The law of demand illustrates a/an ____________ relationship.
indirect
direct
15
Improved technology in production is connected to:
supply
demand
16
The correct label for number 3 on the following circular flow diagram should be:
productive resources
expenditures
goods and services
revnue
17
The government intervention through taxes, regulations, and subsidies affects:
demand
supply
18
Population increases and decreases impact which of the following?
supply
demand
19
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
demand would decrease
supply would increase
supply would decrease
demand would increase
20
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
supply would decrease
demand would increase
supply would increase
demand would decrease
21
What would cause the shift seen below on this supply & demand graph for pizza?
pizza shops close down
it's Super Bowl Sunday
a decrease in consumer incomes
the price of cheese increases
22
What would occur on a supply & demand graph for yogurt if the gov't increased corporate taxes?
demand would increase
supply would decrease
demand would decrease
supply would increase
23
Consumer incomes are connected with which of the following:
demand
supply
24
Households provide productive resources to business firms in which part of circular flow?
the resource market
the shopper's market
the public market
the product market
25
The correct label for number 5 on the following circular flow diagram should be:
resource market
goods and services
product market
expenditures
26
Which of the following items would likely be considered to have an ELASTIC supply?
car washes
stadium seats
oranges
fossil fuels
27
How are prices determined in a (free) market economy?
by private businesses
by the Federal Reserve Bank
interaction of buyers and sellers
by the decisions of the government
28
The price of movie tickets has risen from $7 to $9. What is the effect?
the quantity demanded of tickets will increase
the demand curve for tickets will move left
the quantity demanded of tickets will decrease
the demand curvefor movie tickets will move right
29
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
supply would decrease
supply would increase
demand would increase
demand would decrease
