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Demand & Supply Bus & Econ Flashcards | StudBud
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Demand & Supply Bus & Econ
Demand & Supply Bus & Econ
27 terms
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Test of knowledge re determinants of demand & supply
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
As a product becomes
more fashionable
the following
two
things should happen
An inward shift in the demand curve
A movement up the demand curve
An outward shift in the demand curve
Price should rise
2
Which
two factors
cause the
Demand curve
to shift?
Entry of new suppliers in the market
Increase in population size
Marketing
Change in production costs
3
An increase in
income tax
should lead to an
increase
in market demand
True
False
4
The Law of Demand says that :
As price goes up, the quantity supplied goes up
As price goes up, quantity demanded goes down
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes up
5
Which
two
products
SUPPLY
would be
directly affected
by the weather?
Potatoes
Ice cream
Bananas
Umbrellas
6
A
decrease
in the price of butter would most likely
decrease demand
for:
jelly
margarine
syrup
bagels
7
Which of these are basic human needs?
FOOD
WATER
PETROL
MOBILE PHONE
8
The price of
COPPER
rises – what should happen with the
SUPPLY
curve for
COPPER
?
A movement up the SUPPLY curve
A movement down the SUPPLY curve
9
Marshmallows and hot chocolate are:
Substitutes
Complementary goods
Necessities
Inferior Goods
10
A change in
price
will cause the
demand curve to shift
False
True
11
Which of the following is
NOT
a determinant of
Supply
Demographics
The weather
technology
No. of sellers
12
Suppliers
look to offer goods and services for sale at the …………… possible price
Lowest
Highest
13
Which ONE is
NOT
a determinant of
Demand
Price of Substitutes
No. of Consumers
Technology
Tastes & fashions
14
What
2 factors
could have caused this
supply
curve to shift to the
right
?
Poor weather
cost of resources increased
New technology
more competitors in the market
15
An
increase
in
average incomes
will lead to a
Increase in demand
decrease in demand
increase in Supply
decrease in Supply
16
Which
two
are
determinants
of Demand
No. of Suppliers
Government Subsidies
Price
Income levels
17
If the price of hot chocolate increases,
The demand for hot chocolate decreases
The demand for marshmallows is unchanged
The demand for marshmallows increases
The demand for hot tea increases
18
Law of supply states that MORE IS SUPPLIED AT HIGHER PRICES THAN LOWER PRICES
False
True
19
Ceteris Paribus means?
Seize the day
All other things being equal
Live long & prosper
All other things being different
20
Which
two
factors cause the
SUPPLY
curve to
shift inward
?
Increase in subsidies
More competition in market
Increase in production costs
Increase in VAT
21
The price of
FISH
rises – what should happen with the
demand curve
for
CHIPS
?
A movement down the demand curve
An inward shift in the demand curve
A movement up the demand curve
An outward shift in the demand curve
22
New technology can help lower average costs
True
False
23
A business puts its
prices up
– what should happen to
Demand
?
A movement up the demand curve
A movement down the demand curve
An inward shift in the demand curve
An outward shift in the demand curve
24
Disposable income
is the amount of money your job pays you each month
True
False
25
Taxes & subsidies
can affect the
production costs
False
True
26
The
weather
can cause a shift in both the demand curve and the supply curve
True
False
27
The price of
COTTON rises
– what should happen to the
SUPPLY
curve for
COTTON SHIRTS
?
An inward shift in the SUPPLY curve
An outward shift in the SUPPLY curve
