stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply & Demand [2022] Flashcards | StudBud
Explore
/
Supply & Demand [2022]
Supply & Demand [2022]
32 terms
·
StudBud Administration
·
495 plays
a #fun #game #designed to #educate you and #entertain you!
Flashcards
32 cards
F
Practice quiz
P
Host live
L
Questions
32
Answers
1
As such the demand for
farriers
(people who shoe horses) has...
risen
increased
completely disappeared
decreased
2
If supply and demand go up by about the same amount, price is likely to...
decrease
go sideways
stay about the same
rise
3
Lots of goods in a shop are marked down to half price, indicates....
prices were too high to clear the stock
not enough people willing to buy the goods at the old price
shop owner needs to clear stock
all of these
4
If the supply of a product increases faster than demand.....
all of 'em
price stays the same
price goes down
price goes up
5
A cyclone wipes out most of Australia's banana crop, could lead to
the price of bananas going up a lot
less people eating bananas
all of these
increased imports of bananas
6
Australia is expecting a record wheat harvest, but so are the other wheat producing nations, so
prices will likely go down
prices will likely go up
none of them
there will be a wheat shortage
7
If the demand for a product
decreases
, but the supply for it stays the same, its price will....
rise
go down
go up
stop declining
8
When a product is in
short supply
we’d expect the price to....
no one knows
go down
rise
go around in circles
9
A reason for the increased worldwide demand for beef is due to...
cheap beef in Australia
more people in Asia getting a taste for beef
all of these
less people in the USA eating beef
10
If the price of a good is high....
More of that good is likely to be created
The government must make the good
Less of that good is likely to be created
No one will worry about it
11
There is currently a high worldwide demand for beef, so...
the price of beef is high in the shops
a lot of Aussie beef cattle are being exported
there is a shortage of the supply of beef
all of them
12
Supply in the short term (6 months) for most products is.....
unlimited
limited
infinite
all of them
13
However, this major change in transport (from animals to motor vehicles) has led to...
the need for more oil
big factories to make motor cars
an increased demand for motor mechanics
all of them
14
Fruit that is
out of season
and has to be imported into Australia from overseas....
is always very cheap
is usually quite expensive
is not very good quality
is usually illegal
15
The
law of demand
states that with increased demand (and the same supply)....
price flattens out
price rises
supply decreases
price gets lower
16
The number of people who shooed horses and made saddles has declined in the last 100 years....
tractors do most of the work on farms now
cars were invented
all of them
less horses needed for transport
17
The amount of a product producers are willing to create...
demand
value
supply
wages
18
The supply of many types of fruit in Australia is dependent on...
the season
all of these
whether supplies can be imported
if there's been destructive weather events
19
The increasing number of people demanding motor vehicles would lead to increased demand for...
steel
all of 'em
cars
oil
20
The big oil producing nations (Saudi Arabia, Iran etc) have decided to cut production, leads to
more expensive petrol
big increase in the price of cooking oil
all of these
hug reduction in the demand for oil
21
A continuing rise in the the World's population would lead to....
decreased demand for land
increased demand for food
all of them
increased levels of co-operation
22
You have a shop and too much stock/product and need/want to ‘get rid’ of it...
all of 'em
increase the prices
have a sale
increase your stock
23
What happens when the supply of a product is completely gone?
save up your money, you didn't need the product anyway.
the people starve
make some more of the product duhhh LOL
Gov. will immediately send an advocate to restore supply
24
The
law of supply
says that.....
more will be offered at high prices than low price
all real numbers
more sold gradually
more offered at low prices than high price
25
The government puts an extra tax on cigarettes, so....
less people smoke
price goes up
all of 'em
demand goes down
26
The government reduces the excise/tax on crude oil, so...
petrol more expensive
petrol cheaper
all of them
less petrol used
27
Many farmers in the south-west of Western Australia are planting avocado trees, because....
the supply of avocados is not as great as the demand
there is a strong demand for avocados
all of them
avocados bring a high price
28
If the Thailand banana crop is virtually wiped out by a big storm...
the price would go up there
Australia might export bananas there
there would be shortages
all of 'em
29
When there is an
over-supply
of a product, we’d expect the price to...
drop
be bidded up by buyers
stop and reverse up
go ballistic!
30
The price of wool drops by half, would most likely result in...
a lower demand for cotton
less cattle
less sheep
more sheep
31
What is demand?
the type of money used
the amount of a product people are willing to buy
the amount of bread
the cost of a product
32
A product is in
short supply
we’d expect the price to......
go down
go up
go to the dogs
level out
