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Demand Man & Supply Guy
Demand Man & Supply Guy
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Demand Man & Supply Guy Quiz Review for "Economics of Business" class
Flashcards
19 cards
F
Practice quiz
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Host live
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Questions
19
Answers
1
Increase in income yields and increase in demand.
Inferior Goods
La Vida Loca, Yo!
Goody Goods
Normal Goods
2
A change in price causes movement...
In your back pocket
Under the demand curve
Along the demand curve
Of the demand curve
3
A change in demand refers to a shift in the demand curve.
False
True
4
"Increase in the price of one good yields decrease in demand of another" is a definition of...
Complements
Substitutes
Normal Goods
Generics
5
The greater the population, the greater the...
supply
demand
# of zombies
...ok, China...
6
If a good can be "stored", expectations of higher future prices will yield...
unmitigated greed to evolve
decreased purchases today
increased purchases today
no change in purchasing behaviors
7
Consumption and Income have what kind of relationship?
BFF
Just Friends
Negative
Positive
8
Demand is the representation of "who's" behavior?
The Seller
The Buyer
The Economist
Santa Claus
9
An example of "substitute goods" could be...
parachute/bungi cord
Nikes/Ski Boots
Coke/Pepsi
baseball bat/golf club
10
An example of "complementary goods" could be
Browns Tickets/Xanax
Netflix/Direct TV
Peanut Butter/Ketchup
Beer/Pretzels
11
Quantity buyers are willing and able to buy at a particular price during a particular period.
Demand Schedule
Quantity Demanded
Demanding Wife
Demand Curve
12
While different variables play different roles, economists pay special attention to one.
Population
Price
Happy Meal
Scarcity
13
A good is considered "inferior" if an increase in income causes a...
another Starbucks built
increase in demand
decrease in demand
no change in demand
14
A shift in the demand curve is caused by a...
stick shifter
demand modifier
demanding wife
demand shifter
15
A change in quantity demanded, ceterisparibus, refers to a movement along the demand curve
False
True
16
"Increase in the price of one good yields increase in demand of another" is a definition of...
Normal Goods
Inferior Goods
Complementary Goods
Substitute Goods
17
"All other things remain unchanged"
ceteris paribus
celerus parafin
centerus shortbus
catfish pondus
18
Price, consumer preferences, price, income, population & buyer expectations determine ---
None
Quantity Consumed
Scarcity of an item
Calories Burned
19
Which is NOT a demand shifter?
consumer preferences
demographic characteristics
Prices of related goods and services
Time
