Econ Unit 2: Supply and Demand "Quiz"

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Questions 18

Answers

1
This is an image of a
I don't know (choose this if you don't!)
supply curve
demand curve
2
A determinant is
price
quantity demanded
a "shifter"
none of the above
3
This is an image of
a demand curve
quantity demanded
demand schedule
equilibrium price and quantity
4
Select the appropriate coefficient value of an elastic good
none of the above
1.0
0.3
4.2
5
Demand is
The amount of product that's made available for purchase
The point at which supply & demand are in perfect balance
The amount of a product consumers are willing & able to buy
How much of a good people want at a given price
6
Which good would you buy more of if your income increased?
Fast food
Ramen noodles
Concert tickets
Off-brand paper towel
7
A substitute is
an alternative to another good or service
a product that's related to another good that's demanded
a good that's price will determine whether you'll buy it
a good you'll buy regardless of its price
8
Supply is
The point at which supply & demand are in perfect balance
The amount of a product consumers are willing & able to buy
How much of a good people want at a given price
The amount of product that's made available for purchase
9
This graph shows
Quantity Demanded
Quantity Supplied
Supply
Demand
10
This is the _______________
quantity demanded
quantity supplied
equilibrium
opportunity cost
11
This _________ curve is ________________
demand, increasing
supply, increasing
demand, decreasing
supply, decreasing
12
Name the correct determinate for the scenario for french fries: famous actor says they're cool
costs of production
tastes and preferences
substitute goods
one demand leads to another (related/complementary goods)
13
Select the inelastic good
all of the above
Keebler's Club Crackers
toothbrushes
sailboats
14
If the demand for mouthwash increases, what happens to toothpaste?
supply would increase
demand would increase
supply would decrease
demand would decrease
15
This _________ curve is ________________
supply, increasing
supply, decreasing
demand, decreasing
demand, increasing
16
Name the correct determinate for the scenario for french fries: onion rings go down in price
substitute goods
one demand leads to another (related/complementary goods)
costs of production
more consumers=more demand
17
Name the correct determinate for the scenario for french fries: Population increases by 4,300
more consumers=more demand
costs of production
substitute goods
one demand leads to another (related/complementary goods)
18
A heavy snow storm is expected in four days. What happens to the supply of firewood today?
it would decrease
it would increase

Econ Unit 2: Supply and Demand "Quiz" Flashcards | StudBud

Econ Unit 2: Supply and Demand "Quiz"

18 termsStudBud Administration78 plays

#econ

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
This is an image of a
I don't know (choose this if you don't!)
supply curve
demand curve
2
A determinant is
price
quantity demanded
a "shifter"
none of the above
3
This is an image of
a demand curve
quantity demanded
demand schedule
equilibrium price and quantity
4
Select the appropriate coefficient value of an elastic good
none of the above
1.0
0.3
4.2
5
Demand is
The amount of product that's made available for purchase
The point at which supply & demand are in perfect balance
The amount of a product consumers are willing & able to buy
How much of a good people want at a given price
6
Which good would you buy more of if your income increased?
Fast food
Ramen noodles
Concert tickets
Off-brand paper towel
7
A substitute is
an alternative to another good or service
a product that's related to another good that's demanded
a good that's price will determine whether you'll buy it
a good you'll buy regardless of its price
8
Supply is
The point at which supply & demand are in perfect balance
The amount of a product consumers are willing & able to buy
How much of a good people want at a given price
The amount of product that's made available for purchase
9
This graph shows
Quantity Demanded
Quantity Supplied
Supply
Demand
10
This is the _______________
quantity demanded
quantity supplied
equilibrium
opportunity cost
11
This _________ curve is ________________
demand, increasing
supply, increasing
demand, decreasing
supply, decreasing
12
Name the correct determinate for the scenario for french fries: famous actor says they're cool
costs of production
tastes and preferences
substitute goods
one demand leads to another (related/complementary goods)
13
Select the inelastic good
all of the above
Keebler's Club Crackers
toothbrushes
sailboats
14
If the demand for mouthwash increases, what happens to toothpaste?
supply would increase
demand would increase
supply would decrease
demand would decrease
15
This _________ curve is ________________
supply, increasing
supply, decreasing
demand, decreasing
demand, increasing
16
Name the correct determinate for the scenario for french fries: onion rings go down in price
substitute goods
one demand leads to another (related/complementary goods)
costs of production
more consumers=more demand
17
Name the correct determinate for the scenario for french fries: Population increases by 4,300
more consumers=more demand
costs of production
substitute goods
one demand leads to another (related/complementary goods)
18
A heavy snow storm is expected in four days. What happens to the supply of firewood today?
it would decrease
it would increase