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OVHS Economics Unit 2 Review Flashcards | StudBud
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OVHS Economics Unit 2 Review
OVHS Economics Unit 2 Review
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Questions
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Answers
1
What causes change in supply?
Trends
Sellers
Subsidy
Productivity
2
What are the INCENTIVES of driving an electric car?
It takes a while to charge.
It doesn't use gasoline
It is more expensive than regular cars
You can get a $7500 tax credit
3
All of the following causes an increase in supply
EXCEPT
...
Consumer incomes decreased
Price of resources dropped
Increased subsidies
Improved technology
4
In order to have "demand", you must...
Be willing to buy something (want it)
Be able to buy something (have money)
Be both willing and able to buy it
Regularly consume the good.
5
The least I can charge for this product is $3.50. What is this called and what does it lead to?
shortage
Price floor
Price ceiling
surplus
6
I can't charge more than $2 for the product. (What is this and what does it lead to?)
Price floor
Price ceiling
surplus
shortage
7
What shifts both the supply curve and the demand curve?
Income
Input
Substitutes
Expectation
8
What causes change in demand?
Input
Market (Consumers)
Related items- Complement
Related Items - Substitute
9
What does a price ceiling cause?
Lower interest rates
Shortage
higher Interest rates
Surplus
10
What does this chart show?
Change in demand - increase
Change in supply - decrease
Change in supply - increase
Change in demand - decrease
11
All of the following causes an increase in supply
EXCEPT
...
Increased productivity due to worker training
Loosened tax regulations
Market - increase in consumers
More sellers in the market
12
What does this chart show?
Change in supply - decrease
Change in demand - decrease
Change in demand - increase
Change in supply - increase
13
What is an incentive?
a skill or knowledge in one job
The resources we use to produce goods and services are limited.
someone who makes goods or provides services
something that encourages someone to make a certain choice
14
What does this chart show?
Change in demand - decrease
Change in supply - decrease
Change in demand - increase
Change in supply - increase
15
All of the following causes an increase in demand
EXCEPT
...
Regulations have increased regarding safety
The market (consumers) has grown
Consumers received a rise in pay
A product became very fashionable or trendy
16
What does a price floor cause?
Shortage
Inelasticity
Surplus
Elasticity
17
All of the following causes a decrease in demand
EXCEPT
...
Technology broke down
Consumers moved out of the market
Sports cars are gas guzzlers and the price of gas went up.
A product became very unpopular
18
The price of Coke suddenly increases so people decide to buy Pepsi instead. This illustrates...
Price ceiling
The Law of Supply
Equilibrium
The substitution effect
19
What is the equalibrium price?
$3
$4
$2
$1
20
All of the following causes a decrease in supply
EXCEPT
...
Sellers left the market
Increase in taxes
A product became very popular
Technology broke down
21
What does this chart show?
Change in supply
Change in quantity demanded
Change in supply demanded
Change in demand
22
Which is an example of a price ceiling?
Minimum wage
A life-saving new vaccine
Education Loans
Rent Control
23
What does this chart show?
Change in supply - decrease
Change in supply - increase
Change in demand - decrease
Change in demand - increase
24
Which is an example of a price floor?
Education Loans
Minimum wage
Rent Control
A life-saving new vaccine
