Which of the following would cause the Supply of oranges to shift to the right?

Development of a new drought resistant orange tree.

Trade is GOOD, provided that:

Each specializes where they have the comparative advantage.

A particularly harsh winter killed off many head of cattle. As a result, ground beef:

price increased, and quantity sold decreased.

News reports prove Amazon Alexa and Google Home are used by hackers to spy on people. As a result

Demand, P and Q for electronic assistants all decrease

XYZ Co. produces 180 pints of guacamole, or 60 pints of green gazpacho from one ton of avocados

The opportunity cost of 1 guacamole is 1/3 gazpacho

Which of the following would cause the demand curve for coffee to shift to the right?

A news report warning coffee prices will increase next month.

All of the following would result in a shift to the right of a nation's PPC EXCEPT

increased employment of workers in the labor force

Both the market Price and Quantity of exercise desks are rising. It must be true that

Demand for exer-desks is increasing, and Qs is increasing.

If Russia and Scotland specialize and trade,

Russia will export oil and import whisky

If Russia and Scotland specialize and trade, mutually advantagous trade can take place at a price of

1 barrel of oil for 1 liter of whisky

Why does a demand curve slope downward?

Because at lower prices, quantity demanded increases.

The Supply curve for a good or service slopes upward because:

as the market price increases, Q Supplied increases.

Research finds eating chicken sandwiches cures heart disease, while the govt eliminates regulations on chicken farmers:

the market Price of chicken sandwiches would be indeterminate.

An automaker can produce SUV's, sedans, and full sized pickup trucks. If the price of pickups increases, we would expect

the supply of sedans and SUVs to decrease

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Unit One Comprehensive Review

19 termsStudBud Administration2,567 plays

Quick quiz to determine student understanding of the law of supply and demand.

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Questions 19

Answers

1
Which of the following would cause the Supply of oranges to shift to the right?
Development of a new drought resistant orange tree.
A freeze that destroyed much of the Florida orange crop.
A tariff on oranges imported from South America.
An increase in consumer tastes for orange juice.
2
Trade is GOOD, provided that:
Each specializes where they have the comparative advantage.
Neither party has a comparative advantage.
Each party has an absolute advantage in production.
Neither party has an absolute advantage.
3
A particularly harsh winter killed off many head of cattle. As a result, ground beef:
price increased, and quantity sold decreased.
price decreased, and quantity sold decreased.
price decreased, and quantity sold increased.
price increased, and quantity sold increased.
4
News reports prove Amazon Alexa and Google Home are used by hackers to spy on people. As a result
Supply, P and Q of electronic assistants decrease
Q Demanded decreases, but Q Supplied stays constant
Demand, P and Q for electronic assistants all decrease
Demand for Google Home increases, but D for Alexa decreases.
5
XYZ Co. produces 180 pints of guacamole, or 60 pints of green gazpacho from one ton of avocados
The opportunity cost of 1 gazpacho is 1/3 guacamole
The opportunity cost of 1 gazpacho is 1 guacamole
The opportunity cost of 1 guacamole is 1/3 gazpacho
The opportunity cost of one guacamole is 3 gazpacho
6
Which of the following would cause the demand curve for coffee to shift to the right?
A news report warning coffee prices will increase next month.
A breakthrough in coffee roasting technology.
A decrease in the price of coffee.
An unexpectedly large coffee bean harvest.
7
All of the following would result in a shift to the right of a nation's PPC EXCEPT
improved education and training of the labor force
the discovery of new natural resources
the development of new production tehnology.
increased employment of workers in the labor force
8
Both the market Price and Quantity of exercise desks are rising. It must be true that
Supply of exer-desks is decreasing, and Qd is decreasing.
Demand for exer-desks is increasing, and Qs is increasing.
Demand for exer-desks is decreasing, and Qs is decreasing.
Supply of exer-desks is increasing, and Qd is increasing.
9
If Russia and Scotland specialize and trade,
Russia will export oil and import whisky
Russia will import oil and export whisky
Scotland will import whisky and export oil
Scotland will export oil and import whisky
10
The price of corn syrup increases, and demand for sugar increases. Corn syrup and sugar are:
Inferior goods
Normal goods
Complementary goods
Substitute goods
11
Lily can complete 5 econ problems, or 2 physics problems in an hour. The opportunity cost of spending 2 hours on physics
would be 2 physics problems.
would be 10 econ problems.
would be 5 econ problems.
would be 4 physics problems.
12
If Russia and Scotland specialize and trade, mutually advantagous trade can take place at a price of
2.5 barrels of oil for 1 liter of whisky
1 barrel of oil for 1 liter of whisky
2 barrels of oil for 1 liter of whisky
.5 barrels of oil for 1 liter of whisky
13
Why does a demand curve slope downward?
Because at lower prices, quantity demanded increases.
Price and quantity are positively correlated.
Because as the supply increases, price increases.
Because as price rises, quantity demanded rises.
14
The Supply curve for a good or service slopes upward because:
as price increases, Supply increases.
as the market price decreases, Q supplied increases.
as the market price increases, Q Supplied increases.
as the quantity supplied increases, market price decreases.
15
Using the graph, determine the equilibrium price.
$4
$2
$3
$1
16
Research finds eating chicken sandwiches cures heart disease, while the govt eliminates regulations on chicken farmers:
the Quantity of chicken sandwiches sold would be indeterminate.
the market Price of chicken sandwiches would be indeterminate.
the quantity of chicken sandwiches would decrease.
the market Price of chicken sandwiches would increase.
17
The result of a price control of $20 in the market for a good with the S and D indicated in this diagram would result in
an equilibrium quantity of 3000, because it is nonbinding.
excess supply of the good.
a surplus of 2000 units.
a shortage of 2000 units.
18
An automaker can produce SUV's, sedans, and full sized pickup trucks. If the price of pickups increases, we would expect
the quantity of sedans and SUVs supplied to decrease
the supply of sedans and SUVs to decrease
the quantity of pickups suppplied to decrease
the demand for pickups to decrease
19
A move from point B to point A on the PPC pictured here would
gain 12 guns and cost 2 butter
gain 12 butter and cost 18 guns
gain 2 butter and cost 12 guns
gain 2 guns and cost 12 butter

Unit One Comprehensive Review Flashcards | StudBud