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Econ. 3 Review Assignment Flashcards | StudBud
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Econ. 3 Review Assignment
Econ. 3 Review Assignment
30 terms
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Flashcards
30 cards
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Questions
30
Answers
1
Where is a equilibrium price located on a graph?
In the very middle
On the far left
On the far right
2
What is a supply schedule?
Graphs the growth of a business
Shows relationship between price and supply
Chart that shows the relationship between supply and demand
3
When supply goes up, demand goes _________
Down
Up
Stays the Same
4
At $250 how much quantity is supplied?
50
70
20
5
What kind of curve is this?
Supply
Demand
6
When a supply curve shifts right what does that mean?
Supply decreases
Supply increases
7
What does T.N.T.C. stand for?
Factors that influence demand
Factors that influence supply
Factors that don’t affect supply or demand
8
What is a demand schedule?
Chart that shows growth of demand over time
Table showing relationship between p[rice and quantity
Graph that show the price consumers and producers can agree on
9
What is the law of demand?
As price increase demand decreases
As prices decrease demand decreases
As prices increase demand increases
10
At $500 dollars how much is demanded?
$1500
$1000
$250
11
When a demand curve shifts right what does that mean?
Demand decreases
Demand increases
12
What is a shortage?
Too much demand, not enough supply
Too much supply, equal demand
Too much demand, equal supply
Too much supply, not enough demand
13
What is a price floor?
Minimum set on prices
Maximum set on prices
14
What is NOT a factor that changes supply?
Weather
Technology improvements
Production cost
Age of workers
15
When a supply curve shifts left what does that mean?
Supply increases
Supply decreases
16
What is a price ceiling?
Maximum set on prices
Minimum set on prices
17
Where is a surplus on a graph?
Below equilibrium line
On equilibrium line
Above equilibrium line
18
What is the law of supply?
As prices increase, less with be supplies
As prices decrease more will be supplied
As prices increase, supply will increase
19
If a good cost more to make what will happen to supply?
It will go up
It will go down
It will stay the same
20
When a demand curve shifts left what does that mean?
Demand decreases
Demand increases
21
Where is a shortage on a graph?
Above equilibrium line
Below equilibrium line
On equilibrium line
22
What kind of curve is this?
Supply
Demand
23
When producers and consumers agree on a price what is that called?
Mediated price
Equilibrium price
Price floor
24
What is an equilibrium price?
Medium amount of supply
Equal balance of quantity supplied and quantity demanded
Price that consumers enjoy
25
If a price is too high what will happen to demand?
It will go up
It will go down
It will stay the same
26
What is NOT a factor that changes demand?
Population
Substitutes
Shape of Good
27
What does C.T.I.P.S. stand for?
Factors that don’t affect supply or demand
Factors that influence demand
Factors that influence supply
28
Government can control prices
False
True
29
What is a surplus?
Too much supply, equal demand
Too much demand, equal supply
Too much supply, not enough demand
Too much demand, not enough supply
30
When supply goes down, demand goes _________
Up
Stays the Same
Down
