Unit II Test Review (reg Econ)

What economic term describes the satisfaction gained from acquiring another unit of a product?

A change in a consumers ____ could possibly affect the demand for a good.

An increase in business taxes would cause supply to ____.

True or false: An increase in supply is shown by shifting the line to the left.

What is the equilibrium price of pizza?

What direction does a supply curve move in Economics?

The willingness and ability to buy a good or service at a given price is known as ____.

____ refers to the amount of a good or service being purchased.

What are the last two points before Equilibrium is reached?

More productivity in the workplace will cause supply to ____.

A decrease in subsidies given to businesses from the government would cause supply to:

If there is a news report that tells us Nike running shoes will make us healthier, demand will:

Demand refers to a(n) ____, not a(n) ____.

The law of supply states that the price of an item determines:

When the price of something increases, the quantity demanded ____.

If a business knows prices will fall in the future, what will they do to the supply now?

If someone hears that prices of a product will be more in the future, what happens to demand?

What economic concept states that the price of an item determines the quantity demanded?

Supply will decrease and shift to the left when which of the following happens?

A ____ is a table that shows the quantity demanded at each price levels.

____ refers to the cost of a product

Which of the following is NOT a factor that affects supply?

During what stage of production does output increase at a slower rate?

The willingness and ability to PRODUCE a good or service at a given price is known as:

Which of the following is NOT something you need to do on a regular basis after buying a car?

What type of economics looks at things on a much smaller scale?

What concepts states that the higher the price of an item means the more businesses will make?

What determinant of supply examines the costs of raw materials to make products?

The law of demand states that the price of an item determines the ____.

A ____ is a table that shows the quantity supplied at all price levels.