The price of iPhones drops to an all time low. What will happen to ANDRIOD PHONES

Demand decrease, price decrease

Which of these situations is the BEST example of equilibrium?

The amount of shampoo produced = the amount people will buy

The price of steel is at an all time low. What will happen to DEMAND or SUPPLY of Cars?

Supply Increase, Price Decrease

Which situation would likely cause a decrease in the DEMAND for soda?

A medical study showing how excess sugar can lead to diabete

A shortage will develop when

The gov't sets a price ceiling on a good/service

The price of milk increases to $50 per pound. What will happen to the DEMAND or SUPPLY icecream

Supply Decrease, Price Increase

Which of the following will NOT cause a DECREASE DEMAND for single family homes in Delaware?

A population growth rate of 10% in Delaware

Which event in Florida & California would shift the supply curve for Orange Juice to the left

An early frost accompanied with ice storms

A substitute good is a good that

Can be used in place of another good

Black Friday sale next week to include all types of furniture (couches)

Expectation of price change in the future

Which of these will most likely increase the supply of soccer balls?

A decrease in the price of raw materials such as plastic

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Microeconomics/Supply & Demand Unit 3 Test Review

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Quiz reviewing Supply and Demand

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Questions 22

Answers

1
The price of iPhones drops to an all time low. What will happen to ANDRIOD PHONES
Supply decrease, price increase
Demand decrease, price increase
Demand decrease, price decrease
Supply decrease, price decrease
2
Which of these situations is the BEST example of equilibrium?
The price of shampoo does not vary much from week to week
Shampoo producers make so much profit, so they expand
The amount of shampoo produced = the amount people will buy
Everyone who wants shampoo, can easily afford it
3
A complementary good is a good that
Can be used instead of another good
Can be used with another good
Is of higher quality than another good
Is of lower quality than another good
4
The price of steel is at an all time low. What will happen to DEMAND or SUPPLY of Cars?
Supply Decrease, Price Increase
Supply Increase, Price Decrease
Demand Decrease, Price Increase
Demand Increase, Price Decrease
5
Which situation would likely cause a decrease in the DEMAND for soda?
A medical study showing how excess sugar can lead to diabete
A decrease in the price of sugar
A fire at the Pepsi factory
Pepsi commercial featuring Beyonce
6
The gov't implements a price floor for the price of corn.
This will cause a shift in supply of Corn at all prices
A surplus of Corn
Corn prices will reach equilibrium
A shortage of Corn
7
Cars and gasoline are what types of goods?
Substitutes
Capital
Complementary
Accessible
8
A shortage will develop when
The quantity supplied is greater than the quantity demanded
The gov't sets a price ceiling on a good/service
The gov't sets a price floor on a good/service
The price is at equilibrium
9
The price of milk increases to $50 per pound. What will happen to the DEMAND or SUPPLY icecream
Demand Decrease, Price Decrease
Demand Increase, Price Decrease
Supply Decrease, Price Increase
Supply Increase, Price Decrease
10
When wheat prices INCREASE, what will likely happen to the SUPPLY of bread?
Increase along the Curve
Decrease/Shift Left
Stay the Same
Increase/Shift Right
11
Which of the following will NOT cause a DECREASE DEMAND for single family homes in Delaware?
A rising unemployment rate in Delaware
A drop in average income in Delaware
A population growth rate of 10% in Delaware
Cheaper housing available over the border in Pennsylvania
12
Which event in Florida & California would shift the supply curve for Orange Juice to the left
A decrease in minimum wage
Evidence that citrus fruit strengthens bones
An early frost accompanied with ice storms
Rise of mango juice as a popular breakfast drink
13
50,000 citizens of Delaware leave (homes in Delaware)
Population
Trends & Fads
Income
Input Costs
14
According to IRDL, what happens to the DEMAND or SUPPLY curve if there is a shift?
Never move
Increase Left, Decrease Right
Decrease Right, Increase Left
Increase Right, Decrease Left
15
If a major car manufacturer opens up 5 new factories, What will happen to SUPPLY curve?
Supply becomes steeper
Supply shifts to the Left
Supply becomes flatter
Supply shifts to the Right
16
A substitute good is a good that
Is of lower quality than another good
Cannot be used in place of another good
Can be used in place of another good
Is of higher quality than another good
17
New state of the art factory opens for Apple (iPhones)
Government Influences
Natural Disaster
Fads & Taste
Technology
18
Black Friday sale next week to include all types of furniture (couches)
Income
# of Producers
Expectation of price change in the future
Substitute
19
Cost of apples increases (apple pies)
Input Costs
# of Producers
Income
Technology
20
Samsung declares bankruptcy (cell phones)
Change in the # of producers
Complementary Good
Population
Input Costs
21
Which of these will most likely increase the supply of soccer balls?
Truck drivers going on strike
An increase in the supply of tennis balls
A gov't excise tax
A decrease in the price of raw materials such as plastic
22
A new all-vegetable diet would likely shift the DEMAND for chicken & beef
To the right
No demand change, just a supply change
To the left
No Shift, just a change in quantity demanded

Microeconomics/Supply & Demand Unit 3 Test Review Flashcards | StudBud