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Civics Chapter 16 Lesson 3 Flashcards | StudBud
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Civics Chapter 16 Lesson 3
Civics Chapter 16 Lesson 3
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Questions
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Answers
1
Which of these would cause the supply curve to shift to the right?
new technology
a decrease in consumer income
a decrease in the number of suppliers
an increase in the cost of production
2
In a market economy, prices act as signals to both consumers and producers.
False
True
3
When the price of a good is low,
people demand more of it.
firms supply more of it.
people supply more of it.
people demand less of it.
4
The demand curve shifts to the left when more consumers enter the market.
True
False
5
To be efficient, markets must
limit the amount of products for sale.
have a single buyer and seller.
exist only on the Internet.
have many competing buyers and sellers.
6
In economics,
demand
means all of the people who want a certain good or service.
False
True
7
The point where supply and demand curves meet is
the equilibrium price.
the disequilibrium price.
the surplus price.
the shortage price.
8
On a graph, demand is shown
as a downward sloping line.
as a vertical line.
as an upward sloping line.
as a horizontal line.
9
In a market economy, dollars are like votes for the goods or services wanted.
True
False
10
Consumers are the people or businesses that buy goods and services.
False
True
