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IGCSE economics demand &supply Flashcards | StudBud
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IGCSE economics demand &supply
IGCSE economics demand &supply
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Answers
1
Price and quantity shows a ____________ relationship on a supply curve
Positive
Negative
Neutral
No
2
The demand and supply functions for a product are given by QD =200–4P and QS =4P
P=25 Q=100
P=25 Q=90
P=12 Q=100
P=9 Q=87
3
Which is not a factor causing a shift in the demand curve?
Good/bad publicity
Trends
The actions of competitors
Government intervention
4
Who determines demand?
Sellers
Buyers
5
When does excess supply occur?
equilibrium
you have a shortage
when quantity supplied exceeds quantity demanded
you have a surplus
6
Law of demand
P up, Qd down
P up, Qd up
7
Law of supply
P up, Qs up
P up, Qs down
8
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price increases
All of the above
the amount producers wish to sell at every price is the same
the amount producers wish to sell at every price decreases
9
If the price of Pepsi increases what will happen to the demand for Coke?
Decrease
Stay the same
Who knows?
Increase
10
What happens when the Supply is low and the demand is high?
The price decreases
The price increaces
11
Which of the following would NOT cause a shift in the aggregate demand curve?
a change in consumption spending
a change in net exports
a change in investment
a change in the price level
12
Which type of demand is barely affected by the changes in cost/price?
Long-term Demand
Elastic Demand
Inelastic Demand
Autonomous Demand
13
A shift in the supply curve to the left means:
none of the above
quantity producers offer at every price will be less.
quantity producers offer at every price will be high.
quantity producers offer at every price stays the same.
14
What is demand?
how many people want to buy a good
when a karen demands to see the manager
how much people are willing and able to buy a good
relationship between people and their money
15
Aggregate Supply is an example of Macroeconomics
True
False
16
Where supply and demand curves meet is known as:
equilibrium
equal
coincide
connection
17
What will cause a shift in the demand curve for a computer?
A change in the performance of the computer
A change in the price of the computer
A change in the cost of producing the computer
The imposition of a specific tax on the computer
18
Which way does the supply curve face?
Up and to the left
Neither
Up and to the right
Both depending on product
19
The law of demand states as the price increases
The consumers are demanding
The consumer demand remains the same
The consumer demand decreases
The consumer demand increases
20
What is supply?
the amount of money the buyer has
how much of a product the market has to offer
total amount of products that the buyer and seller have combined
how many items the buyer can purchase
21
If price rises what is likely to happen to supply?
Decreases
Stays the same
Contracts
Extends
22
What happens when the supply is high and the demand is low?
You have the equlibram
The Prices tend to increase
The Prices tend to fall
Prices go crazy and have a party
23
If dark chocolate cookies were heavy in demand but short in supply, its price would decrease.
True
False
24
Supply
amount of a product unsold
amount of a product that would be produced, grown and can not be sold
amount of a product that would be produced, grown, or acquired and sold
25
Which of the following is a demand determinant?
Equilibrium
Income of buyers
Price of a good or service
expectations
