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Econ: Unit 2 Review Flashcards | StudBud
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Econ: Unit 2 Review
Econ: Unit 2 Review
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A review for Unit 2 (Supply and Demand) for economics.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The price of movie tickets has risen from $7 to $9. What is the effect?
the demand curvefor movie tickets will move right
the quantity demanded of tickets will increase
the demand curve for tickets will move left
the quantity demanded of tickets will decrease
2
What is occurring in the following supply and demand graph?
decrease in supply
increase in supply
decrease in demand
no change in either supply or demand
3
The correct label for number 5 on the following circular flow diagram should be:
goods and services
resource market
product market
expenditures
4
What would occur on a supply & demand graph for yogurt if the gov't increased corporate taxes?
supply would increase
demand would increase
demand would decrease
supply would decrease
5
How are prices determined in a (free) market economy?
by the decisions of the government
interaction of buyers and sellers
by private businesses
by the Federal Reserve Bank
6
The correct label for number 7 on the following circular flow diagram should be:
expenditures
goods and services
revenue
productive resources
7
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
supply would increase
demand would decrease
demand would increase
supply would decrease
8
When the selling price of a good goes up, what is the relationship to the quantity supplied?
quantity supplied increases
quantity supplied decreases
9
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
demand would increase
supply would increase
supply would decrease
demand would decrease
10
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
supply would decrease
supply would increase
demand would decrease
demand would increase
11
Which scenario for ice tea would cause the shift seen in the graph below?
bags used to store tea increase in price
the number of US tea drinkers increases
the government gives a subsidy to the tea industry
summertime and sweet tea is popular
12
The law of supply illustrates a/an __________ relationship.
indirect
direct
13
Households provide productive resources to business firms in which part of circular flow?
the product market
the public market
the resource market
the shopper's market
14
What would cause the shift seen below on this supply & demand graph for pizza?
pizza shops close down
the price of cheese increases
it's Super Bowl Sunday
a decrease in consumer incomes
15
Households purchase goods and services from business in which part of circular flow?
the factor market
the shopper's market
the resource market
the product market
16
The law of demand illustrates a/an ____________ relationship.
direct
indirect
17
What would occur to the supply & demand graph for Fruity Circles if Fruit Loops go up in price?
supply would decrease
demand would decrease
demand would increase
supply would increase
18
The correct label for number 3 on the following circular flow diagram should be:
expenditures
goods and services
revnue
productive resources
19
This image is supply & demand graph for shoes. After the shift in demand, what occurs?
supply decreases
quantity demanded increases
price decreases
price increases
20
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
supply would decrease
demand would decrease
demand would increase
supply would increase
