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Demand and Determinants of Demand 1 Flashcards | StudBud
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Demand and Determinants of Demand 1
Demand and Determinants of Demand 1
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Questions
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Answers
1
What makes demand curve shift to the left?
increase in Demand
the cicadas appearing every 17 years
price increases
decrease in Demand
2
When studying Econ, what items are usually held constant?
normal and inferior goods
prices and incomes
substitutes and complements
taxes and subsidies
3
Which means "hold all other factors constant"?
ceteris paribus
caveat emptor
e pluribus unum
norvus ordo seclorum
4
What is a substitute?
A complementary good
Product that replaces another
An unrelated good
A welcome respite from Mr. Womack
5
The law of demand is if price rises, quantity demanded decreases
no clue
True
Unrelated
False
6
When Demand decreases, which way does the curve shift
Left
Up
Down
Right
7
Demand, Supply, and Prices are part which part of Econ?
Microeconomics
Gross Domestic Product
Trade
Macroeconomics
8
Which one of these can be a determinant of Demand?
Quotas
Price of Related Goods
Price changes
Taxes
9
The Demand for an inferior good
none of the above
remains neutral despite income
rises as income rises and falls when income falls
falls as income rises and rises as income falls
