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Econ: Supply & Demand Unit Review Flashcards | StudBud
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Econ: Supply & Demand Unit Review
Econ: Supply & Demand Unit Review
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A review for Unit 2 (Supply and Demand) for economics. #economics #supplyanddemand
Flashcards
27 cards
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Questions
27
Answers
1
All of the following are considered COMPLEMENTARY goods for computers EXCEPT
gasoline
software
keyboards
printers
2
What would occur on a supply & demand graph for yogurt if the gov't increased corporate taxes?
demand would decrease
supply would increase
supply would decrease
demand would increase
3
Consumer incomes are connected with which of the following:
demand
supply
4
On a graph, price should go on which axis?
vertical
horizontal
5
Population increases and decreases impact which of the following?
supply
demand
6
What is occurring in the following supply and demand graph?
increase in supply
decrease in demand
decrease in supply
7
What would occur to the supply & demand graph for Fruity Circles if Fruit Loops go up in price?
demand would increase
demand would decrease
supply would decrease
supply would increase
8
This image is a supply & demand graph for shoes. After the shift in demand, what occurs?
price increases
supply decreases
quantity demanded increases
price decreases
9
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
10
The price of movie tickets has risen from $7 to $9. What is the effect?
the demand curve for tickets will move left
the quantity demanded of tickets will increase
the quantity demanded of tickets will decrease
the demand curve for movie tickets will move right
11
Which of the following items would likely be considered to have an ELASTIC supply?
stadium seats
fossil fuels
oranges
car washes
12
What would cause the shift seen below on this supply & demand graph for pizza?
it's Super Bowl Sunday
the price of cheese increases
a decrease in consumer incomes
pizza shops close down
13
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
supply would increase
demand would increase
supply would decrease
demand would decrease
14
What is one group that benefits from a price floor in the milk market?
Soda Manufacturers
Grain Farmers
Dairy Farmers
People who love 2% milk
15
Improved technology in production is connected to:
supply
demand
16
Price FLOORS are ________ equilibrium.
Above
backways from
Below
Slantways from
17
The government intervention through taxes, regulations, and subsidies affects:
demand
supply
18
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
demand would decrease
supply would decrease
supply would increase
demand would increase
19
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
supply would decrease
supply would increase
demand would increase
demand would decrease
20
What is it called when producers are not sensitive to changes in price for their product?
inelastic supply
elastic supply
inelastic demand
elastic demand
21
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
demand would decrease
supply would decrease
demand would increase
supply would increase
22
How are prices determined in a (free) market economy?
by private businesses
by the Federal Reserve Bank
by the decisions of the government
interaction of buyers and sellers
23
Which of the following items would likely have an INELASTIC demand?
toys
gasoline
candy
cosmetics
24
The price of inputs in the creation of a product is tied to:
supply
demand
25
When the selling price of a good goes up, what is the relationship to the quantity supplied?
quantity supplied decreases
quantity supplied increases
26
The prices of related goods like complements and substitutes are connected with
demand
supply
27
Price ceilings usually create a _______; price floors usually create a _____________.
shortage; quota
shortage; surplus
surplus; shortage
quota; surplus
