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Demand and Supply Practice Quiz Flashcards | StudBud
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Demand and Supply Practice Quiz
Demand and Supply Practice Quiz
20 terms
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StudBud Administration
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An #economics #review game for Chapter 5.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Most likely to quickly become available in larger quantities as a result of a price increase...
airline service
babysitters
medical doctors
midsize cars
2
The amount of a good or service that a consumer is willing and able to buy at a specific price
quantity supplied
standard weight
quantity demanded
demand command
3
The degree to which the quantity demanded responds to changes in price is called
revenue
schedule
utility
elasticity
4
Quantity demanded moves along the demand curve in response to changes in
price
expectations
income
preferences
5
The supply of a product that cannot easily or quickly expand or reduce its production?
elastic
Profit
Production challenges
Inelastic
6
A decrease in the price of electric stoves would most likely decrease the demand for:
all of these!
pots and pans
gas stoves
refrigerators
7
Which of these would most likely increase the supply of soccer balls?
a transportation strike
a government excise tax
an increase in the supply of tennis balls.
a decrease in the price of raw materials
8
Who decides what to buy and how much to spend?
Consumers
Producers
the Government
9
The law of demand states that as quantity demanded decreases
price increases.
quality decreases
production increases.
wages decrease.
10
What happens to demand for clothes in a clothing store when blizzards keep people at home?
The demand curve shifts to the right.
The demand curve becomes flatter.
The demand curve becomes steeper.
The demand curve shifts to the left.
11
Who supplies the goods and services that consumers demand?
Suppliers
DOnald Trump
Producers
Consumers
12
According to the law of supply, what happens as price increases?
The quantity supplied increases.
The supply curve shifts to the left
The quantity supplied decreases.
The supply curve shifts to the right.
13
A decrease in the price of butter would most likely decrease the demand for:
Bagels
Syrup
Milk
Margarine
14
A substitute example is....
hot dogs and hot dog buns
chicken and pork
when demand for one goes up, so does demand for the other
coffee and coffee filters
15
There exists a/an ___________________________relationship between price and quantity demanded.
direct
loving
father/son
indirect
16
Which of the following will have the most inelastic demand?
Macaroni and Cheese
New car
Medicine
Air Jordan sneakers
17
In the summer, a sharp rise in the price of burgers may lead to an increase in demand for
coleslaw
buns
chicken
relish
18
Which of the following is likely a good with an inelastic supply? (think about TIME)
toothbrushes
beanbag
hats
apples
19
Which of these is the best example of diminishing marginal utility?
A shortage of bike paths makes bicycles less useful.
People w/ cars have less use for bikes than people w/o cars.
Bikes become less useful as they get old and start to rust.
Someone who has one bicycle will have less use for another.
20
When an economist says that the demand for a product has increased, this means that:
quantity demanded is greater at each possible price
firms make less of the product available for sale
the demand curve becomes steeper
consumers respond to a lower price by buying more
