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Econ Unit 2 Supply and Demand Review Flashcards | StudBud
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Econ Unit 2 Supply and Demand Review
Econ Unit 2 Supply and Demand Review
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Review for Supply and Demand Test
Flashcards
18 cards
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Practice quiz
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Host live
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Questions
18
Answers
1
On which holiday did the Irish stage an insurrection against British rule in 1916?
St. Patrick's Day
Labor Day
Easter
Christmas
2
As the PRICE of their product increases, producers will...
supply fewer
supply more
demand fewer
demand more
3
How might a 5 Guys SALE affect the
market for In-N-Out
?
Supply increases (less scarce)
Supply decreases (less scarce)
Demand decreases (less scarce)
Demand increases (more scarce)
4
What force GUIDES the market to equilibrium?
Competition of sellers
Competition of buyers
The invisible hand
Phil Collins
5
If a sneaker business closes, sneakers would become
less expensive
What's scarcity?
More Scarce
Less Scarce
6
"I can sell paper to a tree, water to the sea, snow to Tahoe, chips to _____"
Bellagio
Pringles
Fa Sho
Reno
7
Who is this Simpsons character?
Mr. Burns
Capital City Goofball
Mr. Teeny
Duff Man
8
What change will occur when more consumers move INTO a market?
Supply Decrease (Income)
Demand Decrease (Substitutes)
Demand Increase (Population)
Supply Increase (Population)
9
Which curve is shown in the picture?
Supply
Price Control
Mr. Juri
Demand
10
If people start to think ripped jeans look ugly, ripped jeans will become _____________.
Less Scarce
More Scarce
11
“This thing go! Fa sho’ly. Only bustas I like is _____”
Buster Posey
Mr. Juri
a sad one
none
12
What is an effect of a tax in a market?
Demand decreases (Income)
Supply decreases (Gov't Action)
Demand increases (Tastes & Preferances)
Supply increases (Input Costs)
13
How do we measure Scarcity?
Price
Profit
Shortage
Extra
14
Which type of price control will result in a surplus?
Floor
Ceiling
Disco Roller Skating Bro-down
The invisible hand
15
How is Demand affected when Hot Cheetos goes on sale?
Price Control
More people will buy Cheetos
Change in Supply
Change in Demand
16
What type of price control is established when the Gov't sets a
maximum
price?
Ceiling
Surplus
Shortage
Floor
17
How might a decrease in the price of cotton affect the T-shirt market?
Supply decreases (more scarce)
Demand increases (more scarce)
Demand decreases (less scarce)
Supply increases (less scarce)
18
How might a sale on
hot dogs
affect the market for
hot dog buns
?
Demand decreases (Substitutes)
Demand increases (Complements)
Supply increases (Technology)
Supply decreases (Inputs Costs)
