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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
25 terms
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StudBud Administration
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350 plays
A quick review of the concepts of supply and demamd.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
The money going out of the Households and into Product Market is called
spending.
income.
revenue.
wages, rent, profit.
2
At the price of $1, what is the quantity demanded?
80
100
110
90
3
The illustration is that of a
supply curve
production possibilities curve
equalibrium curve
demand curve
4
Peanut butter and jelly, mustard and ketchup, and shoes and socks are considered:
complementary goods
substitute goods
natural resources
supplies
5
The amount of something that consumers will buy at a particular price is called ______.
supply
demand
quantity supplied
quantity demanded
6
As the price for apples goes from .40 to .60 per pound, the quantity supplied goes from:
3,000 lbs to 4,000 lbs
2,000 to 3,000 lbs
1,000 lbs to 3,000 lbs
1,000 to 2,000 lbs
7
T/F: The Circular Flow Model consists of two flows.
True
False
8
The relationship between price and quantity supplied is ____.
equal
inverse
negative
direct
9
The prediction of a hurricane hitting your town would cause the demand for batteries to
shift up the curve
shift down the curve
shift to the right.
shift to the left.
10
2 of 10 tire producers decide to close down. This will cause the supply of tires to
shift to the left
shift up the curve
shift to the right
shift down the curve
11
What could have caused this supply curve to shift to the right?
cost of resources decreased
consumer expectations
cost of resources increased
less competitors in the market
12
The illustration is that of a
demand curve
production possibilities curve
equilibrium
supply curve
13
What is the only thing that can change quantity demanded?
change in consumers' income
change in price
change in price of substitute good
change in price of complementary good
14
Which of the following is NOT a supply curve shifter?
producer expectations
number of producers
complimentary goods
costs of injputs
15
Demand is the ____ and ____ of consumers to purchase a good or service.
time, effort
willingness, intelligence
willingness, ability
intelligence, ability
16
Which of the following would
most likely
increase the supply of notebook paper?
an excise tax
an increase in cost of inputs
a decrease in the cost of inputs
a decrease in the price of pencils
17
Which of the following is NOT a demand curve shifter?
tastes and preferences
changes in income
changes in technology
substitute goods
18
If a new technology allowed us to produce computers cheaper, what would happen to supply?
It would decrease
we don't know
It would increase
It would stay the same
19
The quantity demanded for Nike shoes has increased. The best explanation is that:
price has increased
price has decreased
supply has decreased
supply has increased
20
If the price of tacos (substitute good) increases, the demand for pizza will ______.
increase
stay the same
decrease
supply will increase
21
When the price for bubble soda drops from $80 to $60, the quantity demanded goes from ____.
40 to 60
40 to 80
20 to 40
60 to 80
22
What is
not
a determinant of demand?
change in population
change in income
change in taste/preference
change in weather
23
What could have caused the shift in the demand curve?
a decrease in consumer income
an increase in price of complimentary good
the price of a substitute good goes up
a decrease in population
24
What would cause a movement along the supply curve?
a change in price
a change in the number of sellers
change in price expectations
a change in technology
25
According to the law of demand: as price goes down, ______ goes up.
quantity demanded
demand
supply
quantity supplied
