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Microeconomics Unit 2 Part 1 Review Flashcards | StudBud
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Microeconomics Unit 2 Part 1 Review
Microeconomics Unit 2 Part 1 Review
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A review for AP Micro Unit 2.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
There is a frost and many of the coffee bean trees die. This raises the price of coffee. Why?
A shift of the demand curve
A movement along the supply curve
A shift of the supply curve
2
What happens to the quantity supplied of foreign cars if the government imposes a quota on foreign cars?
It decreases
It increases
It is unchanged
3
The state offers a new subsidy for growing corn. Which depicts the result on the corn market?
Panel D
Panel A
Panel B
Panel C
4
When there is an increase in
BOTH
supply and demand, what do we know for sure?
We can't know any of these things for sure.
...only that price will increase
...only that quantity increases
...that quantity and price will increase
5
If the government imposed a quota, limiting shrimp sales to 1,000 pounds, the price per pound
would be $20
would be $5
would be $12.50
would be $2
6
Which of the following is NOT a likely effect of city imposing rent control?
More construction outside of the city
Poor maintenance of apartments
A shortage of apartments
A surplus of apartments
7
At equilibrium, Q
S
= _____
MB
MC
P
QD
8
Which of the following is depicted in the graph?
Price Ceiling
Price Floor
Shift in Supply
Subsidy
9
Which of the following will not cause a shift in the demand curve?
Income
Price of a Substitute Good
Tastes and Fads
Change in the Cost of Inputs
10
What would happen to the demand for normal goods if someone had a rise in income?
It would be unchanged
It would increase
It would decrease
11
Which of these would generally cause a shortage?
A price ceiling
A government subsidy
An increase in supply
A price floor
12
Which of the following would NOT shift the supply curve?
Change in Technology
Change in the Cost of Inputs
Change in Taxes
Tastes and Fads
13
Which graph depicts what should happen in the market for jeans if the price of cotton goes up?
Panel D
Panel B
Panel C
Panel A
14
What would be the likely effect of a tax on the production of cigarettes?
An increase in supply
A decrease in supply
A decrease in demand
An increase in demand
15
Which would likely happen in the iPhone market if the price of Android phones went down?
Panel B
Panel A
Panel C
Panel D
16
If the demand for chocolate syrup and the demand for ice cream rise and fall together, they are
normal goods
luxury items
substitutes
complements
17
If the government imposed a quota, limiting shrimp sales to 250 pounds, the price per pound
would be $5
would be $17.50
would be $20
would be $12.50
18
What would be the result of a price of $2 in this instance?
The producer would lower prices
A shortage of 50
Equillibrium
A surplus of 50
19
What would happen to the price and quantity of broccoli if it is found to cure cancer?
price and quantity both go up
price goes up and quantity goes down
price and quantity both go down
price goes down and quantity goes up
20
When a demand for a good goes up when income goes down, that good is called
rare
inferior
normal
luxury
