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Honors Econ Chapter 3 Review Flashcards | StudBud
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Honors Econ Chapter 3 Review
Honors Econ Chapter 3 Review
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Questions
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Answers
1
If the supply curve moves from S1 to S2 on the graph below, there has been
a decrease in quantity supplied
an increase in supply
an increase in quantity supplied
a decrease in supply
2
If two goods are substitutes for each other, an increase in the price of one will
decrease the quantity demanded for the other
increase the quantity demanded for the other
decrease the demand for the other
increase the demand for the other
3
The price of a video game console falls. What will most likely happen to the demand and equilibrium price of games?
Demand decreases; price increases
Demand decreases; equilibrium price decreases
Demand increases; price decreases
Demand increases; equilibrium price increases
4
The law of supply states that, other things being constant, as price increases
supply increase
supply decreases
quantity supplied decreases
quantity supplied increases
5
The equilibrium price in this market is...
24
26
28
22
6
Which will decrease the demand for a product?
an increase in the price of a substitute good
a decrease in the number of buyers
a decrease in the price of a complimentary good
a favorable change in consumer tastes
7
A cold spell in FL hurts the orange crop. CA oranges then command a higher price. Which best explains the situation?
FL orange supply decrease, equilibrium price increase. CA demand increases
The supply of FL oranges decrease, CA supply increase
FL supply decrease, CA supply decrease and equilibrium price decrease
FL orange demand decrease, demand for and price of CA oranges increase
8
The income of a consumer decreases and the consumer's demand for a particular good increases. The good is...
inferior
normal
a substitute
a compliment
9
In graphing supply and demand schedules, price is put on the horizontal axis and quantity is on the vertical axis
False
True
10
If a price floor is set by the government is established at $4.20, there will be a
surplus of 300 pounds
shortage of 300 pounds
surplus of 450 pounds
shortage of 450 pounds
