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Economics Demand and Supply Flashcards | StudBud
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Economics Demand and Supply
Economics Demand and Supply
24 terms
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#Demandandsupply
Flashcards
24 cards
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Questions
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Answers
1
If Charlie brought 83 necklaces to Renfest and has 33 left over. What was quantity demanded?
50
116
33
55
2
A change in price for an item will cause the supply curve to...
Shift to the right
The slope increases
Stay the same
Shift to the left
3
If my quantity demanded is 275 and I am facing a surplus of 25. What is my demand?
200
250
25
300
4
If a quota is eliminated, what happens?
Supply increases
Supply decreases
Demand decreases
Demand increases
5
What should I do if I face a shortage?
Make less goods
Make more goods
Increase Prices
Lower Prices
6
Which of the following would cause a change in the quantity demanded for a product?
Changing consumer tastes
Decreasing the price of the product
Increasing consumer income
Changing prices of related products
7
Economists use supply and demand curves to determine
how much to make
weather
how much to demand
price
8
A drought ruins the corn harvest in Minnesota. how does this affect corn?
Decreases Supply
Decreases Demand
Increases Demand
Increases Supply
9
Research show cranberries help to prevent cancer. How does this affect Cranberry Juice?
Increases Demand
Increases Supply
Decreases Demand
Decreases Supply
10
If my quantity demanded is 500 and I am facing a shortage of 200, then demand equals
300
700
500
Not known
11
According to the graph, my equilibrium price is
$4
$1
$3
$2
12
Immigrants come to Minneapolis seeking freedom & opportunity. How does this affect apartments?
Supply Increases
Demand Increases
Supply Increases
Demand Decreases
13
New technology will cause the supply curve to...
All of the above
Stay the same
Shift to the right
Shift to the left
14
This law states that the higher the price the fewer consumers are willing to buy.
Law of Demand
Law of Elasticity
Law of Marginal Utility
Law of Supply
15
The idea that we have unlimited needs/wants with limited resources to meet them.
Demand
Elasticity
Scarcity
Supply
16
How does the demand curve respond to an increase in demand?
The curve shifts to the left
There is movement along the curve
There is no change in the curve
The curve shifts right
17
Which of the following are complements
guns and butter
coke and pepsi
Cows milk and almond milk
milk and cereal
18
This would cause a demand curve to shift.
all of the listed
More people moving to an area
A change in Preference
Lower personal income taxes
19
The idea that producers are willing to produce more if the price is higher.
Law of elasticity
Law of consumer consciousness
Law of demand
Law of supply
20
According to the graph, my demand at $1 is
100
40
Less than 20
Between 60 & 80
21
Which of the following are substitutes?
Peanut Butter and Jelly
Milk and Cereal
Guns and Butter
Cows Milk and Almond Milk
22
A change in the number of consumers can cause…
The demand curve to shift
The quantity demanded to shift
A substitution effect
Inflation
23
The law that states the additional consumption of a good leads to less demand (Hersey kisses).
Law of Demand
Law of Complementary Goods
Law of Diminishing Marginal Utility
Law of Supply
24
Taxes placed on businesses will cause their supply curves to...
All of the above
Shift to the left
Shift to the right
Stay the Same
