Supply and Demand

Question 1

Demand Curve Shift: Their is a dramatic increase in births, eventually the curve will shift...

Accepted Answer

Right

Question 2

A similar type of good that can be used to replace another

Accepted Answer

Substitute

Question 3

Supply Curve Shift: Ford announces their closing factories-- curve for Ford Fiestas

Accepted Answer

Left

Question 4

In Ceteris Paribus means that

Accepted Answer

all things remain constant

Question 5

Supply or Demand: More producers are creating a product

Accepted Answer

Supply

Question 6

If I add a unit of labor, I am going to have increasing

Accepted Answer

Marginal Returns

Question 7

Supply or Demand: A hurricane devastates the gulf states

Accepted Answer

Both

Question 8

Demand Curve Shift: The curve for Potato Chips when the price of Doritos increases

Accepted Answer

Right

Question 9

Supply Curve Shift: The cost of inputs increase for a firm

Accepted Answer

Left

Question 10

Demand Curve Shift: Wendy's curve when McDonald's raises their prices

Accepted Answer

Right

Question 11

Supply Curve Shift: New technology makes producing phones faster, cheaper

Accepted Answer

Right

Question 12

Idea that consumers will buy more of a good when its price is lower/less when price is higher

Accepted Answer

Law of Demand

Question 13

Supply or Demand: The government gives subsidies to support a growing industry

Accepted Answer

Supply

Question 14

Supply Curve Shift: Future President Kanye approves subsidy for hover boards

Accepted Answer

Right

Question 15

The desire to own something and the ability to pay for it is known as:

Accepted Answer

Demand

Question 16

Demand Curve Shift: There are more consumers in a region

Accepted Answer

Right

Question 17

Demand Curve Shift: Income decreases across the state

Accepted Answer

Left

Question 18

Supply Curve Shift: The curve for ammunition in a time of war

Accepted Answer

Right

Question 19

The amount a supplier is willing to make and sell, not what they are capable of producing

Accepted Answer

Quantity

Question 20

Demand Curve Shift: The curve for new shoes after your fav celeb endorses them

Accepted Answer

Right

Question 21

Supply or Demand: Taxes on an Individual are raised

Accepted Answer

Demand

Question 22

Supply Curve Shift: Congress imposes a tax on sugary drinks

Accepted Answer

Left

Question 23

Representation of supply/demand in chart form is known as a:

Accepted Answer

Schedule

Question 24

When ceteris paribus no longer applies, what happens to the demand curve?

Accepted Answer

it becomes inaccurate

Question 25

Supply Curve Shift: Taxes on your business go down

Accepted Answer

Right

Question 26

Supply or Demand: Unemployment is high

Accepted Answer

Both

Question 27

Demand Curve Shift: Consumers expect a price to decline in the future

Accepted Answer

Left

Question 28

Demand Curve Shift: The ski boot curve if the price of skis decrease

Accepted Answer

Right

Question 29

What measures the extent of consumer response to a price change?

Accepted Answer

Elasticity

Question 30

Demand Curve Shift: Hulu's curve if Netflix lowers their prices

Accepted Answer

Left

Question 31

When income increases you're less likely to demand a

Accepted Answer

Inferior Good

Question 32

Supply Curve Shift: Producers expect prices to decrease in the future

Accepted Answer

Right

Question 33

Supply Curve Shift: Taxes on a business are raised

Accepted Answer

Left

Question 34

Supply or Demand: Income across the country drops

Accepted Answer

Demand

Supply and Demand

Questions 34

Supply and Demand

Questions 34