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ECON S/D Review Flashcards | StudBud
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ECON S/D Review
ECON S/D Review
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A review for SUPPLY & DEMAND
Flashcards
14 cards
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Practice quiz
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Host live
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Questions
14
Answers
1
What would cause the shift seen below on this supply & demand graph for pizza?
it's Super Bowl Sunday
the price of cheese increases
pizza shops close down
a decrease in consumer incomes
2
The law of demand illustrates a/an _________ relationship between price & quantity demanded.
inverse
positive
3
If a hurricane destroyed a number of coffee plantations, what would happen to coffee?
demand would increase
supply would decrease
demand would decrease
supply would increase
4
What would occur on a supply & demand graph for t-shirts if the price of cotton decreased?
supply would increase
demand would decrease
supply would decrease
demand would increase
5
What would occur on a supply & demand graph for yogurt if the gov't increased corporate taxes?
demand would increase
supply would decrease
supply would increase
demand would decrease
6
The law of supply illustrates a/an __________ relationship between price and quantity supplied.
direct
indirect
7
If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?
demand would increase
supply would decrease
demand would decrease
supply would increase
8
What would occur on a supply & demand graph for hot wings if hot sauce is found to cause cancer
demand would increase
supply would decrease
demand would decrease
supply would increase
9
This image is supply & demand graph for shoes. After the shift in demand, what occurs?
price increases
supply decreases
quantity demanded increases
price decreases
10
When the selling price of a good goes up, what is the relationship to the quantity supplied?
quantity supplied decreases
quantity supplied increases
11
What would occur to the supply & demand graph for CAP'N CRUNCH if Fruit Loops go up in price?
supply would increase
demand would increase
demand would decrease
supply would decrease
12
Which scenario for ice tea would cause the shift seen in the graph below?
the number of US tea drinkers increases
the government gives a subsidy to the tea industry
bags used to store tea increase in price
summertime and sweet tea is popular
13
How are prices determined in a (free) market economy?
by private businesses
interaction of buyers and sellers
by the Federal Reserve Bank
by the decisions of the government
14
The price of movie tickets has risen from $7 to $9. What is the effect?
the demand curvefor movie tickets will move right
the quantity demanded of tickets will decrease
the demand curve for tickets will move left
the quantity demanded of tickets will increase
