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FBL5030. Session 3: Consumer and producer behaviour Flashcards | StudBud
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FBL5030. Session 3: Consumer and producer behaviour
FBL5030. Session 3: Consumer and producer behaviour
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#economics
Flashcards
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Questions
17
Answers
1
Based on this news, what happened to the demand curve of fuel/oil?
Demand curve shifts to the left.
Demand curve shifts to the right.
I'll answer this next semester.
No shift, just the price moves down.
2
How much are you willing to pay?
50
30
40
I said no.
3
The shaded area in the picture is...
consumer surplus
supplier surplus
scarcity
excess capacity
4
Have you attempted the prework for session 3?
No
Yes
My internet wasn't good.
5
A recession would be likely to cause a shift to the left in the supply curve.
True
False
6
The shaded area in picture is...
equilibrium
producer surplus.
consumer surplus.
inefficiency
7
A change in one of the
‘non-price’
variables brings about a shift of the entire demand curve.
True
False
8
Which of these are in the top 200 Apple Inc.'s suppliers?
Advanced Micro Devices Inc., Penang, Malaysia.
Samsung Electronics Co., Ltd., South Korea
Advanced Micro Devices Inc., Jiangsu, China.
Analog Devices Inc., Limerick, Ireland.
9
The intersection between S and D curves is known as
an agreed quantity and price.
an equilibrium.
a demand and supply point.
an intersection.
10
Which of the following shift the demand curve.
An income increase leads to an increase in demand.
Goods are no longer trending;demand curve shifts to the left
No correct answer
Future price is to rise, demand curve shifts to the right.
11
In this news, what happened to the oil supply curve?
Shift to the right.
Tuesday is a good day to refuel.
Shift to the right.
No shift. Just a movement along the curve.
12
A consumer's desire and willingness to pay a price for a specific good or service
describes.
.
.
Demand
Supply
Behaviour
Intention
13
What happens to the demand curve for the toilet paper...
Demand curve shifts to the left.
I'll sell one on the Gumtree.
Demand curve shifts to the right.
14
When supply increases...
quantity decreases.
demand increases.
price decreases.
price increases.
15
What will happen if Coles does not increase the production or limit the purchase of the paper?
New equilibrium price and quantity.
I'll stock up and brace for end of the world if we have a new locked down.
I'll advertise my stock on Gumtree.
Upward pressure on price.
16
Disequilibrium cannot persist when price and quantity are flexible variables.
False
True
17
What is the impact on the supply curve?
I'd stay home.
Prices goes up.
Supply curve shifts to the right.
Supply curve shifts to the left.
