ECON: Unit 2 Test Review

What is the relationship between price and quantity on the demand curve?

Which of the following would cause the demand curve for a product to shift to the left?

Which diagram illustrate(s) the effect of a decrease in incomes on the market for clothing?

The equilibrium price and quantity in this market will be: 

Producers will offer more of a product at high prices than they will at low prices is the

Flow (3) represents

Which diagram illustrate(s) the effect of an incr in auto worker wages on the mkt for autos?

An increase in taxes has the same effect on supply as an increase in

For the following “headline,” identify what effect it would have on the S or D curve for DVD’s.

A price of $8 in this market will result in:

Other things equal, what might shift the demand curve for gasoline to the left?

Who is it that ultimately determines the demand for a product or service?

A decrease in resource prices will: 

Which would cause a change in the quantity supplied of domestically produced cars?

An increase in taxes has the same effect on supply as an increase in

Which newspaper headline might be best illustrated by the graph?

One possible reason why this supply curve of lumber shifted might be:

Apples - researchers have proven that an apple a day keeps the doctor away (choose more than 1)

Which would cause a change in the quantity supplied of domestically produced cars?

A government-set price floor is best illustrated by price:

Apples-the evil witch is guilty of poisoning Snow White & others w/ apples (choose more than 1)

What would happen to the supply curve if the government increased subsidies?

Which would cause the supply of wheat to shift to the right?

If a product had many substitutes, consumers tend to be

Which of the following says there are many different prices for similar products?