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Supply and Demand Review Flashcards | StudBud
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Supply and Demand Review
Supply and Demand Review
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Questions
16
Answers
1
Cheese: The gov't subsidizes low milk prices. What shift will occur in cheese?
A
C
B
D
2
Soybeans: The US blocks the importation of soybeans from Brazil. Which way will supply go?
No Change
Right
Left
3
Supply = Quantity
True
False
4
Milk: The gov't subsidizes low milk prices. Which graph represents the proper shift?
D
A
B
C
5
Demand = Value
True
False
6
Soy Milk: The gov't subsidizes low milk prices. Which shift will occur in soy milk?
A
C
D
B
7
Soybeans: A new hybrid produces twice as much per acre. What happens to the price of soybeans?
Decrease
Equilibrium
Increase
No Change
8
Milk: The gov't subsidizes low milk prices. What will happen to the price for the consumer?
Decrease
Increase
Stay the Same
9
Soybeans: US blocks the importation of soybeans from Brazil. What happens to demand?
No Change
Increase
Decrease
10
Soybeans: The US blocks the importation of soybeans from Brazil. What happens to price?
Increase
No Change
Decrease
11
Milk: Economist predict a milk shortage during this month. Which shift will occur in milk?
C
B
A
D
12
Soybeans: US blocks the importation of soybeans from Brazil. If demand is up, demand line?
Right
Left
13
Soybeans: US blocks the importation of soybeans from Brazil. If demand up, then price?
Decreases
Increases
No Change
14
Soybeans: A new hybrid produces twice as much per acre. What impact will this have on supply?
Move Right
No Change
Move Left
15
A change in the price of a good will move the supply and/or demand line?
No
Yes
16
Soybeans: The U.S. blocks the importation of soybeans from Brazil. Supply or Demand issue?
Demand
Supply
