AP Supply Demand Unit IN CLASS review

Question 1

Deadweight Loss after the tax is..

Accepted Answer

CE

Question 2

Amount of the tax paid by consumers is...

Accepted Answer

B

Question 3

Who would be paying more of the tax seen below, producers or consumers?

Accepted Answer

Both would pay equal amounts

Question 4

Finish the lyric: I don't want no scrubs...

Accepted Answer

A scrub is a guy that can't get no love from me

Question 5

What would be the per unit amount of the tax in the graph?

Accepted Answer

$20

Question 6

The original Halloween date was...

Accepted Answer

31st October

Question 7

If both supply and demand for a product increase, the equilibrium

Accepted Answer

Price will be Indeterminate and Quantity will Increase

Question 8

If the price of lemons decreases, how will the lemonade market be affected?

Accepted Answer

Supply shifts →, Market price ↓ , and market quantity will ↑

Question 9

In order for a price ceiling to work it must be located ______ the equilibrium price.

Accepted Answer

below

Question 10

For an inelastic good, for the quantity demanded to have decreased by 6 percent, the price would had to have

Accepted Answer

increased by more than 6 percent

Question 11

If there is a price ceiling set at P1, consumer surplus will be represented by the area

Accepted Answer

P3ACP1

Question 12

A good for which higher income increases demand.

Accepted Answer

Normal Good

Question 13

In the market for peanut butter, the price for jelly decreasing would cause

Accepted Answer

demand for peanut butter to increase.

Question 14

Price elasticity of D would be _____ if total revenue rises as the price of a good increases.

Accepted Answer

Inelastic

Question 15

Which will not cause the supply curve to shift?

Accepted Answer

A change in the price of the good

Question 16

An increase in the cost of paying employees would cause:

Accepted Answer

the supply curve to shift left.

Question 17

For an elastic good, if the price increases by 3 percent, the quantity demanded would have to

Accepted Answer

decrease by more than 3 percent

Question 18

German word for "surplus"

Accepted Answer

Überkapazität

Question 19

What is the elasticity of this curve?

Accepted Answer

Relatively Inelastic

Question 20

What is one determinant of demand

Accepted Answer

# of buyers

Question 21

Finish the lyric: Classy, Boujee...

Accepted Answer

Ratchet

Question 22

According to the Law of Demand, when prices go up....

Accepted Answer

Quantity Demand goes down

Question 23

Don't stop, make it pop DJ, blow my speakers up Tonight, I'ma fight Till we see the sunlight, are lyrics to which song??

Accepted Answer

Tik Tok

Question 24

What is a group of rhinoceros called

Accepted Answer

A crash

Question 25

French word for "supply"

Accepted Answer

fourniture

Question 26

If the price of a good X rises, the demand curve for good X will

Accepted Answer

not shift, but see a movement of the quantity demand to the left

Question 27

What would be the amount of deadweight loss following the tax?

Accepted Answer

$100

Question 28

2% rise in income leads to 3% fall in QD in good X. The coefficient of income elasticity:

Accepted Answer

is negative, thus X is an inferior good.

Question 29

What would be the total revenue made by sellers after the tax?

Accepted Answer

$100

Question 30

What is the most common animal mascot in NCAA athletics?

Accepted Answer

Bulldogs

Question 31

The area representing the tax revenue to the gov't on this graph is...

Accepted Answer

P1P3VT

Question 32

If the price of a good X rises, the demand curve for good Y, a substitute, will

Accepted Answer

shift right

Question 33

Price for a good decreases by 7 percent, and total revenue is unchanged, this good would be:

Accepted Answer

Unitary Elastic

Question 34

If a 10% ↑ in the price of a good leads to a 25% ↓ in the quantity demanded of the good, then

Accepted Answer

demand is relatively elastic

Question 35

Spanish word for "price"

Accepted Answer

precio

Question 36

What would be the elasticity of demand when the price rises from $20 to $30 due to the tax?

Accepted Answer

Elastic

Question 37

For an elastic good, for the quantity demanded to have decreased by 2 percent, the price would had to have

Accepted Answer

increased by less than 2 percent

Question 38

If supply shifts right and demand left then:

Accepted Answer

price will definitely fall & quantity will be indeterminate

Question 39

Price for a good decreases by 7 percent, and total revenue increases by 15 percent, this good would be:

Accepted Answer

Elastic

Question 40

If the Income Elasticity for a product is negative, then that product is a:

Accepted Answer

inferior good.

Question 41

what is a determinant of supply

Accepted Answer

Input Prices

Question 42

Law of supply

Accepted Answer

P up, Qs up

Question 43

What would be the amount of consumer surplus before the tax?

Accepted Answer

$200

Question 44

Prices that are too high creates a _______, while prices that are too low creates a ______.

Accepted Answer

surplus; shortage

Question 45

A price floor placed below the equilibrium price would cause consumer surplus to ___________.

Accepted Answer

remain unchanged

Question 46

Buying less of a good when you win the lottery means that good is

Accepted Answer

an inferior good.

Question 47

What is the elasticity of this curve?

Accepted Answer

Perfectly Inelastic

Question 48

For an inelastic good, if the price increases by 7 percent, the quantity demanded would have to

Accepted Answer

decrease by less than 7 percent

Question 49

When elasticity is infinite it is called __________.

Accepted Answer

Perfectly Elastic

Question 50

What is the fear of Halloween?

Accepted Answer

Samhainophobia

Question 51

The price the producers will receive after tax is found on this graph at...

Accepted Answer

P1

Question 52

When supply increases, quantity demand will also increase

Accepted Answer

True

Question 53

A price ceiling placed below the equilibrium price would cause producer surplus to ___________.

Accepted Answer

fall

Question 54

Price for a good increases by 5 percent, and total revenue increases, this good would be:

Accepted Answer

Inelastic

Question 55

Having an elasticity of demand coefficient of -0.2 means that good is

Accepted Answer

an inelastic good.

Question 56

If an effective rent ceiling is eliminated, which is most likely to occur...

Accepted Answer

Increase in rental prices and increase in quantity supplied

AP Supply Demand Unit IN CLASS review

Questions 56

AP Supply Demand Unit IN CLASS review

Questions 56