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Unit 2 review Flashcards | StudBud

Explore/Unit 2 review

Unit 2 review

9 terms·StudBud Administration·3 plays

For Adv. Econ.

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Questions 9

Answers

1
Vocab: Vice-Versa
occurs when quantities demanded increase or decrease at all prices
The opposite is also true
the process of distributing something
A product or service that consumers see as essentially the same product
2
Who is the voice actor for Knuckles in the Sonic movies?
Keanu Reeves
Idris Elba
Roger Craig Smith
Troy Baker
3
T/F: The supply curve has an inverse relationship with price and supply
True
False
4
Which is NOT an example of a demand shifter?
Changes in income
Changes in consumer taste and preferences
Changes due to natural disasters
Changes in number of consumers
5
What would be an example of the law of demand?
The production cost of making potato chips increases
The supply of chicken sandwiches at Chick-Fil-A is reduced
Price goes up for burritos at chipotle, so more people go for bowls.
Consumers want the McRib back at McDonalds
6
Vocab: Allocation
The sum of all the individual quantities supplied in a market
A product that is consumed alongside another
the opposite is also true
The process of distributing something
7
Which is NOT a supply shifter?
Changes in Producer expectations
Changes in government policy
Changes in the cost of inputs
Changes in consumer behavior
8
is this a decrease or increase to the demand curve?
Increase
Decrease
Idk
9
T/F: The demand curve has an inverse relationship between price and demand
True
False