Econ 9 week flashcard

Front

Which of these is the best description of a normal supply curve? Its slope is completely horizontal, Its slope goes up when the diagram is read from right to left, Its slope goes up when the diagram is read from left to right, Its slope is completely vertical

Back

Its slope goes up when the diagram is read from left to right

Front

Which would an economist consider a substitute for coffee? Tea, Water, Soda, Juice

Back

Tea

Front

Which would an economist consider a complement to coffee? Tea, Water, Donuts, Spaghetti

Back

Donuts

Front

When the price of something increases, the quantity demanded

Back

Decreases

Front

Which is most likely a complement to an iphone? Options: DVD's, speakers, apps, pencils

Back

apps

Front

Which of these BEST describes the influence of high prices on the behavior of consumers? They are an incentive for consumers to buy less, They encourage consumers to modify their supply schedules, They are an incentive for consumers to buy more, They have no effect on Consumers

Back

They are an incentive for consumers to buy less

Front

New technology can _______

Back

Both lower production costs and increase productivity

Front

The supply of goods matches the demand of goods

Back

equilibrium price

Front

The supply and demand model shows _____ and ______

Back

price, quantity

Front

Supply is

Back

how much a producer (a business) is able and willing to make for sale to consumers.