Microeconomics Review

Microeconomics Review

Assessment

Flashcard

Other

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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28 questions

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1.

FLASHCARD QUESTION

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Media Image

Back

supply

2.

FLASHCARD QUESTION

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Media Image

Back

demand

3.

FLASHCARD QUESTION

Front

An increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.

Back

increase; substitutes

4.

FLASHCARD QUESTION

Front

Printers and ink cartridges are typically purchased together. Economists would call these

Back

Complements

5.

FLASHCARD QUESTION

Front

What is a factor that will NOT cause the demand curve to shift? Options: Tastes and Preferences, Number of Consumers, Price, Consumer expectations

Back

Price

6.

FLASHCARD QUESTION

Front

If a consumer knows that a product will be going on sale next week, how will his/her CURRENT demand be affected?

Back

it will decrease

7.

FLASHCARD QUESTION

Front

In a market economy, who decides on the prices of goods and services?

Back

buyers and sellers

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