F24: Optional Final Review Econ

Front

Which of the following is a factor that can cause a shift in the supply curve?
Change in consumer preferences,
Change in production technology,
Change in consumer income,
Change in the price of substitutes

Back

Change in production technology

Front

What is the law of supply?

Back

As the price of a good increases, the quantity supplied increases.

Front

Identify a factor that affects demand: Cost of production, Consumer income, Number of suppliers, Production technology

Back

Consumer income

Front

Which of the following scenarios would cause a shift to the right in the demand curve for a product? A decrease in consumer income, An increase in the price of a substitute good, A decrease in the price of a complementary good, An increase in production costs

Back

A decrease in the price of a complementary good

Front

What happens to the supply curve when there is an improvement in production technology?

Back

It shifts to the right.

Front

Explain how a decrease in the price of raw materials affects the supply curve.

Back

The supply curve shifts to the right.

Front

Which of the following best describes a change in demand? A movement along the demand curve due to a change in price, A shift of the demand curve due to a change in consumer preferences, A movement along the supply curve due to a change in price, A shift of the supply curve due to a change in production costs

Back

A shift of the demand curve due to a change in consumer preferences

Front

If the government imposes a tax on a good, what is the likely effect on the supply curve?

Back

The supply curve shifts to the left.

Front

Analyze how an increase in consumer income affects the demand for normal goods.

Back

The demand curve shifts to the right.

Front

Evaluate the impact of a successful advertising campaign on the demand curve for a product.

Back

The demand curve shifts to the right.