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Supply and Demand!

Supply and Demand!

Assessment

Flashcard

•

Social Studies

•

12th Grade

•

Practice Problem

•

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

When the demand curve shifts to the left, this suggests demand has

Back

decreased

2.

FLASHCARD QUESTION

Front

When the demand curve has shifted to the right, this suggests demand has

Back

increased

3.

FLASHCARD QUESTION

Front

When price increases, quantity demanded

Back

decreases

4.

FLASHCARD QUESTION

Front

If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the U.K.?

Back

Supply would Decrease

5.

FLASHCARD QUESTION

Front

If a wave of Peruvian immigrants migrated to south Florida, how might this affect the demand for Peruvian goods in the region?

Back

Demand would increase

6.

FLASHCARD QUESTION

Front

When the price of Nike brand shoes increases, we will probably go purchase a brand like Adidas or Pumas instead. Which of the following best explains this behavior?

Back

Substitution Effect

7.

FLASHCARD QUESTION

Front

In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly

Back

inelastic

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