
Supply and Demand!
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Wayground Content
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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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