EPF UNIT 1 TEST REVIEW -1

Front

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

Back

demand

Front

Which of the following would not shift the supply curve for iphones? Options: an increase in the price of iphones, a decrease in the number of sellers of iphone, an increase in the price of plastic, an input into the production of iphones, an improvement in the technology used to produce iphones

Back

an increase in the price of iphones

Front

The Law of Supply states:

Back

as price increases, supply increases

Front

Which of these shifts most accurately represents what will happen if a Major Auto producer goes out of business?

Back

Front

Change in automobiles if the Cost of Steel decreases

Back

Front

The diagram represents a

Back

increase in demand

Front

What will happen in the rice market if buyers are expecting higher prices in the near future?

Back

The demand for rice will increase.

Front

A reduction in the overall population of an area will likely cause a demand curve to shift

Back

left

Front

Which of the following would NOT cause a demand curve to shift? a change in a consumer's income level, a change in population, a change in a consumer's expectations, a change in the price of a product.

Back

a change in the price of a product.

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market.

Back

Traditional, Command, Mixed, & Market