DANIEL - Economics Unit 2 (NEW)

DANIEL - Economics Unit 2 (NEW)

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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10 questions

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1.

FLASHCARD QUESTION

Front

Based on this diagram, which of the following situations reflects the substitution effect resulting from a special sale on Z-Ball brand golf balls? Options: The price of Z-Balls increases when the demand for them increases. The price of Z-Balls decreases when the demand for them increases. Consumers reject the Z-Balls, assuming they are an inferior product. Consumers purchase Z-Balls rather than the brand they normally buy.

Media Image

Back

Consumers purchase Z-Balls rather than the brand they normally buy.

2.

FLASHCARD QUESTION

Front

Which of the following is the likely result of a successful advertising campaign for an electronic game? Options: a supply curve that has shifted to the right, a supply curve that has shifted to the left, a demand curve that has shifted to the right, a demand curve that has shifted to the left

Media Image

Back

a demand curve that has shifted to the right

3.

FLASHCARD QUESTION

Front

A wildfire has put a major lumber producer out of business. How might an economist show one consequence of this in a graph?

Media Image

Back

a supply curve that has shifted to the left

4.

FLASHCARD QUESTION

Front

Which of the following price / output points would be found on the market supply schedule used to create the market supply curve below? $2.00 / 150, $5.00 / 300, $5.00 / 3,000, $2.00 / 2,000

Media Image

Back

$5.00 / 3,000

5.

FLASHCARD QUESTION

Front

What characteristic of a purely competitive market does crude oil have?

Back

The product is the same no matter who produces it.

6.

FLASHCARD QUESTION

Front

What is likely to be the MAIN barrier to entry into the business shown here?

Media Image

Back

complex technology

7.

FLASHCARD QUESTION

Front

Which of the following industries is most likely to exist in a purely competitive market?
shoes,
wheat,
bottled water,
personal computers

Back

wheat

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