
Supply and Demand Concepts
Flashcard
•
Computers
•
12th Grade
•
Practice Problem
•
Easy
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14 questions
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1.
FLASHCARD QUESTION
Front
Which country has absolute advantage in producing cheese?
Back
England
2.
FLASHCARD QUESTION
Front
Which country has comparative advantage in producing cheese?
Back
England
3.
FLASHCARD QUESTION
Front
The law of supply states that if the price of CD’s rise, suppliers will
Back
Supply more CDs
4.
FLASHCARD QUESTION
Front
What would be an example of a shift in the supply curve to the left? Options: A decrease in the price of raw materials, An increase in the number of producers, A natural disaster that destroys part of the production capacity, A technological advancement that makes production more efficient
Back
A natural disaster that destroys part of the production capacity
5.
FLASHCARD QUESTION
Front
How does an increase in taxes on the production of a good affect the supply curve?
Back
It shifts the supply curve to the left.
6.
FLASHCARD QUESTION
Front
What does a vertical supply curve indicate?
Back
The good is perfectly inelastic.
7.
FLASHCARD QUESTION
Front
What is the law of supply?
Back
As the price of a good increases, the quantity supplied increases.
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