Supply and Demand
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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28 questions
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1.
FLASHCARD QUESTION
Front
The law of demand states that if the price of iPhones rise, consumers will
Back
Buy fewer iPhones
2.
FLASHCARD QUESTION
Front
The law of supply states that if the price of iPhones rise, suppliers will
Back
Supply more iPhones
3.
FLASHCARD QUESTION
Front
Which of the following will cause an increase in demand for snowboards? More costly production methods, A decrease in the price of lift tickets at resorts in Colorado, A decrease in consumer income, A decrease in the population
Back
A decrease in the price of lift tickets at resorts in Colorado
4.
FLASHCARD QUESTION
Front
What does a surplus of goods in a market imply?
Back
Prices are too high
5.
FLASHCARD QUESTION
Front
What happens to the market for gasoline as Americans revive their love of SUVs and the newly remodeled, but still “gas guzzling” Hummer?
Back
Demand for gasoline will increase
6.
FLASHCARD QUESTION
Front
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
Back
Demand for gasoline will decrease
7.
FLASHCARD QUESTION
Front
Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?
Back
Supply for gasoline will decrease
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