ECON FLASHCARD 3: Supply and Demand

ECON FLASHCARD 3: Supply and Demand

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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35 questions

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1.

FLASHCARD QUESTION

Front

The law and demand says

Back

the lower the price, the more consumers will buy

2.

FLASHCARD QUESTION

Front

A drop in price will

Back

increase the demand for goods

3.

FLASHCARD QUESTION

Front

Which of the following describes the substitution effect? Options: as the price of a good falls, people will substitute other products; as the price of a good rises, people will substitute other products; as demand rises, people will substitute other products; as demand falls, people will substitute other products.

Back

as the price of a good rises, people will substitute other products

4.

FLASHCARD QUESTION

Front

a demand curve illustrates

Back

the quantities demanded at each price by consumers

5.

FLASHCARD QUESTION

Front

A market supply curve shows

Back

the quantity supplied by producers at different prices

6.

FLASHCARD QUESTION

Front

Which of these leads to an increase in supply? Options: an increase in the cost of raw materials, a decrease in the cost of raw materials, diminishing marginal returns, a change in the law of supply

Back

a decrease in the cost of raw materials

7.

FLASHCARD QUESTION

Front

A subsidy is

Back

a government payment to support a business or market

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