Economics Unit 2 Review

Front

There has been a decrease in the price of Coca Cola. How will the price change effect the demand for Dr Pepper?

Back

The demand for Dr Pepper will decrease

Front

In 2000, Firestone Tire Co was in the news for faulty tires installed on factory Ford cars causing multiple wrecks. The (decrease/increase) in demand is a result of ____________.

Back

Decrease; a non-price determinant

Front

Which of the following is NOT a non-price determinant of demand? Consumer preference, Price of related goods, Consumer income

Back

Productivity

Front

An increase in the number of buyers in a market will cause the demand curve to shift ______.

Back

to the right

Front

What does the graph represent? Options: a change in price, a decrease in productivity, an increase in production cost, an increase in consumer income

Back

an increase in consumer income

Front

The demand schedule for sodas shows that -

Back

as price increases the demand decreases

Front

According to the graph, what is the equilibrium price? Options: $1, $2, $3, $4

Back

$3

Front

With a given amount of resources, a country with a comparative advantage will produce a product with

Back

the lowest opportunity cost.

Front

What type of market structure is described by the information? Options: Pure Competition, Monopolistic Competition, Oligopoly, Monopoly

Back

Oligopoly

Front

A market structure with only one seller is called -

Back

Monopoly