Econ-4.2 Formative Assessment- Option 1

Dropdown

Assume the current price of Starbucks Lattes is $4. Now, a change in the market for Starbucks Lattes occurs, causing the price of Starbucks Lattes to increase in price by $2. 



What would be the NEW PRICE? ​ ​

Select answer

What would be the QUANTITY SUPPLIED at the NEW PRICE? ​

Select answer

Dropdown

 Assume the current price of Starbucks Lattes is $6. Now, assume people start to feel uneasy about the economy, causing the price of Starbucks Lattes to decrease in price by $4. 



What would be the NEW PRICE? ​

Select answer

What would be the QUANTITY SUPPLIED at the NEW PRICE? ​ ​

Select answer

Labelling

Match each of the unlabeled graphs with the proper label provided.

Drag labels to their correct position on the image

Decrease in Supply

Increase in Supply

Decrease in Quantity Demanded

Increase in Quantity Supplied

Multiple Choice

For the scenario below, identify if Supply or Quantity Supplied changes.

Market: Beef

Scenario: Everything else remaining constant, the drought in the plains states has made grain (and therefore beef cattle feed) very expensive.

• Supply

• Quantity Supplied

Multiple Choice

For the scenario below, identify if Supply or Quantity Supplied changes.

Market: Fitbit Sense

Scenario: Everything else remaining constant, the newest Fitbit smartwatch, the Sense, is incredibly popular, causing the market price for the Sense to increase.

• Supply

• Quantity Supplied

Multiple Choice

For the scenario below, identify what is changing: Demand or Quantity Demanded AND how it is changing- Increasing or Decreasing.

Market: Flat Screen TVs

Scenario: Everything else remaining constant, Because of their popularity, the price of Flat Screen TVs increases significantly.

• Supply; Decrease

• Quantity Supplied; Decrease

• Supply; Increase

• Quantity Supplied; Increase

Multiple Choice

For the scenario below, identify what is changing: Demand or Quantity Demanded AND how it is changing- Increasing or Decreasing.

Market: SUVs

Scenario: Everything else remaining constant, government regulations on the production of all vehicles, including SUVs, are decreased.

• Supply; Decrease

• Quantity Supplied; Decrease

• Supply; Increase

• Quantity Supplied; Increase

Open Ended

Directions: For the scenarios below SUPPLY will be shifting, provide the following:

a: The Shifter that is causing the supply curve to shift; 

b: What happens to Supply (INCREASE or DECREASE) & 

c: Identify the Graph Provided that shows the proper change in Supply

Market: Wheat

Scenario: Everything else remaining constant; the state of Minnesota increases the amount of subsidies to all farmers.

Open Ended

Directions: For the scenarios below SUPPLY will be shifting, provide the following:

a: The Shifter that is causing the supply curve to shift; 

b: What happens to Supply (INCREASE or DECREASE) & 

c: Identify the Graph Provided that shows the proper change in Supply

Market: Solar Panels

Scenario: Everything else remaining constant, the price of silicon cells, an important component used in the production of solar panels, has decreased significantly.

Open Ended

Directions: For the scenarios below SUPPLY will be shifting, provide the following:

a: The Shifter that is causing the supply curve to shift; 

b: What happens to Supply (INCREASE or DECREASE) & 

c: Identify the Graph Provided that shows the proper change in Supply

Market: Butter

Scenario: Everything else remaining constant, butter producers believe the price of butter will increase in the near future.