12-Week Econ Assessment

This image represents:

• An increase in quantity demanded

• A demand schedule

• The law of demand

• The law of supply

According to the law of demand, the relationship between "price" and "quantity demanded" is:

• Inverse

• Direct

• Not correlated

This image best represents:

• An increase in demand

• A decrease in demand

• A decrease in quantity demanded

• An increase in quantity demanded

A cause for the change seen in this curve would be:

• An increase in the price of the good

• An increasing population

• An increase in the price of a complementary good

• A decrease in quantity demanded

A determinant of the change seen here could be:

• An increase in income

• A decrease in the price of a substitute good

• An increase in population

• A new viral ad campaign for the good

This image represents:

• The law of demand

• The law of supply

• A supply schedule

• An increase in quantity demanded

According to the law of supply, the relationship between price and quantity supplied is:

• Direct

• Inverse

• Not correlated

This graph represents a(n):

• Increase in quantity supplied

• Increase in supply

• Decrease in quantity supplied

• Increase in quantity demanded

A cause, or determinant, of the change seen in this graph would be:

• An increase in the cost of cocoa beans used in making chocolate

• Government subsidies that make production cheaper

• Using more efficient, automated machinery to reduce production costs

• An increase in the number of suppliers (competitors)

A cause, or determinant, of the change seen in this graph would be:

• Sellers expect prices to go down in the future

• Taxes on steel make it more expensive to produce

• An increase in price led to increase in quantity supplied

• Government regulations increase the cost of production