Supply and Demand
Flashcard
•
Other
•
9th - 12th Grade
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
The law of demand states that if the price of CD’s rise, consumers will
Back
Buy fewer CDs
2.
FLASHCARD QUESTION
Front
The law of supply states that if the price of CD’s rise, suppliers will:
Back
Supply more CDs
3.
FLASHCARD QUESTION
Front
Which of the following is NOT a determinant of the supply of peanut butter? Options: The price of peanuts, The wages of peanut butter factory workers, The income of peanut butter consumers, Existing peanut butter making technology
Back
The income of peanut butter consumers
4.
FLASHCARD QUESTION
Front
Which of the following will cause an increase in demand for snowboards? Options: 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
5.
FLASHCARD QUESTION
Front
What does a “surplus” (extra amount) of goods in a market imply? Options: Prices are too high, Prices are too low, Supply is too low, Demand is too high
Back
Prices are too high
6.
FLASHCARD QUESTION
Front
The United States imports many cars from Japan. Suppose that the price of material(s) that Japan uses in making cars declines. What is the INITIAL (first) effect this will have on the Japanese car manufacturers?
Back
The input costs of Japanese made cars in the US will decrease
7.
FLASHCARD QUESTION
Front
What happens to the market for gasoline when Americans revive their love of SUVs and the newly remodeled, but still "gas guzzling" Hummer?
Back
Demand for gasoline will increase
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