Demand and Supply Determinants

Much of the tea in the U.S. is imported from India. If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the U.S.?

• Supply would increase

• Supply would Decrease

• Supply would stay the same

• India is not a real country

In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly

• elastic

• inelastic

Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?

• Demand for gasoline will decrease 

• Demand for gasoline will increase

• Demand for gasoline will stay the same

In an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?

• Supply for gasoline will decrease

• Supply for gasoline will increase

• Supply for gasoline will stay the same

Tags

NGSS.HS-ESS3-1

Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?

• The price will go up.

• The price will go down.

Part of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…

• consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.

• the supply of superstar basketball players is low, while the supply of competent teachers is much larger.

• demand for LeBron James' talents is very high since he can generate so much revenue for a firm.

• all of the choices

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

• The price will go up.

• The price will go down.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

• The supply will probably go up

• The supply will probably go down

Tags

NGSS.MS-LS1-5

NGSS.MS-LS2-1

NGSS.MS-LS2-4

Much of the tea in the U.S. is imported from India. If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the U.S.?

• Supply would increase

• Supply would Decrease

• Supply would stay the same

• India is not a real country

In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly

• elastic

• inelastic