Economics Supply and Demand Review

Which of the following will increase only the QUANTITY demanded for peaches?

• The price of peaches declines

• Apples, a substitute, becomes cheaper

• A tropical storm destroys hundreds of acres of peach trees

• An increase in supply of peaches

the cost of producing the good increases/decreases based on the materials necessary to produce

• input costs

• market equilibrium

• There is a fungus that kills much of the corn crop in Nebraska.

• shifts

A typical DEMAND CURVE...

• slopes DOWNWARD to the RIGHT

• Coke & Pepsi

• the estimated amount of a given commodity (good or service) people will buy at different prices

• looks so cool

Which of the following best describes a demand curve?

• a graph of the relationship between the price of a good and the quantity demanded

• The Law of Demand

• a DECREASE in DEMAND

• there is change in the QUANTITY DEMANDED

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity

• supply

• demand

• inflation

What choice below describes the following definition: the theory of social science that deals with issues such as money, banking, wealth, resources, interest rates, inflation, unemployment, business cycles, investing, etc.

• Economics

• Life!

• I'm not sure, Mr. S.! Can you help me out?

• KFC

Please complete the following sentence: ____ are people whose efforts and skills go into the production of goods and services.

• Labor

• Markets

• Economics

• Resources

Which of the following will cause a shift to the right in the demand curve for electric cars?

• A) A decrease in the price of electric cars

• B) An increase in consumer income

• C) A rise in the price of gasoline

• D) A decrease in the cost of producing electric cars

What happens to the supply curve when there is a technological advancement in the production of smartphones?

• A) The supply curve shifts to the left

• B) The supply curve shifts to the right

• C) There is a movement along the supply curve

• D) The supply curve becomes vertical

If the government imposes a tax on sugary drinks, what is the likely effect on the supply curve?

• A) The supply curve shifts to the left

• B) The supply curve shifts to the right

• C) There is no change in the supply curve

• D) The supply curve becomes horizontal