Supply and Demand
3 years ago
msgoldberg
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10 QuestionsShow answers
  • Question 1
    30 seconds
    Q. The law of demand states that if the price of CD’s rise, consumers will
    answer choices
    Buy more CDs
    Buy fewer CDs
    Quantity demanded will not change
  • Question 2
    30 seconds
    Q. The law of supply states that if the price of CD’s rise, suppliers will
    answer choices
    Supply more CDs
    Supply fewer CDs
    Quantity supplied will not change
  • Question 3
    30 seconds
    Q. Which of the following is NOT a determinant of the supply of peanut butter?
    answer choices
    The price of peanuts 
    The wages of peanut butter factory workers 
    The income of peanut butter consumers
    Existing peanut butter making technology
  • Question 4
    30 seconds
    Q. Which of the following will cause an increase in demand for snowboards?
    answer choices
    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 
  • Question 5
    30 seconds
    Q. What does a “surplus” (extra amount) of goods in a market imply?
    answer choices
    Prices are too high
    Prices are too low
    Supply is too low
    Demand is too high
  • Question 6
    30 seconds
    Q. 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?
    answer choices
    The input costs of Japanese made cars to the US will increase 
    The quantity supply of Japanese made cars sold in the US will decrease 
    The input costs of Japanese made cars in the US will decrease 
    The quantity demand of Japanese made cars sold in the US will decrease
  • Question 7
    30 seconds
    Q. Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?
    answer choices
    Demand for gasoline will decrease 
    Demand for gasoline will increase
    Demand for gasoline will stay the same
  • Question 8
    30 seconds
    Q. Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
    answer choices
    Demand for gasoline will decrease 
    Demand for gasoline will increase
    Demand for gasoline will stay the same
  • Question 9
    30 seconds
    Q. Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?
    answer choices
    Supply for gasoline will decrease 
    Supply for gasoline will increase
    Supply for gasoline will stay the same
  • Question 10
    30 seconds
    Q. 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?
    answer choices
    Supply for gasoline will decrease
    Supply for gasoline will increase
    Supply for gasoline will stay the same
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