Economics Standard 3: 2020 Practice

Front

In the graph, what information is determined by looking at the intersection of the supply and demand curves?

Back

equilibrium price

Front

A volcano erupts in Hawaii that destroys or severely damages many of the pineapple orchards located there. What will be the effect on price and quantity of pineapples sold?

Back

price will rise and quantity will fall

Front

If the Organization of the Petroleum Exporting Countries (OPEC) decided to cut oil production for the coming year, what would be the most likely effect?

Back

oil prices would probably rise

Front

The purpose of the graph is to show: a good's equilibrium price, labor required for a project, changes in the demand for a product, production possibilities with available resources

Back

changes in the demand for a product

Front

Which statement accurately reflects how the workers’ earnings are determined in the graph? Options: The janitors have a lower wage than the surgeons. The surgeons have higher productivity than the janitors. The demand for surgeons is greater than the supply, pushing up wages. The demand for janitors is greater than the supply, ensuring low wages.

Back

The demand for surgeons is greater than the supply, pushing up wages.

Front

What will happen to the price of candy on November 1, if there were a huge storm in the area and it didn't allow for shopping in the days leading up to (and the day of) Halloween?

Back

The price would fall to move the excess supply of candy.

Front

What would be the situation if the price was moved from p2 to p3?

Back

there would be a shortage of widgets

Front

In Manhattan, where living space is in short supply, the city has enacted rent control, which limits the amount landlords can charge for rent. As a result,

Back

the demand for apartments in rent-controlled areas far outstrips the supply.

Front

Based on the laws of supply and demand, which situation would lead to a shortage? Options: Consumers are unwilling to pay for the product., Businesses are unwilling to reduce the inventory., The price of a product falls below the equilibrium price., The price of a product rises above the equilibrium price.

Back

The price of a product falls below the equilibrium price.

Front

If producers moved the price from p3 to p1

Back

buyers would likely purchase fewer widgets.