Economics Unit 2 Review

Front

This graph could reflect a recent trend in Kobe jerseys. The graph shows a/an:

Back

increase in demand

Front

Although they usually buy Coke, consumers start buying Pepsi instead because its on sale. This concept is called:

Back

substitution

Front

Which of the following is a factor which could increase supply?
number of consumers,
government subsidies,
trends or tastes,
change in income

Back

government subsidies

Front

What is the only factor that leads to a change in quantity demanded or quantity supplied?

Back

change in price

Front

What does this graph show?

Back

A decrease in demand

Front

The Law of Demand states that when prices increase,:

Back

demand decreases

Front

The willingness & ability of the people to purchase a product is called:

Back

demand

Front

What caused the change shown on the graph? Options: the producer overestimated supply, productivity decreased, technology improved, the price went down

Back

the price went down

Front

If the price of Nike went up, the demand for Adidas would most likely:

Back

increase

Front

The schedule shown reflects:

Back

the Law of Supply