Econ U2: Supply, Demand, & Equilibrium

Flashcard
•
Financial Education
•
10th Grade
•
Hard
Standards-aligned
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28 questions
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1.
FLASHCARD QUESTION
Front
What happens to the supply curve when there is an improvement in technology?
Back
It shifts to the right.
Answer explanation
When there is an improvement in technology, the supply curve shifts to the right as it becomes easier and more efficient to produce goods, increasing the quantity supplied at each price level.
Tags
DOK Level 1: Recall
2.
FLASHCARD QUESTION
Front
Which of the following factors can cause a shift in the demand curve?
Options:
Changes in consumer income,
Changes in the price of the good itself,
Changes in the quantity supplied,
Changes in production technology
Back
Changes in consumer income
Tags
DOK Level 1: Recall
3.
FLASHCARD QUESTION
Front
If the price of coffee increases, what is likely to happen to the demand for tea?
Back
Demand increases
Answer explanation
If the price of coffee increases, consumers may switch to tea as a substitute, leading to an increase in the demand for tea.
Tags
DOK Level 1: Recall
4.
FLASHCARD QUESTION
Front
How does an increase in the cost of raw materials affect the supply curve?
Back
It shifts to the left.
Answer explanation
An increase in the cost of raw materials leads to a decrease in supply, shifting the supply curve to the left.
Tags
DOK Level 1: Recall
5.
FLASHCARD QUESTION
Front
Explain how a decrease in consumer income affects the demand curve for a normal good.
Back
The demand curve shifts to the left.
Tags
DOK Level 2: Skill/Concept
6.
FLASHCARD QUESTION
Front
What is the likely effect on equilibrium price and quantity if there is an increase in both supply and demand?
Back
Equilibrium price remains unchanged, equilibrium quantity increases.
Tags
DOK Level 2: Skill/Concept
7.
FLASHCARD QUESTION
Front
A new tax is imposed on producers of a good. Predict the changes in the supply curve and the new equilibrium.
Back
Supply curve shifts to the left, equilibrium price increases.
Answer explanation
Supply curve shifts to the left, equilibrium price increases. Supplier costs increase, which makes supply lower. Supply curve crosses Demand curve at a lower price.
Tags
DOK Level 3: Strategic Thinking
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