Economic Systems and Supply and Demand Test 2024

Front

What term do economists use to describe the act of buying?

Back

demand

Front

A drop in income would have the least effect on the demand for

Back

bread.

Front

Bacon and eggs best qualify as an example of

Back

complementary goods.

Front

What is the typical description of a fad item's demand curve?

Back

shift right, then shift left

Front

What does a rightward shift in a supply curve indicate?

Back

an increase in supply

Front

What does a leftward shift in a supply curve indicate?

Back

a decrease in supply

Front

What is the most significant reason for the rapid drop in the price of cellular phones and laptop computers since they were first introduced?

Back

improvements in technology

Front

If the government forces milk to be sold above the market equilibrium price, what results?

Back

surplus

Front

If the government forces homes to be rented below the market equilibrium price, what results?

Back

shortage

Front

This part of the market determines DEMAND: buyers, sellers, suppliers, store owners

Back

buyers