Unit 4,5,6 Review Game: Question Preview (ID: 19851)

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Demand for a product varies _______. as price _____, demand increases. As price ______, demand decreases.
a) Directly, increases, decreases
b) inversly, decrease, increase
c) inversly, increase, decreases
d) directly, decreases, increases

Price signal information to sellers to adjust their _____ and _____ whcih impacts the supply and demand of procducts
a) price and quantities
b) supply and demand
c) marker equilibrium and price system
d) surplus and shortage

products that are purchased together, on product will increase just because its related product increased
a) subsitute good
b) inelastic good
c) elastic good
d) complement good

if people develop a taste for coffee there is then a _____ in the demand for tea. the demand curve for tea shifts _____. this is an example of _____.
a) increase, left, consumer taste
b) decrease, right, change in population
c) decrease, left, consumer taste
d) increase, right, change in income

market equilibrium is where _____ and _____ are equal
a) marginal utility and quotas
b) trade barriers and duties
c) quantity demand and quantity supply
d) tariffs and exchange rates

What creates shortages and surpluses?
a) Equilibrium
b) Disequilibrium
c) The Price System
d) Protectionism

If the price of dairy products such as cheese increase, the supply curve for pizza will shift________.
a) Lift
b) High
c) Higher
d) Lower

Which of the following are not two examples of elastic goods?
a) greek yogrt vs. yoplay
b) Nike vs. underarmor
c) Dr. Pepper vs. Dr. Thunder
d) Gasoline vs. medicine

A demand schedule is a chart that lists the _______ at each and every price.
a) Margine Utility
b) Demand
c) Quantity Supply
d) Quaninty Demand

When the Iphone 5s first came out there were many lines of people wanting the product, so a large amount were being produced and prices were able to be maintained very high. This is an example of?
a) Law of Demand
b) Opportunity
c) Law of Supply
d) Factors of Production

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