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Supply
Demand
Economic Systems
Will it go up/down?
Random
100

The supply curve slopes ______ .

Upward

100

Demand curve is sloped ________

Downward

100

Which economic system is LESS likely to allow any private ownership of land?

Communism

100

If price goes down, what happens to the demand curve?

Shifts up/out

100

What is Mr. Plaza'a favorite sports team?

St. Louis Cardinals

200

This influence on supply has to do with breakthroughs/advances that allow more efficient production of goods.

Technology advances

200

This influence on demand involves what customers like or don't like

Tastes and preferences

200

Which economic system best describes what the U.S. economy is based off of?

Capitalism

200

If supply goes down and demand stays the same, what happens to price and quantity?

Price increases, quantity decreases

200

Who drives the #9 NAPA Chevrolet in NASCAR?

Chase Elliott

300

This supply influencer involves companies being charged more by the government to produce their goods.

Taxes

300

If the price of off-brand cereal is cheaper than the name-brand, demand will likely decrease for the name-brand. This is due to what influence on demand?

Price of substitutes

300

Which economic system allows for some private ownership, but also involves government owning property/businesses such as utility companies

Socialism

300

If demand goes down but supply stays the same, what happens to price?

Price goes down

300

What US State is the furthest north?

Alaska

400

Pumpkin prices go up 200% due to a shortage. As a result, pumpkin-spice beverages and food decrease in supply. What influence on supply could this be attributed to?

Price of inputs/suppliers 

400

During covid, discretionary income went down as a result of massive unemployment, which made iPhone sales also decrease. Which influence on demand would this be?

Income of customers

400
Cost of rubber goes up by 20%. What happens to the supply of Goodyear tires and why?

Supply goes down due to input price increase (rubber)

500

List the 4 influencers on supply

# of suppliers

Price of inputs

Taxes

Technology

500

List the 4 influencers on demand (not including expectations for future prices)

Price

Income of customers

Price of substitutes

Tastes and preferences


500

The price of the Air Force One goes up by 50%. What will happen to the price and quantity at the new equilibrium? 

Quantity and price goes down.