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Micro Demand Shifts
By Rob Collins
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Last updated over 6 years ago
40 questions
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Question 1
1.
Which statement best describes the main claim of the article
The price of rice seems unrelated to how much of it Japanese people buy
Rice is less popular in Asia
Economics can't explain why rice is less popular
Economics has the answer to all questions about rice
Question 2
2.
Which statement best explains the impact of cafeteria workers on rice consumption
They didn't want to eat rice
They didn't want to grow rice
They didn't want to clean up rice
They didn't want to eat and clean up rice
Question 3
3.
How are foreign rice imports dealt with by the Japanese government?
They are encouraged
They are lightly discouraged
They are strongly discouraged
They are forbidden
Question 4
4.
Which is harder to grow
cattle-feed rice
Human-consumption rice
Question 5
5.
Label the price and quantity (and x and y) axes.
visibility
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Question 6
6.
Draw a demand curve in blue
visibility
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Question 7
7.
Draw an inealstic demand curve in Blue and an elastic one in Green
visibility
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Question 8
8.
Which is more elastic in its demand?
Candy bars
Oatmeal
Question 9
9.
Which is more elastic in its demand?
Thanksgiving Turkey
Ham at Christmas
Question 10
10.
Which is more elastic in its demand?
Pepsi
Tylenol
Question 11
11.
Which is more elastic in its demand?
Tooth fillings
Braces for Adults
Question 12
12.
Put a green arrow for a demand increase and a yellow one for a demand decrease
visibility
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Question 13
13.
Draw a green curve showing a demand increase, and a yellow one showing a demand decrease
visibility
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Question 14
14.
Draw a green curve showing a demand increase, and a yellow one showing a demand decrease
visibility
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Question 15
15.
Which type of unemployment starts with "I Quit"
Frictional
Cyclical
Seasonal
Structural
Question 16
16.
Which type of unemployment starts with a bad downturn in the overall economy
Frictional
Cyclical
Seasonal
Structural
Question 17
17.
Which type of unemployment starts with the job being sent overseas
Frictional
Cyclical
Seasonal
Structural
Question 18
18.
Which type of unemployment starts with the job replaced by a machine
Frictional
Cyclical
Seasonal
Structural
Question 19
19.
Which type of unemployment starts with the job no longer being needed today
Frictional
Cyclical
Seasonal
Structural
Question 20
20.
Which type of unemployment starts with the job being computerized
Frictional
Cyclical
Seasonal
Structural
Question 21
21.
Which type of unemployment starts with the job being only done at Christmas
Frictional
Cyclical
Seasonal
Structural
Question 22
22.
Which type of unemployment starts with a bad employee getting the boot from the job
Frictional
Cyclical
Seasonal
Structural
Question 23
23.
Plot the situation in paragraph 4 for rice.
visibility
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Question 24
24.
Plot and name the shift described in paragraph 6 for protein, bread and pasta (be careful)
visibility
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Question 25
25.
Level 7 BONUS: Plot and name the shift described in paragraph 18 for farmers
visibility
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Question 26
26.
For the Law of Supply, complete this: As price rises
Supply rises
Quantity Supplied falls
Quantity Supplied rises
Quantity Demanded falls
Question 27
27.
For the Law of Supply, complete this: As price falls
Supply rises
Quantity Supplied falls
Quantity Supplied rises
Quantity Demanded falls
Question 28
28.
Draw a supply curve
visibility
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Question 29
29.
Draw a supply curve that is inelastic in yellow and an elastic one in minty green
visibility
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Question 30
30.
Draw a supply curve that is inelastic in yellow and which results in a price of 2.50
visibility
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Question 31
31.
Draw a supply curve that is elastic in green and which results in a price of 3.50
visibility
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Question 32
32.
Circle the equilibrium point for this market
visibility
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Question 33
33.
Circle the place where buyers and sellers agree on the price
visibility
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Question 34
34.
What is the best definition of equilibrium?
Stable Prices
Where supply and demand meet each other.
Where supply crosses price
where buyers select an item
Question 35
35.
Draw a green supply curve that is elastic and sets the equilibrium point where indicated
visibility
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Question 36
36.
Draw equilibrium at 6.50. Indicate how many are sold.
visibility
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Question 37
37.
Draw equilibrium at $7. Indicate how many are sold
visibility
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Question 38
38.
What price would be required to sell all 75 items. Use the graph to answer the question
visibility
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Question 39
39.
Draw a blue shift that results in a $7 price.
visibility
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Question 40
40.
Draw the OTHER blue shift that results in a $7 price.
visibility
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