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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.
Question 2
2.
Question 3
3.
Question 4
4.
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
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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.
Question 9
9.
Question 10
10.
Question 11
11.
Question 12
12.
Put a green arrow for a demand increase and a yellow one for a demand decrease
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Question 13
13.
Draw a green curve showing a demand increase, and a yellow one showing a demand decrease
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Question 14
14.
Draw a green curve showing a demand increase, and a yellow one showing a demand decrease
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Question 15
15.
Question 16
16.
Question 17
17.
Question 18
18.
Question 19
19.
Question 20
20.
Question 21
21.
Question 22
22.
Question 23
23.
Plot the situation in paragraph 4 for rice.
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Question 24
24.
Plot and name the shift described in paragraph 6 for protein, bread and pasta (be careful)
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Question 25
25.
Level 7 BONUS: Plot and name the shift described in paragraph 18 for farmers
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Question 26
26.
Question 27
27.
Question 28
28.
Draw a supply curve
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Question 29
29.
Draw a supply curve that is inelastic in yellow and an elastic one in minty green
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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
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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
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Question 32
32.
Circle the equilibrium point for this market
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Question 33
33.
Circle the place where buyers and sellers agree on the price
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Question 34
34.
Question 35
35.
Draw a green supply curve that is elastic and sets the equilibrium point where indicated
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Question 36
36.
Draw equilibrium at 6.50. Indicate how many are sold.
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Question 37
37.
Draw equilibrium at $7. Indicate how many are sold
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Question 38
38.
What price would be required to sell all 75 items. Use the graph to answer the question
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Question 39
39.
Draw a blue shift that results in a $7 price.
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Question 40
40.
Draw the OTHER blue shift that results in a $7 price.
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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
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
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
Which is harder to grow
cattle-feed rice
Human-consumption rice
Which is more elastic in its demand?
Candy bars
Oatmeal
Which is more elastic in its demand?
Thanksgiving Turkey
Ham at Christmas
Which is more elastic in its demand?
Pepsi
Tylenol
Which is more elastic in its demand?
Tooth fillings
Braces for Adults
Which type of unemployment starts with "I Quit"
Frictional
Cyclical
Seasonal
Structural
Which type of unemployment starts with a bad downturn in the overall economy
Frictional
Cyclical
Seasonal
Structural
Which type of unemployment starts with the job being sent overseas
Frictional
Cyclical
Seasonal
Structural
Which type of unemployment starts with the job replaced by a machine
Frictional
Cyclical
Seasonal
Structural
Which type of unemployment starts with the job no longer being needed today
Frictional
Cyclical
Seasonal
Structural
Which type of unemployment starts with the job being computerized
Frictional
Cyclical
Seasonal
Structural
Which type of unemployment starts with the job being only done at Christmas
Frictional
Cyclical
Seasonal
Structural
Which type of unemployment starts with a bad employee getting the boot from the job
Frictional
Cyclical
Seasonal
Structural
For the Law of Supply, complete this: As price rises
Supply rises
Quantity Supplied falls
Quantity Supplied rises
Quantity Demanded falls
For the Law of Supply, complete this: As price falls
Supply rises
Quantity Supplied falls
Quantity Supplied rises
Quantity Demanded falls
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