Howdy Kids! Hope you had fun with the Supply and Demand Game!
For the second economics test we will be covering the following topics!
1) Supply, Law of Supply, Types of Good (Inferior, Normal, Complementary, Subsitute) Supply Schedules, Supply Curves.
2) Demand, Law of Demand, Elasticity of Demand, Demand Schedules, Demand Curves
3) Supply and Demand (together), Equillibrium.
The test will be developed by YOU.
Each student must contribute at least three multiple choice and one short answert question in a response to the blog comment. (For you newbs, That means click on 'Post a Comment' to submit your test questions.)
A very high percentage of the test questions will be taken from your submitted questions.
Also, include the answers to your questions, so you can help each other STUDY!
This will count as 25% of your test grade!
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7 comments:
If the price of lemonade raised to
$25 a glass what would happen to the demand of lemonade?
a.it will decrease greatly
b.it will decrease slightly
c.it will increase slightly
d.It will stay the same
If all the schools in the nation changed their dress code to academic dress(similar to harveys)what would happen to the demand of polos?Dress pants?Explain.(short answer)
If marijuana were to be legalized what would happen to the supply avaible to the public?
a.It will decrease
b.it will stay the same
c.it will increase
d.it will dissapear completely
The price of iPath shoes is...
a.elastic
b.inelastic
c.high
d.low
1)on a demand curve graph, the supply is what color on the graph?
a)red
b)green
C)blue
d)yellow
2)is BandAid inelastic or elastic?
a)inelastic
b)elastic
c)rubber
d)demand curve
3)is ciggeretts inelastic or elastic?
a)elastic
b)tabacco
c)inelastic
4)what does economy stand for?
1. How would icreasing a price have and affect on other goods?
2. Why does quantity demand go up when price goes down?
3. what is it called if you raise the price a little but demand goes down by a lot?
Questions for test:
1. What is the law of demand?
2. Suply and demand curves?-Graph
3. Type of goods?
by: Juan Montes
1.Michael Jordon makes millions of dollars while teachers earn 30,000 dollars is because:
A.The supply of superstar basketball players is very low, while the supply of competent teachers is much larger.
B.Demand for Michael Jordan's talents is very high since he can generate so much revenue for a firm.
c.Consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.
c.All of the Above
1. What happens to the demand when the price a good goes up?
a)The demand goes up
b)The demand decreases
c)Nothing changes
d)All of the above
2. What happens to the demand when the price a good goes down?
a)The demand goes up
b)The demand decreases
c)Nothing changes
d)All of the above
3. Which of this would be inelastic?
a)Trip to Mexico
b)Medication
c)Luxury Dinner
1) As a consumer's income increases the demand for inferior goods...
a) Increases
b) Decreases
c) Stays the same
2) If the price of good increases slightly, yet the demand for the good decreases dramaticly. What is the elasticity of the good?
a) Elastic
b) Inelastic
c) Unitary Elastic
3) A Supply and Demand Curve is used to display which of the following?
a) Supply and Demand Schedule
b) Equilibrium
c) Disequilibrium
d) A futuristic action film starring Christian Bale
4) Give a example of a inferior good and a normal
-Noah
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