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Demand and Supply Final Exit Ticket (20 points)-Kirby-CHS
Student Name: _____________________________ Period: ______
___1. Which of the following will not cause the demand curve for steak to shift?
a. a change in the price of steak.
b. a change in the price of grills, a complement
c. an increase in consumer income
d. a change in the price of chicken, a substitute.
___2. A surplus of iPads can be expected whenever:
a. prevailing price of iPads is below the equilibrium price[QD>QS].
b. prevailing price of iPads is above the equilibrium price[QS>QD].
c. prevailing price of iPads is equal to the equilibrium price[QD=QS].
___3. If the price of hamburgers increase, the demand for hot dogs[substitute] will:
a. remain unchanged. b. shift to the right(increase). c. shift to the left(decrease).
___4. Which of the following statements is correct?
a. A decrease in the price of Hondas will increase the demand for Fords(substitutes).
b. An increase in income will decrease the demand for spam (an inferior good).
c. A decrease in income will decrease the demand for an spam (an inferior good).
d. An increase in the price of C will increase the demand for complementary product D.
___5. In moving along a stable demand or supply curve for gasoline,
what is not held constant? [What is changing?]
a. income b. taste c. price of gasoline d. resource cost of gasoline
___6. Which of the following will not shift the supply curve?
a. change in resource cost
b. change in consumer taste
c. change in the number of producers d. an increase in taxes
___7. A decrease in product price will cause:
a. QD to decrease b. QS to increase c. QD to increase
d. increase in demand
___8. If the price of apple pie decreases, the demand curve for ice cream [a complement] will:
a. remain unchanged b. shift to the right(increase) c. shift to the left(decrease)
___9. If rethread tires are inferior goods, an increase in income will:
a. decrease D, decrease P, & increase Q.
c. increase S, decrease P, & increase Q.
b. decrease D, decrease P, & decrease Q.
d. increase D. increase P, & increase Q.
___10. An increase in the price of Snickers will result in a(n):
a. increase in the demand for Snickers.
b. decrease in the demand for Snickers.
c. increase in QD for Snickers.
d. decrease in QD for Snickers.
___11. A leftward shift of the supply curve might be caused by:
a. decrease in resource cost.
b. more firms entering an industry.
c. decrease in subsidies.
d. a decrease in consumer incomes.
___12. Consumer expectations that the price of LED Flat Screen TVs will decrease sharply
in the future will:
a. increase S, increase P, & increase Q.
c. increase D, decrease P, & increase Q.
b. decrease D, increase P, & decrease Q.
d. decrease D, decrease P, & decrease Q.
___13. If bologna is an inferior good, an increase in consumer incomes will:
a. not affect the sales of bologna.
b. shift the demand curve for bologna to the left.
c. result in a shortage of bologna.
d. shift the demand curve for bologna to the right.
___14. An increase in the price of iPhones resulted in an increase in the
demand for Google phones. This indicates that iPhones and Google phones are:
a. substitute goods b. complementary goods. D. inferior goods.
___15. An “increase in the quantity supplied[QS]” suggests a:
a. rightward shift of the supply curve.
b. movement up along the supply curve.
c. movement down along the supply curve.
d. leftward shift of the supply curve.
___16. An increase in the price of corn will shift the (demand/supply) curve for
the alternative output wheat to the (left/right).
a. demand/left b. demand/right c. supply/left[decrease] d. supply/right[decrease]
___17. Which of the following will not cause the supply curve to shift?
a. a change in resource costs.
b. a technological change.
c. a change in the price of the good.
d. change in the prices of alternative outputs.
___18. What will cause an increase in demand for Fuzzy Wuzzys?
a. decrease in the price of Fuzzy Wuzzys
b. increase in the price of Fuzzy Wuzzys
b. increase in subsidies for Fuzzy Wuzzys
d. increase in taste for Fuzzy Wuzzys
___19. What will cause a decrease in supply for “oranges”?
a. decrease in the price of oranges
b. an increase in the price of oranges
c. increase in the cost of labor producing oranges
d. decrease in consumer taste for oranges
___20. What will cause an increase in QS for “oil”?
a. decrease in the price of oil
b. an increase in the price of oil
c. increase in taste for oil
d. increase in market size(# of consumers)
___21. An increase in the price of hotdogs results in a decrease in demand
for mustard. Therefore, these two products must be:
a. complementary goods
b. substitute goods
c. independent goods
____22. If the price of bagels increase, the demand curve for the substitute
bread will:
a. shift to the left. b. shift to the right. c. remain unchanged. d. decrease.
____23. When the price of a product decreases, and consumers are able to buy more
would be an example of the:
a. product effect b. substitution effect c. income effect d. none of these
____24. Producer expectations that kangaroo meat (“roo steaks”) will rise
sharply in the near future will:
a. increase D, increase P, increase Q.
c. decrease S, increase P, decrease Q
b. decrease D, decrease P, decrease Q.
d. increase S, decrease P, increase Q.
____25. If the price of ostrich burgers increases, the demand for the substitute
emu burgers will:
a. decrease D, decrease P, decrease Q.
c. increase S, decrease P, increase Q.
b. increase D, increase P, increase Q.
d. decrease S, increase P, decrease Q.
____26. The reason “talk is so cheap” is that:
a. demand is much greater than supply. b. supply is much greater than demand.
PART II. Determinants of Supply and Demand -Kirby-CHS
(1) A new machine makes the oil refining process more efficient. (Product:
Gasoline)
_____________________ (supply or demand?)
_____________________ (determinant?)
Change graph:
(2) Countries in the Middle East raise their price of oil. (Product: Gasoline)
_____________________ (supply or demand?)
_____________________ (determinant?)
Change graph:
(3) Hybrid cars become very affordable. (Product: Gasoline)
_____________________ (supply or demand?)
_____________________ (determinant?)
Change Graph:
(4) iTunes lowers their price per song to 50 cents. (Product: iPod)
_____________________ (supply or demand?)
_____________________ (determinant?)
Change Graph:
(5) The government requires an update of all machinery in Apple factories.
(Product: iPod)
_____________________ (supply or demand?)
_____________________ (determinant?)
Change Graph:
(6) Apple introduces 5 new iPod colors. (Product: iPod)
_____________________ (supply or demand?)
_____________________ (determinant?)
Change Graph: