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Economics: Supply and Demand Relationships Quiz
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Economics: Supply and Demand Relationships Quiz

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Questions and Answers

What happens to price when demand increases and supply decreases?

  • Fluctuates
  • Rises (correct)
  • Falls
  • Remains constant

    • If a technological advancement leads to increased production of a good, what is likely to happen?

  • Demand increases, price increases
  • Demand decreases, price decreases
  • Supply increases, price decreases (correct)
  • Supply decreases, price increases

    • What effect does an increase in consumer income have on demand for normal goods?

  • Increases demand (correct)
  • No effect on demand
  • Decreases demand
  • Increases supply

    • What does the production possibilities curve illustrate?

    <p>The maximum combination of goods and services that can be produced with existing resources</p> Signup and view all the answers

    How does an increase in the production of one good affect the production of another on the production possibilities curve?

    <p>It decreases the production of the other good</p> Signup and view all the answers

    What does a point inside the production possibilities curve indicate?

    <p>Underutilization of resources</p> Signup and view all the answers

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