1.3 Supply

What happens to a supply curve when supply goes down?

• moves left
• moves rights
• moves up
• moves down

What is quantity of a good or service that producers are willing and able to sell at a range of prices?

• supply
• demand
• law of demand
• law of supply

What is a payment from government to producers for certain actions ?

• tax
• profit
• tariff
• subsidy

Which graph below shows the SUPPLY CURVE?

• A
• B
• C
• D

The diagram represents a

• increase in supply
• decrease in supply
• change in quantity supplied
• none of the above

If a new, huge gas reserve was found in Taranaki, this would cause the ___________ curve for gas and to shift ____________.

• demand.........right
• demand.........left
• supply.......right
• supply....... left

More sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?

• they decrease (curve shifts left)
• they increase (curve shifts right)
• they stay the same (the curve stays)

What causes movement along the supply curve?

• Taxes, Subsidies, Regulations, cost of inputs
• ONLY a change in price

The idea that as the price of a good or service increases, the quantity supplied also increases. Vice Versa, Ceteris Paribus

• Law of demand
• Law of supply
• Lorenz curve
• Keynes effect

Extra money given by the government to encourage certain economic activities, help keep them profitable, or keep costs down are called

• Bribes
• Embezzling
• Tax rebates
• Subsidies