
Chapter 5 "Supply"
Authored by Robert Murphy
Social Studies
12th Grade
Used 16+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To calculate __________, one must divide the change in total cost by the change in total product.
total revenue
marginal revenue
marginal cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The theory of __________ deals with the relationship between the factors of production and the output of goods and services.
production
specialization
demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A supply is _______ if a change in price leads to larger change in quantity supplied.
unit elastic
inelastic
elastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If labor productivity increases, causing lower production costs, what happens to supply?�
supply remains constant
supply increases
supply decreases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_______ are the prices of resources needed to produce a good or service.
Input costs
Output costs
Labor productivity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If productions costs rise, what happens to the supply?
supply increases
supply decreases
supply remains constant
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Having each worker focus on a particular facet of production it is called _______.
specialization
increased efficiency
marginal productivity
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