Economics Chapter 5 Review
Authored by Chloe T
Other, Business
9th - 12th Grade
Used 11+ times
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13 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the Law of Supply?
A graph of the quantity supplied of a good by all suppliers at different prices.
The change in output from hiring one additional unit of labor.
When the supplier will offer more of a good at a higher price.
The measure of the way quantity supplied reacts to a change in price.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a Market Supply Schedule?
A chart that lists how much of a good all suppliers will offer at different prices.
The change in output from hiring one additional unit of labor.
A cost that rises or falls depending on how much is produced.
A graph of the quantity supplied of a good by all suppliers at different prices.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a Market Supply Curve?
When marginal production levels decrease with new investment.
A cost that does not change.
A measure of the way quantity supplied reacts to a change in price.
A graph of the quantity supplied of a good by all suppliers at different prices.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the Elasticity of Supply?
Regulation
A measure of the way quantity supplied reacts to a change in price.
The change in output from hiring one additional unit of labor.
Subsidy
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What affects Elasticity of Supply?
Price
Quantity
Time
Income
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Occurs when marginal production levels increase with new investment.
(a)
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Occurs when marginal production levels decrease with new investment.
(a)
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