Chapter 5 Supply

Chapter 5 Supply

12th Grade

22 Qs

quiz-placeholder

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Chapter 5 Supply

Chapter 5 Supply

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Justin Rice

Used 30+ times

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these would an item’s producer be most likely to do if total revenue on that item began to drop?

produce less of that item

produce more of that item

raise the price of that item

lower the price of that item

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these best describes the influence of high prices on the behavior of producers?

High prices are an incentive for producers to produce less.

High prices are an incentive for producers to produce more

High prices have no significant influence on the behavior of producers.

High prices influence producers to use fewer raw materials and less labor

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these industries has the least elastic supply curve?

the toy industry

the nuclear industry

the automobile industry

the entertainment industry

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these do producers of an item hope to achieve when adopting new technologies?

inelasticity of supply of that item

a repeal of subsidies for production of that item

a shift of the supply curve for that item to the left

a shift of the supply curve for that item to the right

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term denotes the change in total income when one additional unit of output is added?

total product

supply schedule

change in supply

marginal revenue

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which two terms are the most similar in meaning?

fixed costs and overhead

variable costs and overhead

marginal costs and fixed costs

marginal costs and variable costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term is generally associated with machines and other capital goods?

total cost

fixed cost

variable cost

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