Econ 10: Supply

What can you deduce from the graph? (select all that apply)

• supply increased

• demand decreased

• price change is indeterminate

• quantity demanded will increase

Which of the following are Determinants of Supply?

• Costs of Input

• Taxes

• Demand

• Number of sellers

• Technology

Which of the following are Determinantes of Demand?

• Price of Substitute Goods

• Price of Compliment Goods

• Supply

• Consumer income

• Price Expectations

On the production possibilities frontier, more of one good can be produced only by making _________ of the other.

• More

• The Same

• Not enough information, it could be more or less

• Less

Why would a study of economics necessarily include the problems of scarcity and choice?

• The study of economics should include scarcity and choice because these problems exist in all societies regardless of their level of poverty or wealth. The study of these problems shows how people seek to satisfy their needs and wants by making choices about their limited resources.
• The study of economics should include scarcity and choice because these problems exist in industrialized societies, especially the wealthiest ones. The study of these problems shows the origins of human social behavior, and the development and organization of economic institutions.
• The study of economics should include scarcity and choice because these problems exist in the world's poorest societies, especially non-industrialized ones. The study of these problems helps economists build upon knowledge from other social sciences to understand how to alleviate world poverty.
• The study of economics should include scarcity and choice because these problems exist in a majority of societies, especially among the richest and poorest peoples. The study of these problems shows how oppression has become the norm throughout the world while the wealthiest people try to control a majority of the resources.

What does A represent?

• Individuals

• Factor Market

• Goods & Services

• Income

Is the slope of a Supply Curve positive or negative?

• Positive

• Negative

What will likely happen to the price of a product if there is a shortage?

• Price will stay the same

• Price will decrease

• Price will increase

• The producer will produce more

The largest movement of people in U.S. history; mostly Black Americans moving from the South to the North

• Census

• Demographics

• Great Migration

If there is an increase in Supply, what will happen to the Supply Curve?

• It will stay in the same spot on the graph.

• It will shift to the left.

• It will shift to the right.