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Ch 3.4-3.9 Final QUIZ

Authored by William Clark

Social Studies

12th Grade

Used 6+ times

Ch 3.4-3.9 Final QUIZ
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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of supply declares which of the following?

Supply falls as price falls.

Supply increases as price falls.

Supply stays the same no matter how prices change.

Supply falls as prices increase.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a firm's supply schedule show?

Elasticity of demand

How price changes affect demand for a particular consumer

How price changes affect supply for a market

The impact of the substitute effect

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following typically happens as prices for a good or service rises?

Suppliers leave the market.

Consumers seek more of the good or service to consume.

Demand becomes increasingly elastic.

More suppliers enter the market.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean to say that supply is unitary elastic?

Supply does not change with changes in price.

Supply is very sensitive to changes in price.

The percentage change in price and in supply are the same.

A change in supply is observed only if price increases.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consider each of these business activities. For which do you think supply would be most elastic in the short term?

Producing feature movies

Building skyscrapers

Providing health care

Baking cupcakes

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would be an example of a fixed cost on a farm?

Mortgage on the land

Costs of seed

Fuel to operate machinery

Charge for fertilizer for the growing season

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To increase marginal return, a company might consider

stopping production.

purchasing more machinery.

increasing output.

reducing output.

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