Chapter 5 Economics

What are the nonprice determinates of supply?

• changes in the cost of inputs, technology, number of competitors, price of other goods, expectations

• changes in the cost of natural resources technology, number of competitors, price of other goods, expectations, government influence

• changes in the cost of inputs, number of competitors, price of other goods, expectations, government influence, outputs

• changes in the cost of inputs, technology, number of competitors, price of other goods, expectations, government influence

What are inputs?

• capital, labor, and entrepreneur

• capital, labor, and natural resources

• labor, entrepreneur, and government resources

• capital, entrepreneur, and supplies

If cost goes up, what happens to supply?

• it goes down

• it stays the same

• it goes up

• they are not related

If cost increases, what happens to the supply curve?

• moves out and to the left

• moves out and to the right

• moves in and to the right

• moves in and to the left

If cost goes down, what happens to supply?

• it goes up

• it goes down

• they are not related

• it stays the same

What happens to the supply curve if cost goes down?

• it moves in and to the right

• it moves inward and to the left

• it moves outward and to the right

• it moves outward and to the left

The emerald ash borer kills ash trees. What will happen to the supply of Louisville Sluggers made from ash?

• the supply would go down (graph goes in and to the left)

• supply would increase (graph goes out and to the right)

• the supply would not be affected

• supply would go down (graph goes out and to the right)

What do advances in technology lead to?

• increase in the cost of resources

• they lead to nothing

• lower production costs

• higher production costs

How does advanced technology lead to lower production costs?

• improved efficiency = more resources

• it does not lead to lower production costs

• improved efficiency = higher labor costs

• improved efficiency = lower labor costs

How do improvements in technology affect the supply graph?

• supply goes up, shifts in and to the left

• supply goes up, shifts out and to the right

• supply goes down, shifts in and to the left

• supply goes down, shifts out and to the right