Chapter 5: Supply Vocab Quiz

Fill in the blank: The willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period is called _________.

• Supply

• Demand

• Equilibrium

• Consumption

Fill in the blank: A law stating that as the price of a good increases, the quantity supplied of the good increases, and as the price of a good decreases, the quantity supplied of the good decreases is called the _________.

• Law of supply

• Law of demand

• Law of diminishing returns

• Law of equilibrium

Fill in the blank: A relationship between two factors in which the factors move in the same direction. For example, as one factor rises, the other rises, too. This is called a _________ relationship.

• Direct

• Inverse

• Random

• Cyclic

Fill in the blank: The number of units a good produced and offered for sale at a specific price is called _________.

• Quantity supplied

• Quantity demanded

• Market price

• Total revenue

Fill in the blank: A numerical chart illustrating the law of supply is called a _________.

• Supply schedule

• Demand curve

• Equilibrium table

• Price index

Fill in the blank: A graph that shows the amount of a good sellers are willing and able to sell at various prices is called a _________

• Supply curve

• Demand curve

• Production possibility frontier

• Budget line

Fill in the blank: The body of skills and knowledge concerning the use of resources in production is called _________.

• Technology

• Geography

• Demography

• Ecology

Fill in the blank: The ability to produce more output with a fixed amount of resources is called _________

• Advancement in technology

• Reduction in efficiency

• Resource wastage

• Technological stagnation

Fill in the blank:

• Per-unit Cost

• Total

• Marginal

• Fixed

Fill in the blank: A financial payment made by government for certain actions is called a _________.

• Subsidy

• Tax

• Loan

• Fine