WorksheetsChapter 5 Supply Review
Total questions: 19
Worksheet time: 14mins
Name
Class
Date
1.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
2.
More sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?
a)
they decrease (curve shifts left)
b)
they increase (curve shits right)
c)
they stay the same (the curve stays)
3.
What happens to the supply of tobacco products when the government raises the excise tax on cigarettes?
a)
amount supplied increases (shifts to the right)
b)
amount supplied decreases (shifts to the left)
c)
ill not be affected
4.
What causes movement along the supply curve?
a)
Taxes, Subsidies, Regulations, cost of inputs
b)
ONLY a change in price
5.
The price of wheat rises due to a bad drought. What happens to the supply of wheat like bread and pasta?
a)
supply increases
b)
supply decreases
c)
supply is not affected
6.
The assembly line is used by the Ford Motor company (a change in technology) to produce more cars. What happens to the supply of cars?
a)
it will increase
b)
it will decrease
c)
remain unchanged
7.
The law of supply states that as the price increases then
a)
supply demanded increases
b)
quantity supplied decreases
c)
supply increases
d)
supply decreases
8.
Which of these is a fixed cost for a store?
a)
short-term workers
b)
rent
c)
advertising
d)
inventory
9.
a measure of the way a quantity supplied reacts to a change in price
a)
elasticity of supply
b)
supply
c)
elasticity of demand
d)
profit
10.
a government payment that supports a business
a)
mortgage
b)
personal loan
c)
income tax
d)
subsidy
11.
Government intervention in a market that affects the production of a good
a)
bull market
b)
regulation
c)
command
12.
A decrease in the price of a good will
a)
increase supply.
b)
decrease supply.
c)
increase quantity supplied.
d)
decrease quantity supplied.
13.
If a new, huge oil reservoir was found in Ohio, this would cause the ___________ curve for oil and gas to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
14.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
15.
A government payment made to a business is a
a)
tax
b)
regulation
c)
subsidy
d)
resource
16.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
17.
What is a company's total revenue?
a)
the price of their goods
b)
the amount they receive for selling their goods
c)
the amount og goods they can expect to sell
d)
the amount of profit they can expect to make
18.
When the selling price of a good goes up, what is the relationship to the quantity supplied?
a)
the cost of production goes up
b)
the profit made on each item goes up
c)
it becomes practical to produce more goods
d)
there is no relationship between the two
19.
what factor has the greatest influence on elasticity/ inelasticity of supply?
a)
profit
b)
time
c)
labor
d)
financing
100 %
