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ECON Supply Review

Total questions: 73

Worksheet time: 57mins

Name
Class
Date
1.

improved technology in production

a)

increase in supply

b)

decrease in supply

2.

decrease in the price of labor

a)

increase in supply

b)

decrease in supply

3.

increase in the price of an input used in production

a)

increase in supply

b)

decrease in supply

4.

decrease in the cost of capital (interest rates)

a)

increase in supply

b)

decrease in supply

5.

decrease in the cost of energy used in production

a)

increase in supply

b)

decrease in supply

6.

decrease in the cost of advertising

a)

increase in supply

b)

decrease in supply

7.

increase in government subsidies to producing firms

a)

increase in supply

b)

decrease in supply

8.

increase in excise or sales taxes

a)

increase in supply

b)

decrease in supply

9.

"U.S. Car Company to Close Six Factories" -- How will this information likely affect the current supply curve S1 for the company’s minivans?

a)

Panel a

b)

Panel b

c)

Panel c

d)

Panel d

10.

"Record Peach Harvest—Price Lowest in a Decade" How will this information likely affect the current supply curve S1 for frozen peach pies?

a)

Panel a

b)

Panel b

c)

Panel c

d)

Panel d

11.

"Gas Prices to Stay Low This Year—Rise Dramatically Next Year" -- How will this information likely affect the current supply curve S1 for gasoline?

a)

Panel a

b)

Panel b

c)

Panel c

d)

Panel d

12.

"Robots Make Automobile Assembly Faster, Cheaper" -- How will this information likely affect the current supply curve S1 for cars?

a)

Panel a

b)

Panel b

c)

Panel c

d)

Panel d

13.

"Congress Passes New 'Sugar Tax'" -- How will this information likely affect the current supply curve S1 for sugar?

a)

Panel a

b)

Panel b

c)

Panel c

d)

Panel d

14.

"Fire Destroys Thousands of Acres of Forest in Pacific Northwest" -- How will this information likely affect the current supply curve S1 for lumber from Oregon?

a)

Panel a

b)

Panel b

c)

Panel c

d)

Panel d

15.

"President Approves Subsidy for Solar Energy Industry" -- How will this information likely affect the current supply curve S1 for solar energy panels?

a)

Panel a

b)

Panel b

c)

Panel c

d)

Panel d

16.
 Total Revenue - Total Cost = _____
a)
Profit
b)
Revenue
c)
Marginal Revenue
d)
Variable Revenue
17.
Costs that do not change when the quanity of output produced changes?
a)
Fixed Costs
b)
Variable Costs
c)
Explicit Costs
d)
Implicit Costs
18.
The market value of all the inputs a firm uses in production.
a)
Implicit Costs
b)
Explicit Costs
c)
Total Costs
d)
Marginal Costs
19.
The amount a firm receives after all costs have been paid.
a)
Revenue
b)
Marginal Profit
c)
Profit
d)
Marginal Revenue
20.
Additional cost associated by producing one additional unit of product.
a)
Fixed Costs
b)
Average Costs
c)
Marginal Costs
d)
Emplicit Costs
21.

The amount a firm receives for the sale of its output.

a)

Profit

b)

Total Revenue

c)

Marginal Revenue

d)

Average Profit

22.
Period of time in which all costs are variable.
a)
Long Run
b)
Short Run
23.

Time period in which you can clearly identify the fixed costs and the variable costs

a)

Long Run

b)

Short Run

24.
Costs that change as the quantity of outputs changes.
a)
Fixed Costs
b)
Variable Costs
25.
Revenue generated by producing one additional unit of product.
a)
Marginal Revenue
b)
Marginal Profit
c)
Total Revenue
d)
Average Revenue
26.
Occurs when each addition of an input results in declining quantity of the output
a)
Diminishing Marginal Utility
b)
Diminishing Marginal Costs
c)
Diminishing Marginal Returns
d)
Diminishing Marginal Profits
27.

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

a)

Mortgage on the land

b)

Costs of seed

c)

Fuel to operate machinery

d)

Charge for fertilizer for the growing season

28.

In general, it is a bad move for a company to produce more of a good or service if, by doing so

a)

making the additional good/service costs is more than what they would make by selling in

b)

costs for FoPs is more than the fixed costs.

c)

consumers demand more than the firm can supply.

d)

fixed costs are more than the market price.

29.
The supply curve is?
a)
downward sloping 
b)
level
c)
upward sloping
d)
irregular 
30.
Measure of the way in which quantity supplied responds to a change in price 
a)
supply curve
b)
supply elasticity 
c)
supply
d)
subsidy
31.
The Law of Supply states that?
a)
The quantity supplied varies inversely with its price. 
b)
The quantity supplied varies irregularly with its price.
c)
The quantity demanded varies inversely with its price. 
d)
The quantity supplied varies directly with its price. 
32.
A graph that shows the quantities supplied at each and every possible price in the market.
a)
supply curve
b)
supply schedule
c)
market supply curve
d)
Law of Supply
33.
Amount of a product offered for sale at all possible prices in a market at a given point in time.
a)
Supply
b)
Law of Supply
c)
Supply Schedule
d)
Market Supply Cuve
34.
A table showing the quantities produced or offered for sale at each and every possible price in the market at a given point in time.
a)
supply schedule
b)
demand schedule
c)
supply curve
d)
market supply curve
35.
Responsiveness of quantity supplied to a change in price.
a)
supply elasticity
b)
supply inelasticity
c)
supply curve
d)
supply schedule
36.
A graph that shows the quantities supplied at each and every possible price in the market.
a)
supply curve
b)
supply schedule
c)
market supply curve
d)
Law of Supply
37.

Changes in price affect the quantity of supply. This is known as:

a)

negative returns

b)

supply curve

c)

elasticity of supply

38.

The ability and willingness of sellers to produce and sell a product or service. This is known as:

a)

supply

b)

subsidy

c)

marginal cost

39.

The Law of Supply tells us

a)

as price decreases quantity supplied decreases

b)

as price increases quantity supplied decreases

c)

as price decreases quantity supplied increases

d)

as price increases quantity supplied stays the same

40.

A change along the supply or demand curve happens when

a)

there is a change in income

b)

a change in price

c)

a change in the cost of inputs

d)

a change in the number of consumers/ producers

41.
All of the following can cause an increase in supply EXCEPT?
a)
a decrease in the cost of inputs.
b)
fewer sellers in the market place.
c)
an increase in productivity. 
d)
a change in taxes or subsidies. 
42.
Which product is likely to have the most elastic supply curve?
a)
ice cream cones
b)
automobiles
c)
ships
d)
dishwashing machines 
43.
Which way does a supply curve slope?
a)
down
b)
up
c)
both
d)
neither
44.

Grapes

a)

elastic supply

b)

inelastic supply

45.

Roller coasters

a)

elastic supply

b)

inelastic supply

46.

Satellites

a)

elastic supply

b)

inelastic supply

47.

Baseball hats

a)

elastic supply

b)

inelastic supply

48.

Sweatpants

a)

elastic supply

b)

inelastic supply

49.

Pedicures

a)

elastic supply

b)

inelastic supply

50.
Point at which supply and demand come together
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilibrium
51.
When quantity demanded is more than quantity supplied
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilbrium
52.
When quantity supplied is not equal to quantity demanded
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilibrium
53.
Legal maximum that can be charged for a good.
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilibrium
54.
When quantity supplied is greater than the quantity demanded, what is the condition know as?
a)
abundant supply
b)
disequilibrium
c)
excess availability
d)
excess supply.
55.
What is the government controlled price ceiling on apartment prices called?
a)
floor pricing
b)
rent control
c)
equilibrium level
d)
rent monitoring
56.
When the government sets a price floor on earned income, it is called which of the following?
a)
market equilibrium rate
b)
base-level wage
c)
minimum wage
d)
employment guarantee
57.
Why does the government place price ceilings on some "essential" goods?
a)
to prevent inflation during to reduce supply for these goods
b)
to keep business people from making large profits
c)
to keep the goods from becoming too expensive
d)
to reduce demand for these goods
58.
Why does the government place price ceilings on some "essential" goods?
a)
to prevent inflation during to reduce supply for these goods
b)
to keep business people from making large profits
c)
to keep the goods from becoming too expensive
d)
to reduce demand for these goods
59.
When quantity supplied exceeds quantity demanded at a certain price.
a)
shortage
b)
fad
c)
search costs
d)
surplus
60.
When quantity demanded exceeds quantity supplied at a certain cost
a)
shortage
b)
fad
c)
search costs
d)
surplus
61.
Equilibrium in a market means which of the following?
a)
the point at which quantity supplied and quantity demanded are the same
b)
the point at which unsold goods begin to pile up
c)
the point at which suppliers begin to reduce prices
62.
A situation in which resources are distributed according to price
a)
rationing
b)
black market
c)
supply shock
d)
free market
63.
Dividing up goods and services without regard to price
a)
rationing
b)
black market
c)
supply shock
d)
free market
64.
Business conducted without regard for government controls
a)
rationing
b)
black market
c)
supply shock
d)
free market
65.
Which of the following is another name for excess demand?
a)
shortage
b)
surplus
c)
equilibrium
d)
disequilibrium
66.
Which of the following is another name for excess supply?
a)
shortage
b)
surplus
c)
equilibrium
d)
disequilibrium
67.
At which price is equilibrium?
a)
$1.00
b)
$1.25
c)
$1.50
d)
$1.75
68.
At which quantity does supply and demand reach equilibrium? 
a)
500
b)
600
c)
700
d)
800
69.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
70.
A decrease in the price of a good will
a)
increase supply.
b)
decrease supply.
c)
increase quantity supplied.
d)
decrease quantity supplied.
71.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
72.
How many cup holders are producers willing to supply at a price of $2.50?
a)
3,000
b)
4,000
c)
5,000
d)
7,000
73.

In the long run...

a)

All inputs can be fixed costs

b)

All inputs can be variable costs

c)

Variable cost is cheaper than fixed cost

d)

Fixed costs are things you pay everything month

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