WorksheetsECON 5.1
Total questions: 10
Worksheet time: 20mins
____________ refers to the amount of a product offered for sale at all possible prices in a market.
Quantity Supplied
Supply
Production
Market Supply
Quantity supplied increases when the price ______________.
decreases
goes unchanged
increases
fluctuates
A more than proportional change in total expenditures when there is a change in price is supply ____________.
elasticity
unit elasticity
inelasticity
inventory
Movement along the supply curve measures a change in __________ supplied.
market
quantity
quality
shifted
A(n) ____________ is a payment to an individual business, or other group to encourage or protect a certain type of economic activity.
subsidy
income investment
production loan
inventory loan
Which of these is NOT a factor in the change in supply.
cost of resources
substitutes
technology
number of sellers
Which of these best describes the influence of high prices on the behavior of producers?
They are an incentive for producers to produce more.
They are an incentive for producers to buy less
They encourage producers to modify their supply schedules
They have no significant overall effect on producer behavior
Which of these names the way in which producers regard taxes?
as an investment in technology
as part of the cost of production
as an entry in their supply schedule
as an encouragement to productivity
Which of these is the best description of a normal supply curve?
Its slope is completely horizontal
its slope goes up when the diagram is read from right to left
its slope goes up when the diagram is read from left to right
its slope is mostly horizontal, with occasional vertical fluctuations
Which of these is true of both an individual supply curve and a market supply curve?
A change in quantity supplied takes place when a change in demand occurs.
A change in quantity supplied takes place only when there is a change in price.
A change in quantity supplied takes place only when the price remain constant
A change in quantity supplied takes place when a change in demand is projected
