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Lesson 3 and 4 | SUPPLY | Review

Total questions: 35

Worksheet time: 12mins

Name
Class
Date
1.
A decrease in the price of a good will
a)
increase supply.
b)
decrease supply.
c)
increase quantity supplied.
d)
decrease quantity supplied.
2.
Which way does a supply curve slope?
a)
down
b)
up
c)
both
d)
neither
3.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
4.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
5.
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
6.
The Law of Supply states:
a)
as price increases, supply increases
b)
as prices decrease, supply increases
7.
How Many cup holders are producers willing to supply at a price of $3.00?
a)
3,000
b)
4,000
c)
5,000
d)
7,000
8.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
9.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
10.

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

a)
b)
c)
d)
11.

When producers offer more of a good as its price increases and less as its price falls, this defines the

a)

law of demand

b)

law of supply

c)

change in demand

d)

change in supply

12.

The willingness and ability of a producer to make a product is referred to as

a)

quantity supplied

b)

quantity demanded

c)

supply

d)

demand

13.

Movement along a supply curve demonstrates

a)

a change in quantity supplied

b)

a change in quantity demanded

c)

a change in supply

d)

a change in demand

14.

A shift in a supply curve demonstrates

a)

a change in quantity supplied

b)

a change in quantity demanded

c)

a change in supply

d)

a change in demand

15.

Which of the following supply curves demonstrates a decrease in the quantity supplied?

a)
b)
c)
d)
16.

A decrease in supply is demonstrated by which of the following?

a)
b)
c)
d)
17.
a)

Change in Quantity Supplied

b)

Decrease in Supply

c)

Increase in Supply

d)

Decrease in Supply and Decrease in Demand

18.

Auto Union Workers Agree to Wage Cuts

a)

Change in Resources/Inputs

b)

Change in Subsides or Taxes Government Policy

c)

Change in Income

d)

Change in Number of Producers

19.

New robot increase efficiency for Autos

a)
b)
c)
d)
20.

Government gives Car producers Subsidies

a)
b)
c)
d)
21.
a person or company that makes, grows, or supplies goods to sell is called the?
a)
damand
b)
price
c)
producer
d)
shortage
22.

The amount of goods or services available for a producer to sell is called?

a)
supply
b)
demand
c)
producer
d)
consumer
23.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

24.

What will happen to the price of new cars if a weak economy causes people to have lower incomes?

a)

The price will increase

b)

The price will decrease

25.
What happens to the price of objects when the demand for them decreases?
a)
The price will go down
b)
The price will go up
c)
The price will stay the same
d)
They will be free
26.
The new Star Wars movie is coming out today!  All of the shows are sold out, but your neighbor is selling his tickets because he can't go.  A lot of people in your neighborhood want to buy the tickets.  What will happen to the price of the tickets?
a)
The price will go up.
b)
The price will go down.
27.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
28.

What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?

a)

The price will increase

b)

The price will decarese

29.

An observer of this graph would say that it represents a(n):

a)

Increase in supply

b)

Decrease in supply

c)

Decrease in quantity supplied

d)

Increase in quantity supplied

30.

This image represents:

a)

The law of demand

b)

The law of supply

c)

A supply schedule

d)

An increase in quantity demanded

31.

This image represents a(n):

a)

supply schedule

b)

demand schedule

c)

demand curve

d)

supply curve

32.

According to the law of supply, the relationship between price and quantity supplied is:

a)

Direct

b)

Inverse

c)

Not correlated

33.

An observer of this graph would say that it represents a(n):

a)

Decrease in supply

b)

Decrease in quantity supplied

c)

Increase in demand

d)

Increase in quantity supplied

34.
What event in the midwest would shift the supply curve for corn to the left? 
a)
an influx of new low-wage workers
b)
a thunderstorm with large hail
c)
evidence that corn improves athletic ability
d)
a study stating that corn causes heart disease
35.
Which of these would most likely increase the supply of Pizza Hut pizza? 
a)
a delivery trucker strike (who bring ingredients)
b)
a government excise tax
c)
a decrease in the price of cheese
d)
an increase in the supply of Runza hamburgers