Worksheets3/8 Act. 2 Supply Shifts and Quantity Supplied
Total questions: 17
Worksheet time: 7mins
What creates an increase or decrease in Quantity Supplied? (QS)
price
style
taxes
regulations
besides price, supply can shift due to factors that are known as --
price of resources
determinants of supply
demand
competition
When prices rise, quantity supplied will also increase. If prices drop, quantity supplied will also fall. What is this called?
law of supply
law of demand
determinant of supply
cost of production
When the gov't pays money to businesses, usually to encourage them to produce a certain product, like Covid19 vaccines.
taxes
regulations
competition
subsidies
Businesses pay the gov't, which helps pay for gov't services- but can lead to higher prices for their products
subsidies
cost of production
regulations
taxes
The gov't sets rules, known as (a) , on how businesses must be run, which can also affect the cost of production and supply levels.
If new technology leads to faster and more efficient production, then ___
supply would increase and the supply curve would shift right
supply would decrease and the supply curve would shift left
demand would increase and the demand curve would shift right
there would be no change
If determinants of supply lead to an increased level of production, the supply curve will shift
downward
to the right
to the left
directly upward
The cost of production includes the price of resources. If resources become more expensive, what will happen to the supply curve?
Shifts right
Shifts left
No change
come to a complete stop
Which government tool can cause changes in supply levels and force the supply curve to shift?
taxes
subsidies
regulations
all of these
The Gov't has the ability to affect supply. When they raise (a) it makes production more costly and therefore could lead to lower supply levels.
The motivation for ALL companies to be successful..
save the world
feed the children
social justice
profit
Which of these would be figured in to the cost of production?
wages
natural resources
utilities
all of these
The supply curve is
downward sloping
upward sloping
level
irregular
If the price for a can of coca-cola increased in price from $1.00 to $1.50 which of the following would occur
the supply curve would shift to the right; increase
the supply curve would shift to the left; decrease
the quantity supplied would increase
the quantity supplied would decrease
A tornado killed all the cows in the Midwest. How did this affect the market for milk?
supply curve shifts to the right (increases)
the supply curve shifts to the left (decreases)
Three new pizza places open in Forsyth County. How would this affect the market for pizza in Forsyth County?
the supply curve would shift right (increase)
the supply curve would shift left (decrease)
