WorksheetsSOCSCI 9.QUIZ.006.SUPPLY
Total questions: 52
Worksheet time: 52mins
Name
Class
Date
1.
Student Name (LAST, FIRST MI.):
4 lines
2.
Student Number:
4 lines
3.
Subject:
a)
GE 6
b)
GE 6
4.
Days:
a)
MWF
b)
TTH
c)
SAT
5.
Time Start:
4 lines
6.
Time End:
4 lines
7.
Contact Number:
4 lines
8.
What is a supply schedule in economics?
a)
A table showing the quantity supplied at different prices
b)
A graph showing the demand for a good
c)
A measure of consumer preferences
d)
A tool for calculating GDP
9.
What does the supply curve represent?
a)
The relationship between price and quantity demanded
b)
The relationship between price and quantity supplied
c)
Consumer preferences
d)
Government interventions in markets
10.
According to the law of supply, what happens when the price of a good increases?
a)
Quantity supplied decreases
b)
Quantity supplied remains the same
c)
Quantity supplied increases
d)
Demand decreases
11.
What term describes a movement along the supply curve due to a change in price?
a)
Shift in supply
b)
Change in quantity demanded
c)
Change in quantity supplied
d)
Change in demand
12.
What causes a shift in the supply curve?
a)
Change in price
b)
Change in quantity supplied
c)
Change in consumer preferences
d)
Change in input costs
13.
If there is an increase in the number of firms producing a good, what will happen to the supply curve?
a)
It shifts left
b)
It shifts right
c)
It remains unchanged
d)
It becomes steeper
14.
How does a decrease in input costs affect the supply curve?
a)
It shifts left
b)
It shifts right
c)
It remains unchanged
d)
It becomes steeper
15.
What is the shape of the supply curve?
a)
Upward sloping
b)
Downward sloping
c)
Horizontal
d)
Vertical
16.
Which of the following is not a determinant of supply?
a)
Technology
b)
Price of the good
c)
Number of consumers
d)
Government policies
17.
What happens to the supply curve during a recession?
a)
It shifts left
b)
It shifts right
c)
It remains unchanged
d)
It becomes steeper
18.
What is the law of supply based on?
a)
Positive relationship between price and quantity supplied
b)
Negative relationship between price and quantity supplied
c)
No relationship between price and quantity supplied
d)
Inverse relationship between price and quantity supplied
19.
What does a movement along the supply curve represent?
a)
Change in supply
b)
Change in quantity supplied
c)
Change in demand
d)
Change in price
20.
How do expectations about future prices affect current supply?
a)
They have no effect on supply
b)
They can cause shifts in the supply curve
c)
They only affect quantity supplied
d)
They increase production costs
21.
What does a rightward shift in the supply curve indicate?
a)
Decrease in supply
b)
Increase in supply
c)
No change in supply
d)
Decrease in demand
22.
What is the primary determinant of a change in quantity supplied?
a)
Change in price
b)
Change in income
c)
Change in consumer preferences
d)
Change in population
23.
What happens to quantity supplied when there is excess supply in the market?
a)
Quantity supplied decreases
b)
Quantity supplied increases
c)
Quantity supplied remains the same
d)
Quantity supplied becomes zero
24.
How does an increase in production costs affect the supply curve?
a)
It shifts left
b)
It shifts right
c)
It remains unchanged
d)
It becomes steeper
25.
Which of the following is a factor that can cause a shift in the supply curve?
a)
Change in quantity supplied
b)
Change in price
c)
Change in consumer preferences
d)
Change in input prices
26.
What does a downward movement along the supply curve indicate?
a)
Increase in supply
b)
Decrease in supply
c)
Increase in demand
d)
Decrease in demand
27.
How does technological advancement generally affect the supply of goods?
a)
It decreases supply
b)
It increases supply
c)
It has no effect on supply
d)
It increases input costs
28.
A decrease in the price of raw materials used in production will most likely result in
a)
A leftward shift of the supply curve
b)
A rightward shift of the supply curve
c)
No change in the supply curve
d)
A movement along the supply curve
29.
If the government imposes a tax on producers, how will it affect the supply curve?
a)
Shift it leftward
b)
Shift it rightward
c)
Create a vertical supply curve
d)
No effect on the supply curve
30.
How will an improvement in production technology impact the supply curve?
a)
It will cause a movement along the supply curve
b)
It will shift the supply curve to the left
c)
It will shift the supply curve to the right
d)
It will cause the supply curve to become vertical
31.
During a period of high consumer demand, what might happen to the supply curve?
a)
It will shift leftward
b)
It will shift rightward
c)
It will become steeper
d)
No change in the supply curve
32.
If there is an increase in the number of suppliers entering the market, what effect will it have on the supply curve?
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Make the supply curve horizontal
33.
How does a decrease in production costs impact the supply curve?
a)
It causes a movement along the supply curve
b)
It shifts the supply curve to the left
c)
It shifts the supply curve to the right
d)
It makes the supply curve vertical
34.
What happens to the supply curve if producers expect higher prices in the future?
a)
Shift it leftward
b)
Shift it rightward
c)
Create a horizontal supply curve
d)
No effect on the supply curve
35.
When a company introduces a more efficient production method, how will it affect the supply curve?
a)
Shift it leftward
b)
Shift it rightward
c)
Create a vertical supply curve
d)
No change in the supply curve
36.
How does an increase in wages for workers affect the supply curve?
a)
Shift it leftward
b)
Shift it rightward
c)
Create a vertical supply curve
d)
No effect on the supply curve
37.
If there is a shortage of a key resource used in production, what impact will it have on the supply curve?
a)
Shift it leftward
b)
Shift it rightward
c)
Create a horizontal supply curve
d)
No change in the supply curve
38.
What would be the likely impact on the supply curve if a major supplier goes out of business?
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a vertical supply curve
39.
How does a change in government regulations affecting production standards influence the supply curve?
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a horizontal supply curve
40.
If there are multiple factors affecting supply simultaneously, how would you analyze the overall effect on the supply curve?
a)
Summarize each factor's individual impact
b)
Combine all factors without analysis
c)
Ignore the factors
d)
Focus only on the most significant factor
41.
What is the likely outcome on the supply curve if there is a decrease in the price of substitute goods?
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a horizontal supply curve
42.
How does an increase in transportation costs impact the supply curve for goods?
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a vertical supply curve
43.
Evaluate the impact of a natural disaster on the supply curve of agricultural products in the affected region.
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a vertical supply curve
44.
Compare and evaluate the effects of government subsidies on the supply of two different products.
a)
Shift it leftward for both products
b)
Shift it rightward for both products
c)
Shift it leftward for one product and rightward for the other
d)
No change in the supply curve for both products
45.
Analyze and evaluate the impact of a new technology that reduces production costs on the supply curve of electronic gadgets.
a)
Shift it leftward
b)
Shift it rightward
c)
Create a vertical supply curve
d)
No change in the supply curve
46.
Evaluate the consequences of a trade war between two countries on the global supply curve for certain commodities.
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a horizontal supply curve
47.
Assess and compare the effects of an increase in consumer income on the supply of luxury goods versus essential goods.
a)
Shift it leftward for luxury goods and rightward for essential goods
b)
Shift it rightward for luxury goods and leftward for essential goods
c)
No change in the supply curve for both goods
d)
Create a horizontal supply curve for both goods
48.
Design a hypothetical scenario where changes in both input costs and consumer preferences lead to a complex shift in the supply curve for a specific product.
a)
Shift it leftward
b)
Shift it rightward
c)
Create a vertical supply curve
d)
Create a horizontal supply curve
49.
Develop a strategy to analyze and predict the supply curve changes for renewable energy sources over the next decade, considering technological advancements and government policies.
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a vertical supply curve
50.
Create a business plan that outlines how a company can adapt to shifts in the supply curve due to global market fluctuations.
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a vertical supply curve
51.
Propose a solution to manage the impact of supply chain disruptions on the supply curve during times of economic instability.
a)
Shift it leftward
b)
Shift it rightward
c)
No change in the supply curve
d)
Create a vertical supply curve
52.
Construct a model that illustrates the interplay between supply curve shifts and price elasticity for a specific commodity in a competitive market.
a)
Shift it leftward
b)
Shift it rightward
c)
Create a vertical supply curve
d)
Create a horizontal supply curve
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