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WorksheetsSupply
Total questions: 20
Worksheet time: 11mins
What is total output defined as?
The total quantity of inputs used
The sum total of the quantity of the commodity produced
The total revenue generated from sales
The total number of workers employed
What does stock refer to?
The total quantity of goods produced
The total quantity of commodity available for sale
The total revenue from sales
The total number of consumers
How is supply expressed?
In relation to profit and loss
In relation to time, price, and quantity
In relation to stock and consumption
In relation to demand and production
According to Paul Samuelson, what does supply refer to?
The relationship between market prices and quantity supplied
The total cost of production
The total stock available for sale
The total output of a commodity
What is an individual supply schedule?
A list of all producers in the market
A summary of consumer demand
A graphical representation of supply
A tabular representation of quantities offered for sale
Which factor does NOT influence supply?
State of technology
Cost of production
Price of the commodity
Consumer preferences
What happens to supply when the price of inputs increases?
Supply remains unchanged
Supply decreases
Supply becomes elastic
Supply increases
What does the law of supply state?
Supply is independent of price
Higher prices lead to lower supply
Supply decreases with demand
Higher prices lead to higher supply
What is a backward bending supply curve of labor?
A curve that slopes downward
A curve that remains constant
A curve that slopes upward
A curve that initially rises and then falls
Which of the following is an example of a perishable good?
Antique goods
Garments
Fish
Furniture
What is an increase in supply?
A constant supply despite price changes
A decrease in demand
A rise in supply due to favorable changes
A fall in supply due to unfavorable changes
What does contraction of supply refer to?
A decrease in quantity supplied due to price fall
A shift in the supply curve to the right
An increase in quantity supplied
An increase in demand
What is the effect of government policy on supply?
It has no effect
It can encourage or discourage supply
It only affects demand
It only affects production costs
What is the relationship between supply and future price expectations?
Higher future prices may increase supply
Higher future prices may decrease supply
Future prices have no impact on supply
Supply is always constant regardless of future prices
What is market supply?
The supply from a single producer
The total supply from all producers at each price
The amount of goods sold in the market
The demand for goods in the market
What is the profit motive?
The desire to maximize output
The desire to reduce competition
The desire to minimize costs
The desire to achieve the best price for products
What happens to supply when market prices rise?
Supply decreases
Supply expands
Supply remains constant
Supply contracts
What does the supply curve illustrate?
The relationship between market price and quantity supplied
The relationship between demand and consumer preferences
The total revenue generated by producers
The cost of production for different goods
The supply curve is
downward sloping
upward sloping
level
irregular
Which of the following describes the Law of Supply?
it is an inverse relationship between price and quantity supplied
it is a direct relationship between price and quantity supplied
it is an inverse relationship between price and quantity demanded
it is a direct relationship between price and quantity demanded
