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Supply
Test Description: This game will test your knowledge of the economic concept known as supply.
Instructions: Answer all questions to get your test result.
1) Of the following, which situation would cause a shift of the supply curve from S1 to S2?
A
Firms (businesses) leave the wheat industry
B
The government reduces subsidies to wheat farmers.
C
New fertilizers increase wheat crop yields
D
Drought reduces industry output by 25%
2) The supply curve is upsloping because........
A
as the price increases, consumers demand less
B
as the price increases, suppliers (producers, businesses) can earn higher profits
C
none of the above
D
as the price increases, so do costs
3) Part of the reason that Michael Jordan earns millions of dollars each year which school teachers may earn $30,000 is because
A
the supply of superstar basketball players is very low, while the supply of good teachers is higher
B
all of the above
C
Consumers love basketball a lot!. They are willing to spend lots of $ going to games & watching t v
D
demand for Michael Jordan\'s talents is very high since he can create so much in earnings for a firm
4) All of the following shifts the demand curve for automobiles to the "right" EXCEPT:
A
none of the above
B
the local factory gives a big raise to its employees
C
the price of gasoline falls
D
a brand new automotive dealership opens in town
5) If the cost of computer components (parts) falls, then
A
the supply curve for computers SHIFTS TO THE RIGHT
B
the demand curve for computers SHIFTS TO THE LEFT
C
the demand curve for computers SHIFTS TO THE RIGHT
D
the supply curve for computers SHIFTS TO THE LEFT
6) According to the Law of Supply,
A
quantity supplied and price have a direct relationship
B
as pirce goes up, supply goes down
C
quantity supplied and price have an inverse relationship
D
as price goes down, supply goes up
7) Which of the following would NOT encourage a producer to enter a particular industry?
A
production costs are low
B
the manufacturing process is efficient
C
the price of the product is low
D
profits are high
8) Which of the following would cause the supply curve to shift to the left
A
an increase in the number of firms in the industry
B
a reduction in the price of inputs
C
an increase in the number of firms in the industry
D
an increse in taxes
9) The average wage of grape harvesters rises by 10%. The supply curve.......
A
not affected by the events
B
not enough information
C
shifts to the left
D
shifts to the right
10) Companies that sell similar goods and services are called
A
competitors
B
competition
C
consumers
D
franchises
*select an answer for all questions
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