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