Supply Question Preview (ID: 10614)


This Game Will Test Your Knowledge Of The Economic Concept Known As Supply. TEACHERS: click here for quick copy question ID numbers.

Of the following, which situation would cause a shift of the supply curve from S1 to S2?
a) The government reduces subsidies to wheat farmers.
b) Drought reduces industry output by 25%
c) Firms (businesses) leave the wheat industry
d) New fertilizers increase wheat crop yields

The supply curve is upsloping because........
a) as the price increases, so do costs
b) none of the above
c) as the price increases, suppliers (producers, businesses) can earn higher profits
d) as the price increases, consumers demand less

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

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) none of the above
c) the price of gasoline falls
d) a brand new automotive dealership opens in town

If the cost of computer components (parts) falls, then
a) the demand curve for computers SHIFTS TO THE RIGHT
b) the supply curve for computers SHIFTS TO THE LEFT
c) the supply curve for computers SHIFTS TO THE RIGHT
d) the demand curve for computers SHIFTS TO THE LEFT

According to the Law of Supply,
a) quantity supplied and price have a direct relationship
b) as price goes down, supply goes up
c) as pirce goes up, supply goes down
d) quantity supplied and price have an inverse relationship

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

Which of the following would cause the supply curve to shift to the left
a) a reduction in the price of inputs
b) an increase in the number of firms in the industry
c) an increse in taxes
d) an increase in the number of firms in the industry

The average wage of grape harvesters rises by 10%. The supply curve.......
a) shifts to the left
b) shifts to the right
c) not affected by the events
d) not enough information

Companies that sell similar goods and services are called
a) franchises
b) competition
c) consumers
d) competitors

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