Econ- Chapter 7, Section 3 Question Preview (ID: 60223)
Supply.
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Upward sloping line that graphically shows the quantities supplied at each possible price:
a) Demand curve
b) Supply schedule
c) Quantity supplied
d) Supply curve
Economic rule stating that price and quantity supplied move in the same direction:
a) Law of supply
b) Law of demand
c) Supply schedule
d) Quantity supplied
Amount of a good or service that a producer is willing and able to supply at a specified price:
a) Quantity demnaded
b) Quantity supplied
c) Law of supply
d) Law of demand
Table showing quantities supplied at different prices:
a) Supply schedule
b) Demand schedule
c) Law of demand
d) Law of supply
According to the law of supply, as the price rises for a good:
a) Quantity supplied decreases
b) Consumers stop buying it
c) Quantity supplied increases
d) Manufacturers stop producing it
The relationship between price and quantity supplied is:
a) Direct
b) Inverse
c) Indirect
d) Opposite
The law of diminishing returns results in:
a) Lower costs for expanding production
b) Additional workers increasing the total out put of goods
c) Higher costs for decreasing production
d) Higher costs for increasing production
Rule stating as more units of a factor of production are added, total output increases but at a diminishing rate:
a) Supply
b) Surplus
c) Law of diminishing marginal utility
d) Law of diminishing returns
The use of science to develop new products and new methods for producing and distributing goods and services:
a) Supply
b) Technology
c) Subsidies
d) Law of diminishing returns
The four determinants of supply that cause the supply curve to shift to the right or left:
a) Price of inputs, number of firms in the industry, taxes and technology
b) Demand, supply, quantity demanded and quantity supplied
c) Law of supply, quantity supplied, supply schedule and supply curve
d) Population, income , substitutes and complementary goods
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