Ch. 5 Economics - Supply

Ch. 5 Economics - Supply

KG - University

41 Qs

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Ch. 5 Economics - Supply

Ch. 5 Economics - Supply

Assessment

Quiz

Other

KG - University

Hard

Created by

Dan Regan

Used 111+ times

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41 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Law of Supply states that?
The quantity supplied varies inversely with its price. 
The quantity supplied varies irregularly with its price.
The quantity demanded varies inversely with its price. 
The quantity supplied varies directly with its price. 

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following can cause an increase in supply EXCEPT?
a decrease in the cost of inputs.
fewer sellers in the market place.
an increase in productivity. 
a change in taxes or subsidies. 

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which product is likely to have the most elastic supply curve?
ice cream cones
automobiles
ships
dishwashing machines 

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The supply curve is?
downward sloping 
level
upward sloping
irregular 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Increased government regulations can cause the supply curve to?
shift to the left
shift to the right
increase 
decrease

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are stages of production EXCEPT?
increasing returns
diminishing returns
equaling returns 
negative returns

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The period of production that allows producers to change only the amount of the variable input called labor is?
the long run
the short run
the production function
a stage of production 

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