Chapter 5 Test Review

Part of the ______ says that as the price of good rises, the supply of the good rises.

• fixed cost

• inelastic supply

• law of supply

• law of variable proportions

A(n) ______ is a table showing the quantity of a good available at every possible price.

• Law of variable proportions

• productivity

• supply schedule

• tax

When a small increase in price has little effect on the supply of a good, a(n) ______ occurs.

• inelastic supply

• tax

• law of supply

• supply schedule

Money that people and business pay to the government is a(n) -----.

• fixed cost

• tax

• law of supply

• productivity

The way workers feel about their jobs affects their _______.

• supply schedule

• law of supply

• productivity

• law of variable proportions

The ______ says that changing one input in the short run changes the output.

• law of variable proportions

• law of supply

• inelastic supply

• productivity

A graph of information from a supply schedule is called a(n) _______.

• chart

• demand curve

• example curve

• supply curve

Quickly creating extra firewords in time for the Fourth of July is an example of ______.

• elastic supply

• diminishing supply

• inelastic supply

• overrhead

Any change in the cost of natural, labor, and capital resources will affect a good's _______.

• looks

• materials

• overtime

• supply

A government sometimes gives a subsidy to _______ it believes are very important to the country.

• industries

• leaders

• prisoners

• athletes