ECO (4.2A) Supply Pt 1 Quiz

1. The various amounts of a product a producer or seller would be willing to offer for sale at all possible prices at one point in time is called what?

• supply
• economics
• profit
• demand

2. If Supply increases, the supply curve shifts:

• to the right
• to the left
• upward
• downward

3. According to the Law of Supply, the quantity supplied of any product is _____ to the price of the product.

• equal
• directly proportional
• inversely proportional
• unrelated

4. What is the ONE THING that can cause a change in quantity supplied of a product?

• a recession
• deflation
• a change in the value of the US dollar
• a change in the price of the product

5. ____ refers to ONE PARTICULAR POINT on the supply curve.

• supply
• demand
• quantity supplied
• quantity demanded

6. ____ refers to the entire relationship between prices and the quantity of this product supplied at each of these prices.

• demand
• supply
• quantity demanded
• quantity supplied

7. If Supply decreases, the supply curve shifts:

• to the right
• to the left
• upward
• downward

8. If the price of video games falls, the quantity of video games produced will:

• increase
• decrease
• remain unchanged

9. The price of a hamburger changes from $2 to $2.50. According to the Law of Supply, which of the following is would be expected to happen?

• the quantity of hamburgers supplied will change from 100 to 75
• the quantity of hamburgers supplied will change from 200 to 120
• the quantity of hamburgers supplied will change from 500 to 350
• the quantity of hamburgers supplied will change from 150 to 270

10. The quantity supplied of video games has decreased from 520 to 370. According to the Law of Supply, which of the following is most likely true?

• the price of the video game changed from $20 to $30
• the price of the video game changed from $20 to $10
• the price of the video game changed from $20 to $25
• the price of the video game changed from $20 to $33