
Economics Quiz
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Medium
Elizabeth Walsh
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can cause the supply curve to shift to the left?
A decrease in production costs
An increase in production costs
A decrease in input prices
Technological advancements
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What effect do subsidies have on the supply curve?
They shift the supply curve to the left
They have no effect on the supply curve
They shift the supply curve to the right
They eliminate the supply curve
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do expectations of future market conditions affect current supply decisions?
Expectations of higher future prices decrease current supply
Expectations of lower future prices increase current supply
Expectations of higher future prices increase current supply
Expectations of future market conditions have no effect on current supply
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor can decrease the supply of goods during its off-season?
Technological advancements
Entry of new producers into the market
Seasonal factors
Subsidies
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a consequence of new technologies in the context of supply?
They always decrease supply
They can lead to a leftward shift in the supply curve due to increased costs
They can lead to a rightward shift in the supply curve due to increased efficiency
They have no impact on the supply curve
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can cause a supply shock?
A predictable change in consumer preferences
A gradual increase in raw material costs
A natural disaster
A decrease in taxes
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an increase in taxes on production affect the supply curve?
It shifts the supply curve to the right
It has no effect on the supply curve
It shifts the supply curve to the left
It makes the supply curve more elastic
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does government regulation play in the supply of a product?
It always increases the supply
It can either increase or decrease the supply depending on the regulation
It has no impact on the supply
It always decreases the supply
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do changes in the price of related goods affect the supply of a product?
Increases in the price of substitutes in production decrease supply
Decreases in the price of complements in production increase supply
Increases in the price of substitutes in production increase supply
Changes in the price of related goods have no effect on supply
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