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Ch#5SupplyEcon Flashcards | StudBud
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Ch#5SupplyEcon
Ch#5SupplyEcon
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Ch#5Supply
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Demand for gasoline in the US is _________
remaining constant
elastic in nature.
increasing by 30%
declining
2
A period of time during which the quantities of all inputs are variable is:
medium run
long run
short run
intermediate run
3
A cost that does change with the level of output produced is called a:
marginal cost
fixed cost
total cost
variable cost
4
Why does Labor cost the most?
People require human needs every day
people are selfish
people are exceptionally lazy
people are greedy
5
A decrease in supply is caused by:
an increase in input prices
a decrease in price
a decrease in input prices
an increase in price
6
What is the most likely result of a rise in gov't subsides to suppliers?
supply would decrease
demand would decrease
demand would increase
supply would increase
7
The US has the greatest production because it pays attention to....
efficiency
all of the above
costs
production
8
All of the following are reasons for changes in the supply of inputs EXCEPT
new production techniques
discoveries of raw materials
shifts in supply curves
tax changes
9
The reason why the supply curve shifts to the right is most often because of a ......
decrease in the number of firms
increase in gov't taxes
technological advancement
cut in gov't subsidy
10
A period of time during which at least one input is fixed is:
intermediate run
long run
medium run
short run
11
The costs of a firm's inputs that change the number of units of output produced are
average costs
variable costs
marginal costs
fixed costs
12
OPEC stands for:
Occupation Protection Exchange Commission
Oil Production Exchange Commission
Organization of Petroleum Exporting Countries
Oil Producing & Exporting Countries
13
What is the best percentage for a company to be operating it's production systems?
80-90
50-60
60-70
70-80
14
In 2017 which country supplies the most oil to the world's market?
United States
Iran
Saudi Arabia
Russia
15
An increase in supply is caused by:
an increase in input prices
a decrease in price
a decrease in input prices
an increase in the price
16
Which of these goods would be most affected by expectations of changing prices
bunches of bananas
paper towels
cartons of yogurt
gallons of milk
17
Why does technology affect supply the most?
Produce more goods with less inputs
cutting edge technologies =more firms
New technology helps Mother Nature behave
Gov't intervention
18
The additional revenue a firm receives from selling another unit of output is called:
varible revenue
marginal revenue
average revenue
total revenue
19
Besides Saudi Arabia who pumps the most crude oil
Norway
USA
Russia
Mexico
20
The reason why the supply curve shifts to the left is most often because of a ......
increase in gov't subsidies
decrease in gov't regulations
natural disasters
increase in number of firms
21
If a firm sells 30 units of output at a price of 10$ each, its marginal revenue is:
300$
$3
$10
30$
22
Th cost of doing something one more time is:
total cost
marginal cost
variable cost
fixed cost
23
Which of the following would decrease the supply of cheese pizza?
Gov't offers a subsidy for dough
price of tomato sauces drops
cheese prices rise
more firms produce pizza
24
The costs of a firm's inputs whose quantity cannot be changed in the short run are:
fixed costs
average costs
variable costs
marginal costs
25
Countries that are in OPEC
Iraq
USA
United Kingdom
Russia
26
OPEC countries
Japan
Mexico
Iran
Israel
27
A cost that does not change with the level of output produced is called a:
marginal cost
total cost
fixed cost
variable cost
28
The most expensive part of the four factors of production are ....
Entrepreneurship
Capital
Labor
Land
29
What is a subsidy?
a period of temporary storage
methods used in production of goods and services
a policy that raises revenue to produce a public good
a gov't payment to support a good or service
30
Which phrase best defines the term inventory?
new methods of production
good to make other goods
Rules and regulations
temporary storage
