7. Which of the following is the non-price determinant of supply of wheat?

Improvements in the techniques of growing wheat

8. An increase in the price of sugar

Lead to an upward movement of the supply curve of sugar

9. Subsidies given to vegetable farmers will result in ___

A shift in the supply curve of veges

5. The demand curve for a product will tend to shift to the right when there is ___

A decrease in the price of a complementary product

3. A single demand curve illustrates how__

Quantity demanded increases as price decreases

1. The definition of demand from an economic perfective is

The desire of an individual, supported by the ability to pay certain price.

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The Demand & Supply Theory

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Answers

1
7. Which of the following is the non-price determinant of supply of wheat?
A decrease in the price of wheat
Improvements in the techniques of growing wheat
A decrease in the price of wheat farming machinery and equipment
A decrease in the price of corn
2
8. An increase in the price of sugar
Lead to an increase in the supply of sugar
Lead to a reduction in the prices of inputs used in sugar production
Lead to an upward movement of the supply curve of sugar
Lead to an increase in the demand for sugar
3
9. Subsidies given to vegetable farmers will result in ___
A shift in the demand curve of veges
A movement along the supply curve of veges
A movement along the demand curve of veges
A shift in the supply curve of veges
4
5. The demand curve for a product will tend to shift to the right when there is ___
A decrease in the price of a complementary product
A fall in the price of the product in the world market
an improvement in technology which lowers cost
An increase in the supply of a substitute product
5
4. A change in quantity demand occurs ___
When there is a shift to a new demand curve
When there is change from an agricultural economy to an industrial economy
When the economy is in full employment
Along the demand curve only
6
3. A single demand curve illustrates how__
Quantity demanded increases as price decreases
Sellers respond to an increase in price
Quantity demanded increases as price increases
Quantity demanded decreases as price decreases
7
1. The definition of demand from an economic perfective is
The desire of an individual, supported by the ability to pay certain price.
The desire to purchase goods and services at a certain price
The desire of individuals in a market to purchase goods at certain price.
The ability of an individual to spend income to purchase goods and services
8
2. The law of demand states that there is a __ relationship between price and quantity demanded.
Elastic
Infinite
Positive
Negative
9
6. A shift of a supply curve to either the left or right is called ___
A change in demand
A change in quantity demanded
A change in supply
A change in quantity supplied

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