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Duplicate of Supply
Duplicate of Supply
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This quiz covers Learning Outcome 3.3; Supply and Demand on the Junior Cycle Business Studies Course
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
A supply curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
2
A graphical representation of a supply schedule is
law of supply
law of demand
supply curve
demand curve
3
what would happen on a supply curve if a tax was put on materials?
the demand curve would shift to the left
the demand curve would shift to the right
the supply curve would shift to the left
the supply curve would shift to the right
4
A table showing the quantities supplied of a good at various prices is a
law of supply
supply schedule
supply curve
factors affecting supply
5
The law of supply states
As prices increase, supply falls
As prices increase, demand falls
As prices increase, supply increases
As prices increase, demand increases
6
Price has increased causing the supply curve to shift to the left.
False
True
7
What types of business receive government subsides
Banking
Liquor Market
farmers
tobacco farmers
8
What happens to the supply curve when the number of sellers decrease?
It shifts left
No change
No change
It shifts right
9
Changes in price shift the supply curve, no matter what they are
False
True
10
Which of these is a factor in change of supply?
Depreciation
Cost of production
Change in demand
technology
11
a chart that lists how much of a good a supplier will offer at different prices
supply schedule
variable
total cost
law of supply
12
What type of goods are excise taxes placed on
those who monopolize
labor
products that cause harm
agricultural products
13
Which of the following is not a factor affecting supply ?
Technology
prices of other goods
Government actions
Income
14
What is a subsidy?
A type of tax bracket
A government payment to encourage economic activity
tax on highways
The amount of money required to start a business
15
Which of the following is NOT a factor that affects supply
Changes in Income
Price of other goods
Price of the good
Changes in Technology
16
the change in output from hiring one additional unit labor
marginal product of labor
variable
increasing marginal returns
marginal cost
17
Which impacts elasticity of supply the most
employees
time
price
capital
18
Diminishing returns is the stage where output decreases as more inputs are added.
True
False
19
A company expects the price of their goods will increase in the future
sell now but increase price
store the goods until price increase
sell goods and build up the company
hoard the goods forever
20
A shift in the supply curve to the left means:
quantity producers offer at every price will be less.
none of the above
quantity producers offer at every price will be high.
quantity producers offer at every price stays the same.
21
a level at which the marginal production goes up with a new hire at efficency
increasing marginal returns
law of supply
quantity supplied
diminishing marginal returns
22
What happens to a supply curve when the number of sellers increase
It shifts downward
It shifts upward
It shifts rightward
It shifts leftward
23
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price decreases
the amount producers wish to sell at every price increases
the amount producers wish to sell at every price is the same
All of the above
24
which is an example of a good with an inelastic supply
beanbags
toothbrush
oranges
socks
25
Example of the law of supply
Perdue Chicken opens a new factory
A restaurant purchases a new oven
A pizzeria increases slices as price increases
A citrus farmer doubles his land
26
fixed costs plus variable cost
variable cost
law of supply
total cost
marginal cost
27
What is supply elasticity?
A cart displaying the prices of products in various markets
the stretchiness of a rubber band
The number of consumers who are willing to pay for goods
The measure of the way in which the supply responds to price
28
Fixed costs often change, while variable costs remain the same.
True
False
29
What is a market supply curve?
Linear curve
Shows the quantities at various prices by all firms
a supply curve on the z-axis
There is no such thing as a market supply curve
