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