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Econ Chapter 5: Supply Flashcards | StudBud
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Econ Chapter 5: Supply
Econ Chapter 5: Supply
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An #economics review over the concept of #supply
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What does the line look like on a supply curve when it shows a good can no longer be produced?
Circle
Diagonal
Vertical
Horizontal
2
Law of Supply: When the price of a good increases the Q supplied _____________.
Increases
Creases
Decreases
Stays the Same
3
Which direction does the supply curve shift when a supply decreases?
Right
Left
Down
Up
4
Weather,quotas,technology, and taxes are some factors that causes a _______ in the supply curve
Rake
Shake
Shift
Push
5
The
Law of Supply
states that price and quantity supplied move in _________ direction.
the upward
opposite
the same
the downward
6
Supply refers to the ________ and _______ of sellers to produce and offer to sell a good.
Price and Quantity
Schedule and Curve
Goods and Services
Willingness and Ability
7
What kind of relationship does the
law of supply
have?(Price and Qs move in the same direction)
Direct
Indirect
Inverse
It's Complicated
8
What is
quantity supplied
?
The price at which suppliers sell a product.
# of goods wasted at a price.
# of units of a good produced and offered at a price.
9
What does it mean when the supply curve shifts to the left?
The supply increases.
The demand decreases.
The supply decreases.
The demand increases.
10
What is
technology
?
A study of techno, the music that is played in certain clubs
Magic
Body of skills and knowledge concerned resources/production
A series of tubes.
11
What type of weather would cause the supply of corn to decrease?
Hail
Fog
Rain
Cloudy
12
What is a
quota
?
A tax placed on goods entering the country
A small boat that was used in the 1920s
A mark that is used when quoting a specific passage
A limit on goods that can enter a country
13
What is this picture an example of?
Supply Schedule
Demand Schedule
Demand Curve
Supply Curve
14
What are
subsidies
?
A financial payment from the government to a supplier.
The price in which people will buy a product.
A payment that comes from the company to the government.
Borrowed money given to companies for certain actions.
15
Which direction does a supply curve shift towards when the supply increases?
Right
Up
Left
Down
16
The only factor that can cause a change in quantity supplied of a good is...
Weather
Price
Resources
Steven Seagal
17
What is this picture an example of?
Supply Curve
Demand Schedule
Demand Curve
Supply Schedule
18
When resource prices rise the supply curve shifts to the...
Left
Right
No shift occurs.
Around
19
What does the
advancement in technology
cause?
The ability to produce less goods.
The ability to find and destroy John Connor.
The ability to produce the same amount of goods.
The ability to produce more goods.
20
A
vertical supply curve
indicates that...
it is not a horizontal supply curve
there is a direct relationship between price and quantity.
a change in price has no effect on the quantity supplied
A price change will have a great impact on quantity supplied
