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Rewanomics - Supply Review Flashcards | StudBud
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Rewanomics - Supply Review
Rewanomics - Supply Review
36 terms
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A quiz to review concepts concerning Supply.
Flashcards
36 cards
F
Practice quiz
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Questions
36
Answers
1
Price of pizza has risen from $1.50 to $2. The average pizzeria will respond by ____.
making 500 more slices a day
Making 50 fewer slices a day
making 50 more slices a day
Making 500 fewer slices a day
2
Which is an example of a good with elastic supply?
passenger airplane trips
plums
large hand-made rugs
sandwiches
3
What does the U in NUGIFT stand for?
Ugly Christmas Sweaters
Unforeseen Events
Unfortunate Events
Unusual Weather
4
Which of these events would indicate a movement along a supply curve for batteries?
workers go on strike and stop production
producers raise the price of AAs from $3 to $4
trade agreement enables stores to import foreign batteries
new law makes producers spend more $ on waste disposal
5
Additional income from selling one more unit of a good
diminishing marginal returns
marginal product of labor
marginal cost
marginal revenue
6
The price of oranges goes up. What happens to the supply of orange juice?
It decreases
It increases
It stays the same
7
What does the I in NUGIFT stand for?
Implements
Imperialism
Input Costs
Incremental Growth
8
What is the effect of import restrictions on prices?
they cause prices to drop
they usually do not have any lasting effect on price
they cause prices to rise
they often cause prices to rise steeply then drop
9
a payment to the government on the production or sale of a good
subsidy
tariff
income tax
excise tax
10
Which of the following is an example of government influence on supply?
market supply curve
marginal costs
subsidies
law of supply
11
Labor costs increase in China. What happens to the supply of iPhones that are made in China?
It decreases
It stays the same
It increases
12
What does the F in NUGIFT stand for?
Full Employment
Fun Fridays
Future Consumer Expectation of Price
Future Producer Expectation of Price
13
What does the T in NUGIFT stand for?
Technology
Turkey
Terrorism
Terminology
14
Which is an example of lower production costs brought on by use of technology?
use of email to replace slower ground mail
making bread in local shops not large bakeries
delivery costs of gas to the consumer by diesel trucks
import fresh veggies from S. America instead of canned ones
15
Which of the following is a fixed cost for a store?
rent
short term workers
advertising
inventory
16
What factor has the greatest influence on elasticity and inelasticity of supply?
profit
financing
labor
time
17
The number of cell phone manufacturers goes up, what happens to market supply or cell phones?
It stays the same
It increases
It decreases
18
If the price is $2 a slice, how many slices will be supplied by all producers in the market?
2500
200
2000
250
19
What is an example of a variable cost in a major league baseball franchise?
ticket-takers' salaries
stadium rent
stadium maintenance
manager's salary
20
Revenue - Cost = ______
Variable Costs
Entrepreneurship
Marginal Revenue
Profit
21
What does the N in NUGIFT stand for?
Number of Consumers
Number of Products
Name brands
Number of Producers
22
If the price of a good is expected to rise in the future, what happens to current supply?
It decreases
It stays the same
It increases
23
When the selling price of a good goes up, what is the relationship to quantity supplied?
the profit made on each item goes down
it becomes more practical to produce more goods
there is no relationship between the two
the cost of production goes down
24
Which is the best example of the law of supply?
farmer increases the # of acres of wheat he grows for a mill
milling company builds a new factory to process flour
caterer buys a new dishwasher to make work easier
Subway supplies more subs every day the price is increased
25
Which of the following is a good with the most inelastic supply?
toothbrushes
beanbags
hats
apples
26
What does the G in NUGIFT stand for?
Government Influence
Growth
Gravy
Gross Domestic Product
27
the cost of producing one more unit of a good
marginal cost
elasticity
marginal product of labor
fixed cost
28
A firm gets better technology in its factory, what happens to the supply of their product?
It decreases
It stays the same
It increases
29
A chart that lists how much of a good all suppliers will offer at different prices
supply schedule
market demand schedule
market supply schedule
demand schedule
30
What do sellers do if they expect the price of what they are selling to increase in the future?
store the goods indefinitely regardless of when price rises
Sell goods now and try to invest $ instead of resupplying
store the goods until the price rises
sell goods now but try to get more $ for them
31
At the most profitable level of production, a firm's marginal cost will be ___ the market price
equal to
greater than
set by
less than
32
How many slices will one pizzeria be willing to supply at a price of $1.50 a slice?
200
300
100
1000
33
If the supply of a good is inelastic _____.
producers will increase QS in response to sharp drop in P
producers won't change their QS by much if the price doubles
producers have diminishing marginal returns of labor
small increase in P means sharp increase in QS
34
Producer has fixed costs of $100. 10 shirts/mo = $15. 11 shirts/mo = $17. Marginal cost of 11th
$17
$117
$2
$1
35
A tax on imports
excise tax
tariff
income tax
subsidy
36
Receives govt subsidies that are in place to protect the population, not for economic reasons
national airlines in Western Europe
small farmers in France
national car company in Indonesia
tobacco growers in the U.S.
