Increasing product supply leads to which of the following situations?

An inward shift of the supply curve

Which of the following is true about the demand curve?

As the price rises, the good's demand decreases

Which of the following is true about the supply curve?

As the supply quantity rises, so does the price

What does the law of supply assume?

Producers try to maximize their profits

Which of the following is NOT an agency which protects consumers?

· Consumer Price Fixing Commission

Which of the following describes the growth part of the business cycle?

Persistent increases in the key measurements of economic activity

Increasing product supply leads to which of the following situations?

n outward shift of the supply curve

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October Six Week Exam

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Questions 15

Answers

1
· Want – the desire to possess goods and services
False
True
2
Which of the following is appropriate when evaluating the identified alternatives to an ethical decision?
· Decide on a favorable solution in advance
Focus on cost and profit issues
Exclude personal perspectives
3
Increasing product supply leads to which of the following situations?
An outward shift of the demand curve
An inward shift of the supply curve
An inward shift of the demand curve
4
The basic economic problem is demand is greater than supply.
True
False
5
Which of the following is true about the demand curve?
As the price rises, the good's demand decreases
As the cost rises, the good's demand increases
As the supply quantity rises, the good's demand decreases
6
Which of the following is true about the supply curve?
As the price rises, so does the demand
As the cost rises, so does the demand
As the supply quantity rises, so does the price
7
What does the law of supply assume?
Higher price means larger quantity demanded
Producers try to maximize their profits
Nothing is constant
· Lower price means larger quantity supplied ·
8
Which of the following is NOT an agency which protects consumers?
· Consumer Price Fixing Commission
· Consumer Product Safety Commission
· Fair Packaging and Labeling Act
9
Which of the following relies the most on the health of the economy?
Trade industries
Producers
Builders
10
Which of the following describes the growth part of the business cycle?
Commonly defined as two consecutive quarterly declines in Gross Domestic Pr
Persistent increases in the key measurements of economic activity
Accounts for the time when business activity has reached a maximum
11
The place where the supply curve intersects the demand curve is known as which of the following?
Marginal cost
· Elasticity of supply
Equilibrium/Market Price
12
Which of the following is a factor affecting supply?
Consumer tastes
Fads
Production costs
13
Which of the following is the first stage of the business cycle?
Depression
Recession
Recovery
Prosperity/Growth
14
Increasing product supply leads to which of the following situations?
An outward shift of the demand curve
An inward shift of the supply curve
An inward shift of the demand curve
n outward shift of the supply curve
15
Which of the following is NOT a type of economic resource?
Natural resources
Manufactured resources
Financial resources
Human resources

October Six Week Exam Flashcards | StudBud