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