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Supply Quiz 3 (25 MCQs)

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1. Which is the best definition of marginal in economics?
2. Producers offer more of a good as its price increases and less of it as its price falls, this summarizes the
3. Which of the following typically happens as prices for a good or service rises?
4. If there are no alternative products to satisfy consumers' needs,
5. Which of these is the best description of a supply curve?
6. (Supply of Toys?) Workers at a toy factory go on strike as a result of poor conditions and low wages.
7. What is one reason governments give farmers subsidies?
8. What is determined by dividing change in total cost by change in total product?
9. What is the definition for "fast-moving consumer good" ?
10. Which of the following best describes supply?
11. Quantity supplied is _____
12. In general, if the price of a good or service goes up, what happens to the supply for that good or service?
13. Which factor might cause an increase in the supply of a product?
14. If a new, huge oil reservoir was found in Ohio, this would cause the _____ curve for oil and gas to shift _____
15. A producer will cause a surplus:
16. What provides a concise description of how producers behave?
17. Which of the following policies would be supported by a supply-side economist?
18. The willingness and ability of businesses to sell more when price rises and less when it drops.
19. All of the following are examples of variable costs EXCEPT
20. What can cause the supply curve for a product to shift to the right? A an increase in demand for the product B an increase in government subsidies to producers C an increase in indirect taxes on the product D an increase in the costs of production
21. The total quantity that can be brought into the market at a point of time is
22. A movement upward and to the left along a demand curve is called a(n)
23. With respect to supply, improvements in technology:
24. Stage of production where output increases at a decreasing rate as more units of variable input are added.
25. A local neighborhood has many houses for sale at a low price, but demand for houses is low. What kind of market most likely exists in this neighborhood?
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