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Supply Quiz 4 (25 MCQs)

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1. If the demand for coffee decreases as income decreases, coffee is?A. an inferior goodB. a normal goodC. a complementary goodD. a substitute good
2. As opposed to movement along the supply curve, a change (shift) in the entire supply curve is a result of _____
3. This factor covers how producers look into future markets and makes the decision of when to supply their product
4. Congress passes a law which pays farmers to produce less crops starting today. What happens to the supply of crops today?
5. According to the Law of Supply, as price increases, quantity supplied _____ ?
6. Which of the following is NOT a factor that shirts demand?
7. A price ceiling is when
8. What effect do taxes on production usually have on the supply curve?
9. Production cost that varies as output changes; labor, energy, raw materials
10. What is the equation for Total Revenue
11. Besides price, supply can shift due to factors that are known as _____
12. Which of the following best describes inelastic demand?
13. Which of the following policies is a component of supply-side fiscal policy?
14. What will happen if the government decided to subsidize the production of bobble-head dolls?
15. If a business has relatively low variable costs (like a one man gas station), how should they operate
16. Levi's (jean company) will pay its workers $ 1.50 more per hour. What happens to the market for jeans?
17. According to the Law of Supply, which of these would happen to an item as its price rose?
18. A shift in the demand curve means that
19. A new conveyor belt advances the rate at which furniture can be assembled. Why does this change the supply?
20. When economists use ceteris paribus, they are looking for what happens to supply and demand when only the _____ changes.
21. Which of the following is a characteristic of a seller's market?
22. Much of the tea in the U.K. is imported from India. If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the U.K.?
23. Total cost is the sum of
24. A surplus can be expected whenever:
25. When the price of a product goes down, what happens to producers?
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