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Supply Quiz 5 (25 MCQs)

Quiz Instructions:

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1. Tax on the production or sale of a specific good or service
2. Payment to the government on the production or sale of a good is _____
3. An increase in the number of sellers tends to _____
4. Labor in a factory is an example of which of these?
5. An increase in taxes will shift the supply curve for steel _____
6. A graph of the information in a supply schedule creates which of the following?
7. If a seller expects the price of a good to rise in the future, the seller will _____
8. Cost-benefit decisions making that compares the extra benefits to the extra costs of an action is called?
9. An "increase in the quantity supplied [QS]" means a:
10. When quantity demanded is more than quantity supplied
11. The supply curve slopes upward because
12. The main factor that causes a change in supply is _____
13. If the price of a good is _____ than the equilibrium price, the supply of the good will be greater than the quantity of goods demanded.
14. Increased government regulations will cause which of the following?
15. All of the following can cause an increase in supply EXCEPT?
16. In moving along a supply curve, what is changing?
17. The stages of production are based on?
18. Getting back to the basics, what is opportunity cost?
19. The Law of Supply states that?
20. The amount of goods and services that a person can produce in a given time is called
21. Salazar's Sweets sells popsicles; because it is so hot (in October!), more people buy these popscicles. Salazar's now sells their sweets at a higher price.
22. A decrease in quantity demanded
23. The increasing age of the American population is an example of how
24. The central idea of supply-side economics is that certain types of tax cuts will increase:
25. A change in supply, caused by one of the determinants of supply, causes:
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