This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Supply > Supply – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Supply Quiz 6 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The period of production that allows producers to change only the amount of the variable input called labor is? A) A stage of production. B) The short run. C) The production function. D) The long run. Show Answer Correct Answer: B) The short run. 2. Which product is likely to have the most elastic supply curve? A) Ships. B) Automobiles. C) Ice cream cones. D) Dishwashing machines. Show Answer Correct Answer: C) Ice cream cones. 3. If I make Jordans for $ 50 and sell them for $ 100. I will make $ 50. This is an example of ..... A) Quantity supplied. B) Demand. C) Supply. D) Profit. Show Answer Correct Answer: D) Profit. 4. What is "equilibrium" ? A) The point where supply is greater than demand. B) The point where supply and demand curves meet. C) The point where demand is greater than supply. D) None of above. Show Answer Correct Answer: B) The point where supply and demand curves meet. 5. Which of the following will cause the market supply curve to shift? A) A change in the price of a product. B) A change in the number of consumers. C) A change in the number of sellers offering the product. D) A change in demand for the product. Show Answer Correct Answer: C) A change in the number of sellers offering the product. 6. A shift in the entire supply curve is a result of ..... A) An increase in the good's selling price. B) A change in demand. C) A decrease in the good's selling price. D) A change in something other than the good's price. Show Answer Correct Answer: D) A change in something other than the good's price. 7. The government increases taxes on a business that produces candy. How would this affect the supply of candy? A) Quantity supplied increases. B) Shift left (supply decreases). C) Shift right (supply increases). D) Quantity supplied decreases. Show Answer Correct Answer: B) Shift left (supply decreases). 8. Which of the following is an advantage of an online business? A) Low variable costs. B) Low fixed costs. C) Very little labor needed. D) All of the above. Show Answer Correct Answer: D) All of the above. 9. Which is true if equilibrium is present in a market? A) The price of the product will tend to rise. B) Quantity supplied exceeds quantity demanded. C) Quantity demanded equals quantity supplied. D) Quantity demanded exceeds quantity supplied. Show Answer Correct Answer: C) Quantity demanded equals quantity supplied. 10. Variable cost plus fixed cost; all costs associated with production. A) Overhead. B) Fixed cost. C) Marginal cost. D) Total cost. Show Answer Correct Answer: D) Total cost. 11. The price of complementary products has an effect on A) Supply. B) Utility. C) Demand. D) Elasticity. Show Answer Correct Answer: C) Demand. 12. Stage two represents what? A) Diminishing marginal return. B) Increasing marginal return. C) Equaling marginal return. D) Negative marginal return. Show Answer Correct Answer: A) Diminishing marginal return. 13. If a wave of Peruvian immigrants migrated to south Florida, how might this affect the demand for Peruvian goods in the region? A) Demand would increase. B) Demand would decrease. C) Demand would be unchanged. D) Quantity Demanded would increase. Show Answer Correct Answer: A) Demand would increase. 14. Amount offered for sale at a given price; point on the supply curve. A) Change in quantity supplied. B) Change in supply. C) Quantity supplied. D) None of the above. Show Answer Correct Answer: C) Quantity supplied. 15. What will cause an increase in QS for "oil" ? A) Increase in consumer taste for oil. B) Decrease in the price of oil. C) Increase in market size(# of consumers). D) An increase in the price of oil. Show Answer Correct Answer: D) An increase in the price of oil. 16. Producers consider taxes a part of ..... . A) Investment. B) Profit. C) Revenue. D) Resource cost. Show Answer Correct Answer: D) Resource cost. 17. Which of the following government actions would increase the supply of cars in the United States? A) An end to subsidies to automakers. B) The establishment of an excise tax on cars. C) The establishment of quotas on imported cars. D) The removal of car mileage regulations. Show Answer Correct Answer: D) The removal of car mileage regulations. 18. When quantity supplied and quantity demanded are not equal A) Price ceiling. B) Excess demand. C) Equilibrium. D) Disequilibrium. Show Answer Correct Answer: D) Disequilibrium. 19. Which statement best explains why demand for gasoline is inelastic? A) Gasoline prices are currently very high. B) There is no widely available substitute fuel for cars. C) Gasoline uses a small portion of a person's income. D) People have already cut back their driving to a minimum. Show Answer Correct Answer: B) There is no widely available substitute fuel for cars. 20. How do taxes affect supply? A) Does not affect the supply. B) Creates less supply. C) Creates more supply. D) Creates variable supply. Show Answer Correct Answer: B) Creates less supply. 21. When the price of Nike brand shoes increases, we will probably go purchase a brand like Adidas or Pumas instead. Which of the following best explains this behavior? A) Income Effect. B) Complement Goods. C) Substitution Effect. D) Consumer expectations. Show Answer Correct Answer: C) Substitution Effect. 22. Increased government regulations can cause the supply curve to? A) Shift to the right. B) Increase. C) Decrease. D) Shift to the left. Show Answer Correct Answer: D) Shift to the left. 23. How does an increase in an excise tax on cars affect the supply of cars? A) Supply will decrease. B) More cars will be made. C) Supply will increase. D) Supply will stay the same. Show Answer Correct Answer: A) Supply will decrease. 24. Which of these is an example of an inferior good? A) Taxi. B) Bike. C) Uber. D) Public Bus. Show Answer Correct Answer: D) Public Bus. 25. In economics, what is the same thing as price? A) Marginal revenue. B) Total revenue. C) Regulation. D) Marginal utility. Show Answer Correct Answer: A) Marginal revenue. 26. A production function shows? A) Changes in output in response to changes in input. B) Changes in input that result from changes in output. C) The optimum level of production. D) The optimum level of the four factors of production. Show Answer Correct Answer: A) Changes in output in response to changes in input. 27. Amount of a product offered for sale at all possible prices in a market at a given point in time. A) Supply. B) Law of Supply. C) Market Supply Cuve. D) Supply Schedule. Show Answer Correct Answer: A) Supply. 28. A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity. Can also be defined as a government payment to a producer so that more is produced. A) Expenses. B) Regulation. C) Taxes. D) Subsidy. Show Answer Correct Answer: D) Subsidy. 29. The federal minimum wage increases by $ 1 today. What factor shifted the curve? A) Cost of Inputs. B) Consumer Taste. C) Change in Technology. D) Number of Buyers. Show Answer Correct Answer: A) Cost of Inputs. 30. The government puts regulations on the auto industry forcing them to put new protective technologies (such as new types of airbags) in every car produced? A) Movement up supply curve. B) Shifts right. C) Movement down supply curve. D) Shifts left. Show Answer Correct Answer: D) Shifts left. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesSupply Quiz 1Supply Quiz 2Supply Quiz 3Supply Quiz 4Supply Quiz 5Supply Quiz 7Supply Quiz 8Supply Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books