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Supply Quiz 7 (25 MCQs)

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1. Stage two represents what?
2. Amount offered for sale at a given price; point on the supply curve.
3. What will cause an increase in QS for "oil" ?
4. Producers consider taxes a part of _____ .
5. Which of the following government actions would increase the supply of cars in the United States?
6. When quantity supplied and quantity demanded are not equal
7. Which statement best explains why demand for gasoline is inelastic?
8. How do taxes affect supply?
9. 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?
10. Increased government regulations can cause the supply curve to?
11. How does an increase in an excise tax on cars affect the supply of cars?
12. Which of these is an example of an inferior good?
13. In economics, what is the same thing as price?
14. A production function shows?
15. Amount of a product offered for sale at all possible prices in a market at a given point in time.
16. 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.
17. The federal minimum wage increases by $ 1 today. What factor shifted the curve?
18. 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?
19. What might businesses do if they expect prices to increase in the future?
20. Why do governments impose excise taxes on some goods?
21. With respect to supply, nature and the environment refer to:
22. Demand curves are derived while holding constant:A. incomes, tastes, and the price of other goods.B. income, tastes, and the price of the good.C. income and tastesD. tastes and the price of other goods
23. This factor changes supply based on the higher organizations wants and subsidies
24. With respect to supply, "costs " refer to:
25. When the government pays money to businesses, usually to encourage them to produce a certain product.
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