This quiz works best with JavaScript enabled. Home > Microeconomics > Supply > Supply – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Supply Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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) Shifts right. B) Shifts left. C) Movement up supply curve. D) Movement down supply curve. Show Answer Correct Answer: B) Shifts left. 2. What might businesses do if they expect prices to increase in the future? A) Encourage customers to buy now. B) Ship more products to stores. C) Keep products off the market. D) Increase production now. Show Answer Correct Answer: C) Keep products off the market. 3. A graph that shows the quantities supplied at each and every possible price in the market. A) Supply curve. B) Supply schedule. C) Market supply curve. D) Law of Supply. Show Answer Correct Answer: A) Supply curve. 4. Why do governments impose excise taxes on some goods? A) To discourage consumption of those goods. B) To ensure that the wealthy pay a share of taxes. C) To protect newly forming industries from foreign competition. D) To provide for the safety of the food supply. Show Answer Correct Answer: A) To discourage consumption of those goods. 5. With respect to supply, nature and the environment refer to: A) Relieving stress by spending time outdoors. B) The impact of natural forces have on the ability to produce goods. C) How nature helps humanity be more productive. D) How nature gets in the way of humanity being productive. Show Answer Correct Answer: B) The impact of natural forces have on the ability to produce goods. 6. 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 A) A. B) B. C) C. D) D. Show Answer Correct Answer: A) A. 7. This factor changes supply based on the higher organizations wants and subsidies A) Number of Sellers. B) Technology. C) Government Policies & Regulations. D) Consumer Income. Show Answer Correct Answer: C) Government Policies & Regulations. 8. With respect to supply, "costs " refer to: A) How much consumers pay to purchase products. B) The amount producers spend to produce a product. C) All of the bills everyone in an economy has to pay. D) Hidden charges people don't expect when they sign agreements. Show Answer Correct Answer: B) The amount producers spend to produce a product. 9. When the government pays money to businesses, usually to encourage them to produce a certain product. A) Taxes. B) Tarrif. C) Subsidies. D) Regulations. Show Answer Correct Answer: C) Subsidies. 10. When the price of ham increases by 10%, the demand for ham decreases by 5%, and the demand for turkey increases by 15%. What is the cross-price elasticity between ham and turkey? A) 2.0. B) -0.5. C) -2.0. D) 1.5. Show Answer Correct Answer: D) 1.5. 11. Demand for a normal product may shift outwards if?A. Price decreasesB. The price of a substitute fallsC. The price of a complement risesD. income falls A) A. B) B. C) C. D) D. Show Answer Correct Answer: B) B. 12. Which of the following does not cause a change in supply? A) Government regulations. B) New Technology. C) Change in price. D) Changes in productivity. Show Answer Correct Answer: C) Change in price. 13. Which of the following leads to an decrease in supply? A) An increase in the cost of raw materials. B) Diminishing marginal returns. C) A decrease in the cost of raw materials. D) A change in the law of supply. Show Answer Correct Answer: A) An increase in the cost of raw materials. 14. The amount of money a business makes after deducting expenses is called A) Overhead. B) Profit. C) Revenue. D) Income. Show Answer Correct Answer: B) Profit. 15. What might cause the supply curve to shift left? A) Price of a complementary good decreases. B) Large number of producers enter the market. C) Computer processing improves production. D) A new law is passed requiring all new motorcycles to have back-up cameras. Show Answer Correct Answer: D) A new law is passed requiring all new motorcycles to have back-up cameras. 16. If the total product of worker number 5 had been 95, what would the variable cost have been? A) 360. B) 450. C) 500. D) 540. Show Answer Correct Answer: B) 450. 17. Which of the following is NOT a factor that can shift the supply curve? A) Technology. B) Cost of production. C) Tastes and Preferences. D) Taxes and subsidies. Show Answer Correct Answer: C) Tastes and Preferences. 18. Which of the following pairs best represent substitute goods? A) DVD's and DVD Players. B) Diet Sunkist and Diet Crush. C) Hot dogs and hot dog buns. D) Fruit roll ups and diet Coke. Show Answer Correct Answer: B) Diet Sunkist and Diet Crush. 19. Quantities offered at various prices by all firms that offer products for sale in a given market A) Total product. B) Total cost. C) Supply. D) Market supply curve. Show Answer Correct Answer: D) Market supply curve. 20. A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity. A) Subsidy. B) Supply curve. C) Supply. D) Quantity supplied. Show Answer Correct Answer: A) Subsidy. ← PreviousNext →Related QuizzesMicroeconomics QuizzesSupply Quiz 1Supply Quiz 2Supply Quiz 3Supply Quiz 4Supply Quiz 5Supply Quiz 6Supply Quiz 7Supply Quiz 8Supply Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books