This quiz works best with JavaScript enabled. Home > Microeconomics > Supply > Supply – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Supply Quiz 14 (19 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If the total product of worker number 5 had been 95, what would the marginal product have been? A) 32. B) 33. C) 34. D) 35. Show Answer Correct Answer: B) 33. 2. Advances in robotics, microchips and computerization have: A) Shifted the supply curve of most industries to the right. B) Created a demand for more nerds in society. C) Made manufacturing more boring for workers. D) Shifted the supply curve of most industries to the left. Show Answer Correct Answer: A) Shifted the supply curve of most industries to the right. 3. In a market-based economy, consumers rely on prices to help them A) Choose among similar products. B) Decide which products suit their lifestyle. C) Discover the latest high-technology gadgets. D) Find clothing that fits them the best. Show Answer Correct Answer: A) Choose among similar products. 4. Malthusian Theory claims that A) Population grows arithmetically while food supply grows geometrically. B) Population grows geometrically while food supply grows arithmetically. C) Population and food supply grow at the same route. D) Populations will adapt and find new food sources. Show Answer Correct Answer: B) Population grows geometrically while food supply grows arithmetically. 5. Which of the following is NOT one of the determinants of supply? A) Change in cost of production/resources. B) Change in number of sellers. C) Substitutes. D) Change in technology. Show Answer Correct Answer: C) Substitutes. 6. Which of the following will NOT cause a shift in the demand curve for compact discs?A. A change in wealthB. A change in the price of compact discsC. A change in income.D. A change in the price of pre-recorded cassette tapes A) A. B) B. C) C. D) D. Show Answer Correct Answer: B) B. 7. A leftward shift of the supply curve might be caused by: A) Decrease in resource cost. B) More firms entering an industry. C) Decrease in subsidies. D) A decrease in consumer incomes. Show Answer Correct Answer: C) Decrease in subsidies. 8. Principle that more will be offered for sale at higher prices than at lower prices. A) Stages of Production. B) Market Supply. C) Law of Demand. D) Law of Supply. Show Answer Correct Answer: D) Law of Supply. 9. High prices makes producers want to ..... A) Produce less. B) Buy more. C) Produce more. D) Buy less. Show Answer Correct Answer: C) Produce more. 10. If the quantity supplied and the price change by the same percentage, then supply is A) Elastic. B) Inelastic. C) Unit elastic. D) Perfectly inelastic. Show Answer Correct Answer: C) Unit elastic. 11. Which of the following refers to the amount that sellers are willing to produce at a give price? A) Supply. B) Quantity Supplied. C) Supply Function. D) Supply Schedule. Show Answer Correct Answer: B) Quantity Supplied. 12. According to the Law of Supply, as prices fall ..... A) Quantity supplied rises. B) Quantity supplied falls. C) Quantity supplied remains unchanged. D) None of these. Show Answer Correct Answer: B) Quantity supplied falls. 13. The price of turkey rises! What happens to the market for chicken? A) Demand Increase. B) Supply Increase. C) Demand Decrease. D) Supply Decrease. Show Answer Correct Answer: A) Demand Increase. 14. What affect will new taxes on producers usually have on the supply and supply curve? A) Decreases supply, supply curve shifts left. B) Increases supply, supply curve shifts left. C) Decreases supply, supply curve shifts right. D) Increases supply, supply curve shifts right. Show Answer Correct Answer: A) Decreases supply, supply curve shifts left. 15. What is the government controlled price ceiling on apartment prices called? A) Floor pricing. B) Rent control. C) Equilibrium level. D) Rent monitoring. Show Answer Correct Answer: B) Rent control. 16. The ease of changing production to respond to price changes determines A) How regulated the business is. B) How expensive the product is. C) How elastic the product is. D) How much fixed costs are. Show Answer Correct Answer: C) How elastic the product is. 17. As price goes up, the quantity supplied of a good ..... A) Stays the same. B) Goes down. C) Goes up. D) At first goes up, then decreases. Show Answer Correct Answer: C) Goes up. 18. An increase in labour costs will result in ..... A) A movement along the supply curve. B) An extension in quantity supplied. C) A shift inwards of the supply curve. D) A shift outwards of the supply curve. Show Answer Correct Answer: C) A shift inwards of the supply curve. 19. Even though gas prices have gone up 20 cents per gallon, Tim continues to buy the same amount of gas. This is an example of which type of demand? A) Inelastic. B) Discretionary. C) Complementary. D) Elastic. Show Answer Correct Answer: A) Inelastic. ← PreviousRelated 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