This quiz works best with JavaScript enabled. Home > Microeconomics > Supply > Supply – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Supply Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Variable cost plus fixed cost; all costs associated with production. A) Marginal cost. B) Total cost. C) Overhead. D) Fixed cost. Show Answer Correct Answer: B) Total cost. 2. The price of complementary products has an effect on A) Supply. B) Utility. C) Demand. D) Elasticity. Show Answer Correct Answer: C) Demand. 3. Stage two represents what? A) Increasing marginal return. B) Diminishing marginal return. C) Negative marginal return. D) Equaling marginal return. Show Answer Correct Answer: B) Diminishing marginal return. 4. 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. 5. 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. 6. What will cause an increase in QS for "oil" ? A) Decrease in the price of oil. B) Increase in consumer taste for 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. 7. Producers consider taxes a part of ..... . A) Resource cost. B) Investment. C) Profit. D) Revenue. Show Answer Correct Answer: A) Resource cost. 8. Which of the following government actions would increase the supply of cars in the United States? A) The establishment of an excise tax on cars. B) An end to subsidies to automakers. C) The removal of car mileage regulations. D) The establishment of quotas on imported cars. Show Answer Correct Answer: C) The removal of car mileage regulations. 9. 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. 10. 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. 11. How do taxes affect supply? A) Creates more supply. B) Creates less supply. C) Creates variable supply. D) Does not affect the supply. Show Answer Correct Answer: B) Creates less supply. 12. 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) Substitution Effect. B) Income Effect. C) Complement Goods. D) Consumer expectations. Show Answer Correct Answer: A) Substitution Effect. 13. Increased government regulations can cause the supply curve to? A) Shift to the left. B) Shift to the right. C) Increase. D) Decrease. Show Answer Correct Answer: A) Shift to the left. 14. How does an increase in an excise tax on cars affect the supply of cars? A) More cars will be made. B) Supply will decrease. C) Supply will stay the same. D) Supply will increase. Show Answer Correct Answer: B) Supply will decrease. 15. Which of these is an example of an inferior good? A) Bike. B) Uber. C) Taxi. D) Public Bus. Show Answer Correct Answer: D) Public Bus. 16. In economics, what is the same thing as price? A) Marginal utility. B) Total revenue. C) Marginal revenue. D) Regulation. Show Answer Correct Answer: C) Marginal revenue. 17. 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. 18. 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) Supply Schedule. D) Market Supply Cuve. Show Answer Correct Answer: A) Supply. 19. 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) Taxes. B) Regulation. C) Expenses. D) Subsidy. Show Answer Correct Answer: D) Subsidy. 20. The federal minimum wage increases by $ 1 today. What factor shifted the curve? A) Consumer Taste. B) Change in Technology. C) Cost of Inputs. D) Number of Buyers. Show Answer Correct Answer: C) Cost of Inputs. ← PreviousNext →Related QuizzesMicroeconomics QuizzesSupply Quiz 1Supply Quiz 2Supply Quiz 3Supply Quiz 4Supply Quiz 5Supply Quiz 6Supply Quiz 7Supply Quiz 8Supply Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books