Economics: Principles and Practices © 2008

Chapter 5: Supply

Multiple Choice Quiz

1
A graph showing the various quantities of a product that a single producer supplies at each and every price in the market is a ______.
A)supply schedule
B)supply curve
C)change in supply
D)supply elasticity
2
The main determinant of supply elasticity is ______.
A)the number of substitutes available
B)the time it takes a firm to respond to price changes
C)whether the purchase can be delayed
D)whether the price of resources increased or decreased
3
The principle that suppliers will normally offer more for sale at high prices and less at lower prices is ________.
A)supply elasticity
B)quantity supplied
C)law of supply
D)supply schedule
4
Which of the following would result in a supply shift to the left in the market for hot dog rolls?
A)an increase in the price of hot dog rolls
B)a decrease in the price of hot dogs
C)a decrease in the price of hamburger
D)an increase in the price of flour.
5
The stage where output increases at a decreasing rate as more units of variable input are added is ______.
A)production function
B)long run
C)stages of production
D)diminishing returns
6
A period of production that allows producers to adjust the quantities of all their resources, including capital is a ______.
A)marginal product
B)diminishing returns
C)short run
D)long run
7
A concept that describes the relationship between changes in output to different amounts of a single input while other inputs re held constant is called ______.
A)diminishing returns
B)production function
C)total product
D)stages of production
8
A type of cost-benefit decision making that compares the extra benefits to the extra costs of an action is the _______.
A)marginal cost
B)variable cost
C)marginal analysis
D)variable analysis
9
Why have many businesses begun to operate through Internet sites?
A)larger inventories
B)lower overhead
C)higher costs
D)lower prices
10
A cost that changes when the business rate of operation or output changes is a ______.
A)marginal cost
B)variable cost
C)total cost
D)fixed cost
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