eleanor.adamandi
Quiz by , created more than 1 year ago

Select the correct answer to these questions testing your knowledge of the law of supply

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jackexamtime
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eleanor.adamandi
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Supply

Question 1 of 9

1

Supply is defined as

Select one of the following:

  • The total quantity which will be purchased at any given price over a specific period of time

  • The total quantity which is made available at any given price over a specific period of time

  • Neither of the above

Explanation

Question 2 of 9

1

When prices of goods rise, what happens to their supply?

Select one of the following:

  • It stays the same

  • It decreases

  • It increases

Explanation

Question 3 of 9

1

Which of these is NOT an aspect of the supply function?

Select one of the following:

  • Price of Other Goods

  • Income

  • Cost of Production

  • Price

Explanation

Question 4 of 9

1

A decrease in overall supply is represented by what?

Select one of the following:

  • A shift to the right of the supply curve

  • An upwards movement along the supply curve

  • A downwards movement along the supply curve

  • A shift to the left of the supply curve

Explanation

Question 5 of 9

1

What effect does technology have on supply?

Select one of the following:

  • It decreases the supplier's capacity

  • It has no effect on supply

  • It increases the supplier's capacity

Explanation

Question 6 of 9

1

The relationship between price and supply is

Select one of the following:

  • Positive

  • Negative

  • On the rocks

Explanation

Question 7 of 9

1

If there is an increase in government subsidies for labour, the supply curve will

Select one of the following:

  • Not change at all

  • Shift to the right

  • Become horizontal

Explanation

Question 8 of 9

1

The labour market supply curve is an example of

Select one of the following:

  • A supply curve with a minimum price

  • A supply curve with a limited capacity

  • A demand curve for giffen goods

Explanation

Question 9 of 9

1

Which of these terms is MOST RELEVANT when talking about supply?

Select one of the following:

  • Complementary Goods

  • Substitute Goods

  • Income

  • Technology

Explanation

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