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443840
Supply
Description
Select the correct answer to these questions testing your knowledge of the law of supply
No tags specified
business and economics
higher secondary
supply and demand
business and economics
supply and demand
leaving certificate
Quiz by
eleanor.adamandi
, updated more than 1 year ago
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Created by
jackexamtime
over 10 years ago
Copied by
eleanor.adamandi
over 10 years ago
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Resource summary
Question 1
Question
Supply is defined as
Answer
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
Question 2
Question
When prices of goods rise, what happens to their supply?
Answer
It stays the same
It decreases
It increases
Question 3
Question
Which of these is NOT an aspect of the supply function?
Answer
Price of Other Goods
Income
Cost of Production
Price
Question 4
Question
A decrease in overall supply is represented by what?
Answer
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
Question 5
Question
What effect does technology have on supply?
Answer
It decreases the supplier's capacity
It has no effect on supply
It increases the supplier's capacity
Question 6
Question
The relationship between price and supply is
Answer
Positive
Negative
On the rocks
Question 7
Question
If there is an increase in government subsidies for labour, the supply curve will
Answer
Not change at all
Shift to the right
Become horizontal
Question 8
Question
The labour market supply curve is an example of
Answer
A supply curve with a minimum price
A supply curve with a limited capacity
A demand curve for giffen goods
Question 9
Question
Which of these terms is MOST RELEVANT when talking about supply?
Answer
Complementary Goods
Substitute Goods
Income
Technology
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