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Description
Quiz by eleanor.adamandi, updated more than 1 year ago
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Question 1
Question
Supply is defined as
Answer
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The total quantity which will be purchased at any given price over a specific period of time
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The total quantity which is made available at any given price over a specific period of time
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Neither of the above
Question 2
Question
When prices of goods rise, what happens to their supply?
Answer
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It stays the same
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It decreases
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It increases
Question 3
Question
Which of these is NOT an aspect of the supply function?
Answer
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Price of Other Goods
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Income
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Cost of Production
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Price
Question 4
Question
A decrease in overall supply is represented by what?
Answer
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A shift to the right of the supply curve
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An upwards movement along the supply curve
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A downwards movement along the supply curve
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A shift to the left of the supply curve
Question 5
Question
What effect does technology have on supply?
Answer
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It decreases the supplier's capacity
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It has no effect on supply
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It increases the supplier's capacity
Question 6
Question
The relationship between price and supply is
Answer
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Positive
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Negative
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On the rocks
Question 7
Question
If there is an increase in government subsidies for labour, the supply curve will
Answer
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Not change at all
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Shift to the right
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Become horizontal
Question 8
Question
The labour market supply curve is an example of
Answer
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A supply curve with a minimum price
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A supply curve with a limited capacity
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A demand curve for giffen goods
Question 9
Question
Which of these terms is MOST RELEVANT when talking about supply?
Answer
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Complementary Goods
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Substitute Goods
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Income
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Technology
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