Economics Chapter 2 - Supply Quiz

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Supply Quiz 1

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The supply of a good refers to:

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Supply is a ________ concept.

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Supply is the:

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Which of the following is a factor determining the supply?

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The term supply refers to the amount of goods or services that the producers are ________ to the market at value prices during a given period of time.

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Which of the following statement is correct?

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In a very short period, the supply:

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The quantity supplied of a good or service is the amount that ________

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If the demand is more than sup¬ply, then the pressure on price will be:

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According to law of supply, change in supply is related to?

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The supply of a particular product depends upon the state of technology also. Inventions and innovations tend to make it possible to produce ________ goods with the same resources.

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Under ________ conditions, Supply will be more than that under ________ conditions.

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Other things being equal, the ________ the relative price of a good the ________ the quantity of it that will be supplied.

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The supply curve for perishable commodities is ________.

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If good growing conditions in-creases the supply of strawberries and hot weather increases the demand for strawberries, the quantity of strawberries bought.

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An increase in the number of sell-ers of bikes will increase the ________.

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In the book market, the supply of books will decrease if any of the following occurs except ________.

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If the supply of bottled water decreases, other things remaining the same, the equilibrium price ________ and the equilibrium quantity ________.

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Movements on the supply curve may be due to:

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When the supply of a good increase as a result of an increase in its price, then it is an increase in ________ and there is a upward ________ the supply curve.

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Contraction of supply is the result of:

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The ________ is a graphical presentation of the ________.

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When supply price increase in the short run, the profit of the producer ________.

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Contraction of supply implies ________.

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An increase in the supply of a good is caused by:

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The average score is 78%

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Supply Quiz 2

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When supply curve moves to right, it means ________.

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When supply curve shifts to the right there is:

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When supply curve moves to the left, it means ________.

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Which of the following statements is correct?

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Elasticity of supply is measured by dividing the percentage change in quantity supplied of a good by ________.

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The elasticity of supply is defined as the ________.

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Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its:

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When the supply curve shifts to the left or right, it is called as ________ or ________ in supply, respectively.

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A vertical supply curve parallel to Y axis implies that the elasticity of supply is:

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Perishable commodities will have ________.

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The Price of Commodity X in-creased from ₹ 2,000 per unit to ₹ 2,100 per unit and consequently the quantity supplied rises from 2,500 units to 3,000 units. The Elasticity of supply will be

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If price of computers increases by 10% and supply increases by 25%. The elasticity of supply is :

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When price of a commodity Rises from 200 to ₹ 300 and Quantity supply increases from 2,000 to 5,000 units find elasticity of supply?

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Elasticity of supply is greater than one when ________.

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If the quantity supplied is exactly equal to the relative change in price then the elasticity of supply is:

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Elasticity of supply is zero means?

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If the percentage change in supply is less than the percentage change in price it is called ________.

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A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is:

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The equilibrium price is deter-mined by the inter-section between ________ and ________ It is also called as the equilibrium.

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Equilibrium refers to a market situation where quantity demand is to quantity supplied.

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The supply function is given as Q = 100 + 10 P. Find the elasticity using point method, when price is ₹ 15.

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The cross elasticity between Rye bread and Whole Wheat bread is expected to be:

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When the supply of a product is perfectly inelastic then the curve will be

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The average score is 78%

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