Economics Chapter 2 - Supply Quiz 35 Created on July 30, 2023 By admin Supply Quiz 1 1 / 25 The supply of a good refers to: Actual production of the good. Total existing stock of the good. Stock available for sale. Amount of the good offered for sale at a particular price per unit of time. 2 / 25 Supply is a ________ concept. Flow Stock Flow and stock, both Qualitative 3 / 25 Supply is the: Limited resources that are avail-able with the seller. Cost of producing a good. Entire relationship between the quantity supplied and the price of good. Willingness to produce a good if the technology to produce it becomes available. 4 / 25 Which of the following is a factor determining the supply? Price of the good Price of related goods Price of factor of Production All of the above 5 / 25 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. Willing to offer Able to Offer Actually Sold Both (a) & (b) 6 / 25 Which of the following statement is correct? Supply is inversely related to its cost of production Price and quantity demand of a goods have direct relationship Taxes and subsidy has no impact on the supply of the product Seasonal changes have no impact on the supply of the commodity 7 / 25 In a very short period, the supply: Can be changed. Cannot be changed. Can be increased. None of the above. 8 / 25 The quantity supplied of a good or service is the amount that ________ Is actually bought during a given time period at a given price. Producers wish they could sell at a higher price. Producers plan to sell during a given time period at a given price. People are willing to buy during a given time period at a given price. 9 / 25 If the demand is more than sup¬ply, then the pressure on price will be: Upward Downward Constant None of the above 10 / 25 According to law of supply, change in supply is related to? Price of goods Price of related goods Factors of production None of the above 11 / 25 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. More Better Lesser More and/or Better 12 / 25 Under ________ conditions, Supply will be more than that under ________ conditions. Competitive, Monopolized Monopolized, Competitive Monopolized, Oligopoly Duopoly, Monopolized. 13 / 25 Other things being equal, the ________ the relative price of a good the ________ the quantity of it that will be supplied. Higher, Lesser Higher, Greater Lower, Lower None of these 14 / 25 The supply curve for perishable commodities is ________. Elastic Inelastic perfectly elastic perfectly inelastic 15 / 25 If good growing conditions in-creases the supply of strawberries and hot weather increases the demand for strawberries, the quantity of strawberries bought. Increases and the price might rise, fall or not change. Does not change but the price rises. Does not change but the price falls. Increases and the price rises. 16 / 25 An increase in the number of sell-ers of bikes will increase the ________. The price of a bike. Demand for bikes. The supply of bikes. Demand for helmets. 17 / 25 In the book market, the supply of books will decrease if any of the following occurs except ________. A decrease in the number of book publishers. A decrease in the price of the book. An increase in the future expected price of the book. An increase in the price of paper used. 18 / 25 If the supply of bottled water decreases, other things remaining the same, the equilibrium price ________ and the equilibrium quantity ________. Increases; decreases. Decreases; increases. Decreases; decreases. Increases; increases. 19 / 25 Movements on the supply curve may be due to: Change in price of goods Change in price of related goods Change in technology None of the above 20 / 25 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. Quantity Supplied, movement on Quantity Supplied, Shift of Supply, movement on Supply, Shift of 21 / 25 Contraction of supply is the result of: Decrease in the number of producers. Decrease in the price of the good concerned. Increase in the prices of other goods. Decrease in the outlay of sellers. 22 / 25 The ________ is a graphical presentation of the ________. Supply Curve, Demand Schedule Supply Curve, Supply Schedule Demand Curve, Supply Schedule None of these 23 / 25 When supply price increase in the short run, the profit of the producer ________. Increases Decreases Remains constant Decreases marginally 24 / 25 Contraction of supply implies ________. Decrease in cost of production Decrease in price of the good concerned Decrease in price of related good Increase in price of the good concerned 25 / 25 An increase in the supply of a good is caused by: Improvements in its technology. Fall in the prices of other goods. Fall in the prices of factors of production. All of the above. Your score isThe average score is 79% LinkedIn Facebook Twitter VKontakte 0% Restart quiz 23 Created on July 30, 2023 By admin Supply Quiz 2 1 / 23 When supply curve moves to right, it means ________. Supply increases. Supply decreases. Supply remains constant. None of the above. 2 / 23 When supply curve shifts to the right there is: An increase Expansion Contraction Decrease 3 / 23 When supply curve moves to the left, it means ________. Smaller supply at a given price. Larger supply at a given price. Constant supply at a lower price. None of the above. 4 / 23 Which of the following statements is correct? When the price falls the quantity demanded falls. Seasonal changes do not affect the supply of a commodity. Taxes and subsidies do not influence the supply of the commodity. With lower cost, it is profitable to supply more of the commodity. 5 / 23 Elasticity of supply is measured by dividing the percentage change in quantity supplied of a good by ________. Percentage change in income. Percentage change in quantity demanded of goods. Percentage change in price. Percentage change in taste and preference. 6 / 23 The elasticity of supply is defined as the ________. Responsiveness of the quantity supplied of a good to a change in its price. Responsiveness of the quantity supplied of a good without change in its price. Responsiveness of the quantity demanded of a good to a change in its price. Responsiveness of the quantity demanded of a good without change in its price. 7 / 23 Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its: Demand Price Cost of production State of technology 8 / 23 When the supply curve shifts to the left or right, it is called as ________ or ________ in supply, respectively. Decrease, Decrease Decreases, Increase Increase, Increase Increase, Decrease 9 / 23 A vertical supply curve parallel to Y axis implies that the elasticity of supply is: Zero Infinity Equal to one Greater than zero but less than infinity 10 / 23 Perishable commodities will have ________. Perfectly elastic curve Perfectly inelastic curve Elastic Inelastic 11 / 23 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 2 4 .25 0 12 / 23 If price of computers increases by 10% and supply increases by 25%. The elasticity of supply is : 2.5 0.4 (-) 2.5 (-) 0.4 13 / 23 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? 3.0 2.5 0.3 3.5 14 / 23 Elasticity of supply is greater than one when ________. Proportionate change in quantity supplied is more than the proportionate change in price. Proportionate change in price is greater than the proportionate change in quantity supplied. Change in price and quantity supplied are equal. None of the above 15 / 23 If the quantity supplied is exactly equal to the relative change in price then the elasticity of supply is: Less than one Greater than one One None of the above 16 / 23 Elasticity of supply is zero means? Perfectly inelastic Perfectly elastic Imperfectly elastic All of the above 17 / 23 If the percentage change in supply is less than the percentage change in price it is called ________. Unit elasticity of supply Perfectly elastic More elastic supply Inelastic supply. 18 / 23 A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is: Zero Infinite Equal to one Greater than zero but less than one 19 / 23 The equilibrium price is deter-mined by the inter-section between ________ and ________ It is also called as the equilibrium. Demand, Supply, Static Demand Supply, Dynamic Supply, Demand, Partial Demand, Supply, Market 20 / 23 Equilibrium refers to a market situation where quantity demand is to quantity supplied. Equal Less than or Equal More than More than or equal 21 / 23 The supply function is given as Q = 100 + 10 P. Find the elasticity using point method, when price is ₹ 15. 4 -3 -5 3 22 / 23 The cross elasticity between Rye bread and Whole Wheat bread is expected to be: Positive Negative Zero Can’t say 23 / 23 When the supply of a product is perfectly inelastic then the curve will be Parallel to Y – axis Parallel to X – axis At the angle of 45° Sloping upwards Your score isThe average score is 79% LinkedIn Facebook Twitter VKontakte 0% Restart quiz
