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Econ Practice Quiz

In: Business and Management

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AP Econ Quiz 6 ~ Supply & S/D Name: ____________________________
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

1. A supply schedule shows

|a. |the "market potential" for a product. |d. |how much consumers would like to buy at different prices. |
|b. |how much producers are willing and able to sell at different prices. |e. |All of the above are correct. |
|c. |possible combinations of output under different conditions. |

2. If price rises, what happens to quantity supplied for a product?

|a. |It increases. |c. |It does not change. |
|b. |It decreases. |d. |Quantity supplied is constant, but supply increases. |

3. Along a supply curve,

|a. |supply changes as price changes. |c. |supply changes as technology changes. |
|b. |quantity supplied changes as price changes. |d. |quantity supplied changes as technology changes. |

4. If new manufacturers enter the gadget industry, then which of the following will most likely happen with gadgets?

|a. |the supply will increase |c. |the quantity supplied will increase |
|b. |the supply will decrease |d. |the quantity supplied will decrease |

5. An increase in the price of metal raw materials will result in which of the following in the supply of new cars?

|a. |Quantity supplied will increase |d. |Supply will decrease |
|b. |Quantity supplied will decrease |e. |Uncertain - economic theory makes no prediction |
|c.…...

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