Question : 51) Which of the following events would cause a change : 1384144

 

51) Which of the following events would cause a change in the quantity supplied of some agricultural commodity but would not cause a change in the supply of that same commodity?

A) a change in factor costs

B) a technological change

C) a change in the price of the commodity

D) a change in the number of suppliers of the commodity

E) a change in the price of substitute goods

52) Suppose that many coal mines are shut for environmental reasons. This will cause

A) an increase in the supply of coal (a rightward shift of the supply curve).

B) a decrease in the supply of coal (a leftward shift of the supply curve).

C) a movement up the supply curve.

D) a movement down the supply curve.

E) no change in the supply curve, only a change in price.

53) The market supply curve for wooden shipping crates would shift to the right

A) if a government subsidy for shipping crates is withdrawn.

B) if the prices of inputs fall.

C) if a tax is applied to shipping crates.

D) if suppliers leave the industry.

E) if technological conditions for the production of crates deteriorates.

54) The term “quantity supplied” is the amount of a commodity that

A) firms wish to sell at a given price during a given period of time.

B) firms actually sell during a given period of time at a given price.

C) households wish firms would sell during a given period of time at a given price.

D) is exchanged between firms and consumers during a given period of time at a given price.

E) is supplied at a fair market price.

55) Suppose there is a decrease in the quantity supplied of copper at each price.  This change would imply

A) a shift to the left of the supply curve.

B) a shift to the right of the supply curve.

C) a movement up the supply curve.

D) a movement down the supply curve.

56) The term “supply” in a particular market refers to

A) the particular quantity supplied at the moment.

B) only one point on the supply curve.

C) only one entry in a supply schedule.

D) the entire relationship between quantity supplied and price.

E) the quantity actually sold to consumers.

57) A fall in the price of raw milk (which is used in the production of ice cream) will

A) decrease the supply of ice cream, causing the supply curve of ice cream to shift to the left.

B) increase the supply of ice cream, causing the supply curve of ice cream to shift to the right.

C) decrease the supply of ice cream, causing the supply curve to shift to the right.

D) have no effect on the supply curve of ice cream but cause a downward movement along the supply curve of ice cream.

E) increase the supply of ice cream, causing the supply curve to shift to the left.

58) To say that the supply curve is positively sloped means that

A) as price goes up, quantity supplied will decrease.

B) households will want to buy less at higher prices.

C) as price goes up, quantity supplied will increase.

D) if the costs of production increase, the quantity supplied will have to increase also.

E) as price goes up, quantity supplied will remain constant.

59) A rightward shift in the supply curve indicates

A) a decrease in the quantity supplied at each price.

B) that an increase in income results in an increase in the quantity demanded at each price.

C) that more is demanded at each price.

D) an increase in the quantity supplied at each price.

E) a shift in the demand curve also (because demand must equal supply).

60) A “decrease in supply” refers to which of the following?

A) the likely result from a decrease in the price of a factor of production

B) a downward movement along a supply curve

C) a decrease in quantity supplied

D) a leftward shift in the supply curve

E) a drop in the quantity actually exchanged

 

 

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