Quiz 1

Instructions
Select the best answer for each question.

This quiz was locked Jul 19 at 11:59pm.

Score for this quiz: 17 out of 30

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Question 1 0 / 1 pts

Expectations as to future incomes and product availability are

components of non-price determinants of supply.

True

False

Question 2 1 / 1 pts
If the selling price of pork remain constant but the cost of production
increases, supply of pork will tend to increase.

True

False

Question 3 1 / 1 pts

If the number of seller decreases the supply curve will cause to shift
upward left.

True

False

Question 4 1 / 1 pts

When quantity increases, the demand curve is downward sloping to the

right while supply curve is upward sloping to the right.

True

False
In
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An increase in income shift the demand curve upward rather than

downward because increase in income decreases price.

True

False

In
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The scarcity of raw materials will cause to shift the supply curve upward to
the left.

True

False

Question 7 1 / 1 pts

Increase in number of population will cause the demand curve to shift

downward left.

True

False
In
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The lower the price of a good, the bigger the quantity that will be offered
by the supplier.

True

False

Question 9 1 / 1 pts

If the cost of canned sardines production increases, the supply will more
likely to decrease.

True

False

Question 10 1 / 1 pts

There is over supply when the quantity demanded is greater than the
quantity supplied.
 True

False

In
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The law of demand says that price and quantity demanded are positively
related.

True

False

Question 12 1 / 1 pts

When supply increases in a graph of demand and supply, equilibrium

price will increase, but equilibrium quantity will decrease.

True

False

Question 13 1 / 1 pts

The supply curve is upward sloping from upper left to lower right.
 True

False

Question 14 1 / 1 pts

When demand increases in a graph of demand and supply, both

equilibrium price and quantity will increase.

True

False

In
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The law of demand says that price and quantity supplied are positively
related.

True

False

In
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 1. Which of the following is not considered a service?

health care

an automobile

city mass transit

education

In
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An increase in the number of sellers the supply curve will cause to shift -

upward right

upward left

downward right

downward left

Question 18 1 / 1 pts

When the price of substitutes increases the demand curve will more likely
to shift
 Upward left

Upward right

Korekek

Downward left

Downward right

Question 19 1 / 1 pts

The term public, as used in this course, refers to

workers

consumers

businesses

government.

Good choice!

In
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Which of the following will happen when consumers predict that the
supply of a basic commodity will run out?
 There will be an outward shift in the demand curve and a decrease in
equilibrium price.

There will be an outward shift in the demand curve and an increase in the
equilibrium price.

There will be an outward shift in the demand curve without any impact on
the equilibrium price.

There will be an inward shift in the demand curve and a decrease in the
equilibrium price.

In
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In explaining the concept of production possibilities, one of the

assumptions is that there is full use of resources, knowledge, and
technology. This assumption reflects the true situation of a country. Which
of the following statements holds?

The first statement is true. The second statement is false.

The first and the second statements are both false.

The first and the second statements are both true

The first statement is false. The second statement is true.

Question 22 1 / 1 pts

The following are non-price determinants of supply, except

cost of production

technology applied

number of suppliers

size of population

Question 23 1 / 1 pts

The brain behind the business.

labor

capital

entrepreneur

Check!

land
In
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Which of the following is described by the law of supply?

Price and supply are positively related.

Price and supply are inversely related.

The relationship of these variables are not clear.

Price and supply are negatively related.

Question 25 1 / 1 pts

What does an outward shift in the production possibilities curve indicate?

Increase in demand

Economic growth

Good

Underemployment

Decrease in demand
 Question 26 1 / 1 pts

When the demand curve shifts to the right, we say that:

equilibrium quantity has decreased.

price has decreased.

demand has decreased.

demand has increased.

Jackpot

In
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When the price increases the supply curve will move

Downward right

Upward left

Downward left

Upward right
In
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Which of the following does not represent a market failure?

the need for public goods and services

Spillovers

technology change

market power

Question 29 1 / 1 pts

Which of the following can cause in downward right shift in the supply
curve?

an improvement in the quality of resources

an increase in the quantity of resources

all of these

Very Good!

an improvement in technology
Question 30 1 / 1 pts

Which of the following conditions cause shift in demand curve to the left?

increase in income

increase in the prices of substitute

better taste of products

decrease in population

Correct!

Quiz Score: 17 out of 30