Question 1
A subsidy on production shifts supply:
A.
Right B.
No effect C.
Left D.
Only demand left
Question 2
What is meant by supply?
A.
Quantity firms are willing to produce at a given price. B.
Good/bad conditions affect agricultural and seasonal supply. C.
More firms increase market supply. D.
Shows relationship between price and quantity supplied.
Question 3
What is meant by subsidy?
A.
Firms assumed to respond to higher prices by supplying more. B.
Shifts supply right. C.
Shows relationship between price and quantity supplied. D.
Improvements shift supply right.
Question 4
What is meant by indirect tax?
A.
Shifts supply left. B.
Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather, Costs. C.
Higher input costs shift supply left. D.
Allows firms to increase output quickly.
Question 5
What is meant by number of firms?
A.
Movement forwards along S when price rises. B.
Firms assumed to respond to higher prices by supplying more. C.
More firms increase market supply. D.
Improvements shift supply right.
Question 6
A rise in the good's own price causes:
A.
Shift right B.
Shift left C.
Market failure D.
Extension of supply
Question 7
Bad weather for farmers typically:
A.
Makes PED elastic B.
Has no effect C.
Shifts supply left D.
Shifts demand right
Question 8
In PINTSWC, 'P' at the start stands for:
A.
Population B.
Price of the good C.
Profit only D.
Productivity
Question 9
What is meant by extension of supply?
A.
Good/bad conditions affect agricultural and seasonal supply. B.
Shifts supply right. C.
Movement forwards along S when price rises. D.
Shows relationship between price and quantity supplied.
Question 10
What is meant by productivity?
A.
Improvements shift supply right. B.
Allows firms to increase output quickly. C.
Higher output per worker lowers unit costs — shifts supply right. D.
Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather, Costs.
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