Econ Practice Quiz Essay
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. …show more content…
|b. |a decrease in the price of paper |d. |a decrease in the number of students attending college |
7. A decrease in the average wages paid to workers in the apparel industry will result in which of the following?
|a. |Supply curve will shift to the right |d. |Price will decrease with no shift in the supply curve |
|b. |Supply curve will shift to the left |e. |Uncertain - economic theory makes no prediction |
|c. |Price will increase with no shift in the supply curve |
8. New and improved computerized manufacturing techniques are introduced in the WIDGETS industry. What would probably happen?
|a. |the supply will increase |c. |the quantity supplied will increase |
|b. |the supply will decrease |d. |the quantity supplied will decrease |
9. Which of the following will shift the demand curve for milk?
|a. |change in the income of buyers of milk |c. |change in input prices for milk |
|b. |change in the price of milk |d. |All of the above are