Econ Practice Quiz Essay

841 Words Sep 9th, 2014 4 Pages
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AP Econ Quiz 6 ~ Supply & S/D Name: ____________________________
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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.
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|an increase in the price of paper |c. |an increase in the number of students attending college |
|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

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