1) The supply curve is upward sloping for which reason: a) At higher prices there is more of an incentive to supply goods b) At higher prices costs of supplying goods is higher c) Higher prices mean lower profits 2) Which of the following could lead to an increase in Supply? a) Improved technology and lower costs of production b) Increases in taxation c) A fall in selling price 3) Improvements in technology can lead to an increase in Supply for which reason? a) They often lead to a fall in costs b) They increase demand c) Technology is a form of Capital 4) The introduction of an indirect tax could be which of the following? a) A reduction in Supply b) An increase in Supply c) An increase in Demand 5) A subsidy makes it cheaper to supply a product a) True b) False c) Subsidies only affect Demand 6) Which of the following would lead to a downward movement along a supply curve? a) Price of product goes down b) Price of product goes up c) Price of labour goes down 7) A firm is deciding whether to supply more of Good A or Good B. The price of Good B has risen significantly. What will likely happen to the supply of Good A? a) It will increase b) It will remain constant c) It will decrease d) It will depend on consumer demand 8) Which of the following best describes the supply curve? a) It shows the relationship between price and demand. b) It shows the relationship between price and quantity supplied. c) It shows the relationship between costs and revenue. d) It shows the relationship between consumer preferences and price. 9) What is the impact of an increase in production costs on the supply curve? a) The supply curve shifts to the left. b) The supply curve shifts to the right. c) The supply curve becomes steeper d) The supply curve becomes flatter. 10) Which of the following scenarios is an example of joint supply? a) An increase in the production of cheese leads to more milk being supplied. b) A rise in the price of cotton reduces the supply of wool. c) Producing beef also results in the supply of leather. d) The production of tea reduces the production of coffee.

Supply & Determinants

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