Chapter 5 Review
Quiz by Maggie Maine
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15 questions
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- Q1Sum of fixed costs plus variable costsmarginal costmarginal revenuesupply costtotal cost30s
- Q2Amount of goods availablesupplymarginal laborsubsidydemand30s
- Q3Government payment that supports a businessexcise taxsubsidyregulation30s
- Q4Government intervention in a market that affects the production of a good.command economyexcise taxregulationvariable costs30s
- Q5Chart that lists how much of a good a supplier will offer at various pricessupply curveregulated supplysupply schedule30s
- Q6Fixed costs would includeraw materialsheating fuelrentelectricity30s
- Q7Which of these events would indicate a movement along a supply curve for batteries?Workers at a major battery factory go on strike and stop productionBattery manufacturers raise the price of a package of AA batteries from $3.50 to $3.95A new law requires battery manufacturers to spend more money on environmentally safe batteriesA new trade agreement enables stores to import foreign batteries30s
- Q8If the supply of a good is inelastic, producers willraise quantity supplied with a small price increasehave diminishing marginal returns of laborincrease quantity supplied in response to sharp drops in priceNot change quantity supplied much if prices double30s
- Q9A steel mill has fixed costs of $100 per hour and variable costs of $50 per hour. What will happen to these costs if the mill closes?Both fixed and variable costs will remain the same even if output halts.The variable costs will drop to zero, but the fixed costs will stay the sameThe fixed costs will decrease, but the variable costs will increase.The mill will no longer incur any costs because it will be closed.30s
- Q10Farmer Brown has ten dairy cows. Her feed costs go up, but milk production stays the same. What effect will this have on her supply?Supply will remain the same, but she will have to sell more.Her supply will go up, because she won't sell as much milkNone, although she will raise prices to make up the lost revenueHer supply will go down, because her fixed costs have risen30s
- Q11When the price of a product goes down, what happens to producers?Existing producers expandNew firms enter the marketSome produce less, and others leave the marketExisting firms continue their usual output30s
- Q12The government raises the minimum wage of backpack workers to $40 an hour. What happens to the supply curve?shifts to the rightshifts to the leftnothing, this would be movement along the line30s
- Q13A new regulation requires firms to make backpacks out of expensive clear plastic. What happens to the supply curve?shift to the rightnothing, this would be movement along the lineshift to the left30s
- Q14An engineer invents a machine that can sew ten backpacks a minute, speeding up production. What happens to the supply curve?nothing, this would be movement along the lineshift to the rightshift to the left30s
- Q15Farmer Brady grows corn. Based off current trends of the market, he expects the price to rise. What does Farmer Brady do?Places all his corn on the market immediatelyIncreases the price of the corn now.Stores the corn until the price goes up.30s