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Quiz by Kenneth P. Lester

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6 questions
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  • Q1
    The Law of Supply states that producers will make more of a product available at
    Higher prices
    a. Lower prices
  • Q2
    Which of the following is not a determinant of Supply?
    a. Technology
    c. Change in the cost of inputs
    b. Govt. Subsidies and taxes.
    Shareholder demands.
  • Q3
    3. The relationship between Demand and Supply is
    b. Reverse
    d. Equilibrium.
    a. Converse
    c. Inverse or opposite
  • Q4
    A supply curve runs...
    a. From (bottom) left to (top) right
    Through the center of the graph
    d. It varies with the graph
    b. From (bottom) right to (top) left
  • Q5
    5. The Theory of Production deals with the factors of production and;
    d. Cost-benefit analysis
    a. How hard people work.
    c. The output of goods and services
    b. The cost of ineffective management.
  • Q6
    In the three stages of Production represented on the Production Function, which stage illustrates the highest marginal production (the most gains in productivity with each additional worker hired)?
    c. Stage I
    a. Stage III
    b. Stage II
    d. Varies

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