Lesson 1.2.4
1.2.4 Supply Quiz: Pearson Edexcel Economics, Unit 1
20 questions
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Lesson 1.2.4, Supply: 20 multiple choice questions for the Pearson Edexcel Economics (9EC0), Unit 1: Theme 1: Introduction to markets and market failure, written with Revision Ninja.
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The 20 questions
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According to the law of supply, what happens to quantity supplied when price rises, ceteris paribus?
- Falls to zero
- Decreases
- Remains unchanged
- Increases
-
What causes a movement along a supply curve?
- Price change
- Tax rate change
- Production cost change
- Technology change
-
Which factor causes a supply curve to shift to the right?
- Lower production subsidies
- Lower material costs
- Higher indirect taxes
- Higher material costs
-
What would cause a firm's supply curve to shift to the left?
- Higher indirect taxes
- Higher state subsidies
- Lower material costs
- Improved production technology
-
Which of the following is a non-price condition of supply?
- Good's market price
- Consumer income levels
- Price of complements
- Number of producers
-
What happens to a supply curve when the government grants a production subsidy?
- Extension along curve
- Shifts right
- Shifts left
- Contraction along curve
-
What causes a movement along a supply curve rather than a shift?
- Granting of subsidies
- Higher input costs
- Change in technology
- Change in price
-
How does an improvement in production technology affect a market supply curve?
- Extension along curve
- Shifts right
- Contraction along curve
- Shifts left
-
How does severe weather affecting agricultural output impact the crop's supply curve?
- Extension along curve
- Shifts left
- Shifts right
- Contraction along curve
-
What causes an extension in quantity supplied along a supply curve?
- Higher product price
- Lower product price
- Lower wage rates
- Advanced technology
-
What main factor explains why a typical supply curve slopes upwards?
- Diminishing marginal utility
- Rising marginal costs
- Decreasing market price
- Falling production costs
-
Which event would cause a decrease in the supply of agricultural crops?
- Subsidies for farmers
- Poor weather conditions
- Technological advances
- Falling fertilizer prices
-
Which economic law states that quantity supplied rises as price rises, ceteris paribus?
- Law of demand
- Diminishing returns law
- Marginal utility law
- Law of supply
-
Why is supply generally more price inelastic in the short run than in the long run?
- Higher profit margins
- Unlimited resource availability
- Variable factor costs
- Fixed production capacity
-
What effect does an increase in raw material costs have on a product's supply curve?
- Shifts right
- Contraction along curve
- Shifts left
- Extension along curve
-
What does a supply curve show the relationship between?
- Cost and revenue
- Income and demand
- Price and output
- Price and demand
-
How does a binding minimum price affect the movement on a supply curve?
- Causes an extension
- Shifts curve left
- Shifts curve right
- Causes a contraction
-
How does a fall in the price of a substitute in production affect a good's supply?
- Shifts left
- Shifts right
- Extension along curve
- Contraction along curve
-
What constraint causes agricultural supply to be inelastic in the short run?
- High spare capacity
- Mobile capital inputs
- Large inventory levels
- Long production lags
-
Which pair of factors will shift a supply curve to the right?
- Lower costs, taxes
- Lower costs, subsidies
- Higher costs, subsidies
- Higher costs, taxes
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