Chapter 5 Quiz
- 1. Name: ____________________________ Class: _________________ Date: ____________ Economics Chapter 5 Quiz LTHS Mr. Cress A. Key Concepts Directions: Write the letter of the correct answer in each blank. _____ 1. The amount of a product that would be offered for sale at all possible prices that could prevail in the market is called A. demand B. supply C. scarcity D. market product _____ 2. From the quantities offered at various prices by all firms, you can derive A. the demand supply curve C. The market supply curve B. the individual supply curve D. the individual market curve _____ 3. For a decrease in supply to occur, less would be offered for sale at each and every price, and the supply curve would A. downward shit C. upward shift B. shift to the right D. shift to the left _____ 4. One kind of cost is _______ cost, the cost that a business incurs even if the plant is idle and output is zero. A. opportunity B. fixed C. variable D. marginal _____ 5. The three stages of production are Stage I: _____, Stage II: _____, and Stage III: ____. A. Increasing returns, diminishing returns, negative returns B. Increasing returns, negative returns, diminishing returns C. Diminishing returns, increasing returns, negative returns D. Negative returns, diminishing returns, increasing returns B. Applying Skills Directions: In the space to the right, draft a supply curve for the following data. Include both x and y axis and proper labeling (3 points) Price Quantity Supplied 100 16 75 12 50 8 25 4 10 2
- 2. Name: ____________________________ Class: _________________ Date: ____________ Economics Chapter 5 Quiz LTHS Mr. Cress C. Identifying Cause-and-Effect Directions: For each of the following scenarios, indicate if the supply curve would shift to the right or to the left (1 point each) __________ Cost of inputs increases __________ Cost of inputs decreases __________ Productivity increases __________ Productivity decreases __________ New technology __________ Granted a subsidy __________ Higher taxes/govt. intervention __________ Lower taxes/govt. intervention __________ Positive expectations __________ Negative expectations D. Applying Skills Directions: complete the schedule using the given information and filling in the blanks. In the empty space, graph the production curve and clearly mark where the 3 stages of production are located. (3 pts.) # of workers Total product Marginal Product 1 0 0 2 _______ 5 3 20 15 4 36 21 5 60 _______ 6 80 20 7 _______ 15 8 105 10 9 110 5 10 105 _______ 11 120 -15