Chapter 4: Section 1 Quiz
The quiz will be 10 questions over section 1 of chapter 4. Each question will be worth 2 points for a combined total of 20 points.
- 1.The picture on the first page of chapter 4 shows two ladies holding a container of garden vegatables, which helps describe the business that they are in.
- A.
True
- B.
False
- 2.Why would the prices for sports memorabilia increase in price during a season in which that team was successful? Check all that apply.
- A.
The buyers know that the price of the items will decline.
- B.
If a team is successful their proud fans want to display their items to the public.
- C.
Rival fans will buy up some of the items knowing that they should go up in price.
- D.
The supply of these items is low and they will be expensive.
- E.
The demand for these items is high and they will be available for sale. The sale price could be expensive.
- 3.What are 3 conditions that must be meant to satisfy the inelastic supply principle. Production requires a great deal of:
- A.
Time, money, and human capital
- B.
Money, raw materials, and investments
- C.
Time, money, and resources that are not readily available
- D.
None of the above
- 4.Fuzzy dice, pet rocks, and nose rings are all examples of ______________, or consumer trends.
- 5.Explain one cost of production in the process of making the Ford Mustang.
- 6.A perfectly inelastic supply curve in completely horizontal ( left to right across the graph paper)
- A.
True
- B.
False
- 7.In the supply schedule given below, which choice or choices would companies producing the product of toothpaste, most likely want to chose? http://www.google.com/imgres?imgurl=http://www.amosweb.com/images/MkSp31.gif&imgrefurl=http://www.amosweb.com/cgi-bin/awb_nav.pl?s%3Dwpd%26c%3Ddsp%26k%3Dsupply%2Bschedule&h=203&w=218&sz=4&tbnid=eLXzUZ1Pvb-qFM:&tbnh=90&tbnw=97&zoom=1&usg=__QDBxxlE7luXS9iKLV5AaQ1T0n8Q=&docid=dx08352Y8D0nZM&sa=X&ei=jwOPUK2FJ-qY2wWTsYGgAw&ved=0CEMQ9QEwBQ&dur=6
- A.
Choice A
- B.
Choice B
- C.
Choice C
- D.
Choice J
- E.
Choice I
- F.
Choice H
- 8.A supply curve plots on a graph the information from a demand schedule?
- A.
True
- B.
False
- 9.The law of supply states that producers supply more goods and services when they can sell them at ________________ prices and fewer goods and services when they must sell them at lower prices.
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