Economics: Supply

5 Questions | Total Attempts: 266

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Economics Quizzes & Trivia

This short quiz serves as a test if you really understand the topic cause the answers in each question will be found in this chapter.


Questions and Answers
  • 1. 
    It can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph. Whay is it?
    • A. 

      Demand

    • B. 

      Supply

    • C. 

      Aggregate Supply

  • 2. 
      This is the total supply of goods and services produced within an economy at a given overall price level in a given time period.
    • A. 

      Visible Supply

    • B. 

      Supply Chain

    • C. 

      Supply Shock

    • D. 

      Aggregate Supply

  • 3. 
    This include every company that comes into contact with a particular product. For example, the __________ for most products will encompass all the companies manufacturing parts for the product, assembling it, delivering it and selling it.
    • A. 

      Visible Supply

    • B. 

      Supply Chain

    • C. 

      Supply Shock

    • D. 

      Aggregate Supply

  • 4. 
    The deliverable commodities in licensed warehouses and approved delivery facilities.  The ________________ of commodities generally includes afloat and insight commodities within production areas. This supply is important as it identifies a definite quantity of commodities available for purchase or delivery upon futures contracts.
    • A. 

      Visible Supply

    • B. 

      Supply Chain

    • C. 

      Supply Shock

    • D. 

      Aggregate Supply

  • 5. 
       A sudden surprise event that increases or decreases output temporarily.                 When output is increased (decreased), the price of the good decreases (increases) due to a shift in the supply curve to the right (left). The above diagram demonstrates an increase in price due to a decrease in the supply of a good relative to demand. Examples of ______________ include unusually bad (good) weather which reduces (increases) the supply of a commodity such as wheat.
    • A. 

      Visible Supply

    • B. 

      Supply Chain

    • C. 

      Supply Shock

    • D. 

      Aggregate Supply