Module 6

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À propos de Test

supply

macroeconomics

12th grade

94 fois fait

Créé par

Zachary Foust

United States

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Module 6Version en ligne Supply - Practice Quiz par Zachary Foust 1 Will an increase in the price of labor, a key input in cotton production, cause the supply of cotton to increase, decrease, or remain unchanged? a The supply of cotton will increase. b The supply of cotton will decrease. c The supply of cotton will remain unchanged. 2 If cotton and wheat are substitutes in production, will an increase in the price of wheat cause the supply of cotton to increase, decrease, or remain unchanged? a The supply of cotton will increase. b The supply of cotton will decrease. c The supply of cotton will remain unchanged. 3 Did the adoption of mechanized cotton pickers cause the supply of cotton to increase, decrease, or remain unchanged? a The supply of cotton will increase. b The supply of cotton will decrease. c The supply of cotton will remain unchanged. 4 Will an increase in the expected price of cotton cause the supply of cotton to increase, decrease, or remain unchanged? a The supply of cotton will increase. b The supply of cotton will decrease. c The supply of cotton will remain unchanged. 5 Will an increase in the number of cotton plantations cause the supply of cotton to increase, decrease, or remain unchanged? a The supply of cotton will increase. b The supply of cotton will decrease. c The supply of cotton will remain unchanged. 6 Will an increase in the price of cotton cause the supply of cotton to increase, decrease, or remain unchanged? a The supply of cotton will increase. b The supply of cotton will decrease. c The supply of cotton will remain unchanged. 7 Which of the following will cause the supply of cotton to increase? a Producers expect the price of cotton to increase in the future. b Environmental regulations limit the land available for cotton farming. c The price of fertilizer decreases. 8 Which of the following will cause the supply of cotton to decrease? a A decrease in the price of labor, a key input used in cotton production b A decrease in the price of a complement in production c A particularly favorable growing season 9 Which of the following will cause the supply of cotton to decrease? a A flood negatively impacts cotton plantations b The price of cotton decreases c The price of fertilizer decreases 10 Which of the following will lead to an increase in the supply of cotton? a A decrease in the number of cotton producers b An increase in the expected price of cotton c Farmers adopt pivot irrigation systems Feedback 1 Inputs are used to produce goods and services. If a resource used to produce a product becomes more expensive, suppliers will be able to produce less of the final product. 2 Substitutes in production are goods that are made with the same resource. In the case of this example, both cotton and wheat are produced with fertile soil. If the price of wheat rises, farmers will be more willing to plant wheat instead of cotton. 3 Technology refers to the method of production. Mechanized cotton pickers replaced the process of handpicking cotton, leading to an increase in supply. 4 Producers respond to expected prices differently than consumers. If sellers expect the price of a product to rise, they will wait to sell it. This decreases the supply of the product today. 5 If the number of producers in a market increases, then they will supply a larger total quantity of the product. 6 There is a difference between quantity supplied and supply. According to the law of supply, a change in the price of a product directly affects the quantity supplied, however, a change in the price of a product has no effect on supply. This is because a change in price does not result in a new supply schedule or supply curve. 7 Fertilizer is an example of an input. Inputs are resources used to produce a good or service. If the price of fertilizer decreases, then farmers will be able to acquire more fertilizer and produce more cotton. 8 Complements in production are goods that are produced together. If the price of a complement in production decreases, then producers will earn less profit from the sale of the good and produce less of both products. 9 A flood is an example of a natural disaster. Natural disasters effectively reduce the number of producers. 10 Technology refers to the method of production. Pivot irrigation systems allowed farmers to more effectively water their crops, leading to an inrease in the supply of cotton.

Module 6Version en ligne

Supply - Practice Quiz