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Gillespie: Foundations of Economics 2e

Unit 05

Instructions

Choose your answer by clicking the radio button next to your choice and then press 'Submit' to get your score.

Question 1

Which best describes a supply curve?

Question 2

If a 4% increase in price leads to a increase in the quantity supplied of 8%:

Question 3

Supply is likely to be more price elastic:

Question 4

A supply curve that starts at the origin has:

Question 5

A contraction in supply occurs when:

Question 6

An increase in the costs of production will:

Question 7

An increase in price, all other things unchanged, leads to:

Question 8

An increase in productivity should:

Question 9

An increase in price from 25 pence to 30 pence leads to an increase in the quantity supplied from 40 units to 44 units. The price elasticity of supply is:

Question 10

The price elasticity of supply is +4. The price increases by 15%. Sales were originally 200 units. What will they be now?