1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail a. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. a. c. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in th- future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the price rises d. a. b. с. store the goods indefinitely regardless of when the price rises 4. Which of the following is an example of a good with an inelastic supply? heanbags toothbrushes - apples d. hats a. с. b. 5. When the selling price of a good goes up, what is the relationship to the quantity supplied? The cost of production goes down. The profit made on each item goes down. It becomes practical to produce more goods. There is no relationship between the two. What factor has the greatest influence on elasticity and inelasticity of supply? profit time a. b. с. d. с. labor а. b. d. financing Which of the following is a fixed cost for a store? short-term workers advertising d. inventory с. a. b. rent If the supply of a good is inelastic, producers will not change their quantity supplied by much if the market price dout a small increase in price will lead producers to sharply increasé their quantity sup c. producers have diminishing marginal returns of labor. d. producers will increase their quantity supplied in response to sharp drops in the price. Which of the following is an example of government influence on supply? law of supply b. subsidies a. b. c. marginal costs d. market supply curve a.
1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail a. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. a. c. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in th- future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the price rises d. a. b. с. store the goods indefinitely regardless of when the price rises 4. Which of the following is an example of a good with an inelastic supply? heanbags toothbrushes - apples d. hats a. с. b. 5. When the selling price of a good goes up, what is the relationship to the quantity supplied? The cost of production goes down. The profit made on each item goes down. It becomes practical to produce more goods. There is no relationship between the two. What factor has the greatest influence on elasticity and inelasticity of supply? profit time a. b. с. d. с. labor а. b. d. financing Which of the following is a fixed cost for a store? short-term workers advertising d. inventory с. a. b. rent If the supply of a good is inelastic, producers will not change their quantity supplied by much if the market price dout a small increase in price will lead producers to sharply increasé their quantity sup c. producers have diminishing marginal returns of labor. d. producers will increase their quantity supplied in response to sharp drops in the price. Which of the following is an example of government influence on supply? law of supply b. subsidies a. b. c. marginal costs d. market supply curve a.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:ple Choice
ý the letter of the choice that best completes the statement or answers the question.
1. Which of the following is an example of lower production costs brought about by the use of technology?
the delivery costs of gasoline to the consumer by diesel trucks
the use of e-mail to replace slower surface mail
а.
b.
the making of breads and pastries in local shops rather than large bakeries
the importing of fresh vegetables from South America rather than using canned
vegetables-
с.
d.
2. What is the effect of import restrictions on prices?
They cause prices to drop.
b.
a.
They cause prices to rise.
They often cause prices to rise steeply and then drop.
d. They usually do not have any lasting effect on price.
с.
3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the
future?
sell the goods now and try to invest the money instead of resupplying
sell the goods now but try to get the higher price for them
store the goods until the price rises
d.
а.
b.
с.
store the goods indefinitely regardless of when the price rises
4. Which of the following is an example of a good with an inelastic supply?
heanbags
apples
hats
a.
с.
b.
toothbrushes ·
d.
5. When the selling price of a good goes up, what is the relationship to the quantity supplied?
The cost of production goes down.
The profit made on each item goes down.
It becomes practical to produce more goods.
There is no relationship between the two.
What factor has the greatest influence on elasticity and inelasticity of supply?
profit
time
a.
b.
с.
d.
a.
c. labor
b.
d.
financing
mib
Which of the following is a fixed cost for a store?
short-term workers
advertising
d. inventory
с.
a.
b.
rent
If the supply of a good is inelastic,
producers will not change their quantity supplied by much if the market price doub-
a small increase in price will lead producers to sharply increase their quantity supp
c. producers have diminishing marginal returns of labor.
d. producers will increase their quantity supplied in response to sharp drops in the r
price.
Which of the following is an example of government influence on supply?
law of supply
b. subsidies
a.
b.
c. marginal costs
d. market supply curve
a.
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