Civics Today: Citizenship, Economics, & You

Chapter 21: Supply

Supply

1
When the price for a good rises, the quantity supplied will usually __________.
A)fluctuate wildly
B)fall
C)rise
D)stay the same

2
A supply curve __________.
A)slopes upward
B)slopes down
C)is horizontal
D)curves up and then down

3
The money a business receives for its products and services after paying for all costs is called __________.
A)variable income
B)legal tender
C)loose money
D)profit

4
When supply goes up, the supply curve __________.
A)shifts to the left
B)shifts to the right
C)curves down and then up
D)becomes a straight, vertical line

5
One way a grocery store could increase productivity would be to __________.
A)have employees double-check inventories
B)use scanners to register prices and inventory
C)hand carve all steaks
D)install cameras to watch for shoplifters

6
Generally, having fewer government regulations __________.
A)restricts supply
B)increases prices
C)increases supply
D)requires subsidies

7
A product with low supply elasticity is __________.
A)candy
B)frozen vegetables
C)oil
D)costume jewelry

8
Minimum wage is an example of a __________.
A)price floor
B)price ceiling
C)price wall
D)price gateway

9
A shortage occurs when __________.
A)the price is too high
B)supply is greater than demand
C)the price is too low
D)supply and demand are the same

10
The point where the supply curve and the demand curve meet is the __________.
A)shortfall point
B)surplus point
C)adjustment price
D)equilibrium price
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