* not completed

. Which best describes a supply curve?

The quantity consumers would like to buy in an ideal world correct incorrect

The quantity producers are willing and able to sell at each and every price all other things unchanged correct incorrect

The quantity producers are willing and able to sell at each and every income all other things unchanged correct incorrect

The quantity producers are willing to sell at each and every point in time all other things unchanged correct incorrect

* not completed

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

Supply is price elastic correct incorrect

Supply is income elastic correct incorrect

Price elasticity of demand is -2 correct incorrect

Price elasticity of supply is -2 correct incorrect

* not completed

. Supply is likely to be more price elastic:

In the short run rather than the long run correct incorrect

If factors of production are relatively immobile between industries correct incorrect

If there are very few producers correct incorrect

If it is easy to expand output correct incorrect

* not completed

. A supply curve that starts at the origin has:

A price elasticity of supply greater than one correct incorrect

A price elasticity of supply equal to one correct incorrect

A price elasticity of supply less than one correct incorrect

A positive price elasticity of supply correct incorrect

* not completed

. A contraction in supply occurs when:

Demand shifts outwards correct incorrect

The supply curve shifts inwards correct incorrect

The quantity supplied falls when the price falls correct incorrect

The supply curve shifts outwards correct incorrect

* not completed

. An increase in the costs of production will:

Shift demand outwards correct incorrect

Shift demand inwards correct incorrect

Shift supply outwards so more is supplied at each and every price, all other things unchanged correct incorrect

Shift supply inwards so less is supplied at each and every price correct incorrect

* not completed

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

A shift in supply outwards correct incorrect

A shift in supply inwards correct incorrect

A contraction of supply correct incorrect

An extension of supply correct incorrect

* not completed

. An increase in labour productivity should:

Lead to a contraction of supply correct incorrect

Lead to an expansion of supply correct incorrect

Lead to a shift in supply outwards (i.e. more supplied at each and every price) d. Lead to an inward shift in supply (i.e. less supplied at each and every price) correct incorrect

* not completed

. 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:

+ 2 correct incorrect

+ 0.5 correct incorrect

- 2 correct incorrect

- 0.5 correct incorrect

* not completed

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

80 units correct incorrect

320 units correct incorrect

60 units correct incorrect

120 units
correct incorrect