Economics

Question 1

1An improvement in technology shifts the supply curve

Easy

A. to the left B. to the right C. upward only D. not at all

Question 2

2A tax on producers shifts the supply curve

Hard

A. to the right B. downward C. upward (to the left) by the amount of the tax D. not at all

Question 3

3Goods produced together, such as beef and hides, are in

Easy

A. derived demand B. joint supply C. competitive supply D. composite demand

Question 4

4A subsidy to producers shifts the supply curve

Easy

A. upward only B. nowhere C. to the left D. to the right

Question 5

5Supply is perfectly inelastic when

Easy

A. quantity supplied does not change as price changes B. supply is very responsive C. price is zero D. demand is high

Question 6

6The law of supply states that, other things being equal,

Easy

A. a higher price leads to a smaller quantity supplied B. a higher price leads to a larger quantity supplied C. supply never changes D. demand equals supply

Question 7

7An improvement in production technology shifts the supply curve

Easy

A. to the left B. to the right C. nowhere D. vertically upwards

Question 8

8Supply of agricultural produce in Ghana is affected by

Easy

A. school holidays B. weather conditions C. the colour of packaging D. only advertising

Question 9

9Beef and hides are an example of

Easy

A. complementary demand B. competitive demand C. composite demand D. joint supply

Question 10

10Supply is Qs = −10 + 5P. At P = 6, quantity supplied is

Medium

A. 30 B. 20 C. 40 D. −4