Econ 202: Module 4 quizes

An increase in the price of pineapples will result in

a larger quantity of pineapples supplied

A decrease in the price of GPS systems will result in

a smaller quantity of GPS systems supplied

You have an absolute advantage whenever you

can produce more of something than others with the same resources

The supply curve for watches

shows the relationship between the price of watches and the quantity of watches supplied

An increase in the quantity of a product supplied is caused by an increase in the price of the product

True

Quantity supplied refers to the amount of a good or service that a firm is willing and able to supply at a given price

True

All else equal, as the price of a product falls, the quantity supplied increases

False

In October 2005, the U.S. fish and wildlife service banned the importation of Beluga caviar, the most prized of caviars, from the Caspian Sea. What happened in the market for caviar in the United States?

The supply curve shifted to the left

If the United States placed an embargo on Swedish products, what would happen in the U.S. market for Swedish furniture?

The supply curve would shift to the left

Last year, the Pottery Palace supplied 8,000 ceramic pots at $40 each. This last year, the company supplied the same quantity of ceramic pots at $55 each. Based on this evidence, The Pottery Palace has experienced

a decreased in supply

An increase in the price of off-road vehicles will result in

a larger quantity of off-road vehicles supplied