11) Which of the following increases the quantity supplied of compact discs but does NOT increase the supply of compact discs?
A) a decrease in the price of a compact disc
B) an increase in the price of a compact disc
C) a decrease in the number of suppliers of compact discs
D) an increase in the price of the resources used to produce compact discs
E) new technology that lowers the cost of producing compact discs
12) When the price of oranges increases,
A) the supply of oranges increases.
B) the quantity of oranges demanded increases.
C) the quantity of oranges supplied increases.
D) the supply of oranges decreases.
E) none of the above
13) Which of the following increases the supply of a product?
A) lower prices for the resources used to produce the product
B) some producers going bankrupt and leaving the industry
C) a higher price for the product
D) an increase in the expected future price of the product
E) a decrease in productivity
14) Which of the following does NOT increase the supply of personal computers, that is, does NOT shift the supply curve of personal computers?
A) an advance in the technology used to produce personal computers
B) an increase in the number of firms producing personal computer
C) a fall in the cost of the components used to assemble personal computers
D) a rise the price of a personal computer
E) a change in the expected future price of a personal computer
15) Which of the following shifts the supply curve of rutabagas rightward? (A rutabaga is a potato-like vegetable.)
A) an increase in the price of a rutabaga
B) an exceptionally cold summer that killed much of the rutabaga crop
C) a fall in the price of fertilizer used to grow rutabagas
D) Both answers A and C shift the supply curve of rutabagas rightward.
E) Both answers A and B shift the supply curve of rutabagas rightward.
16) Mulch is shredded wood and is a by-product in the production of lumber. Because these two goods are produced together, they are
A) complements in production.
B) substitutes in production.
C) inputs into the same production process.
D) not related.
E) normal goods in production.
17) A decrease in the price of a complement in production leads to
A) a decrease in the supply of the good in question.
B) an increase in the supply of the good in question.
C) no change in the supply of the good in question.
D) a decrease in the quantity supplied of the good in question.
E) an increase in the supply of the good in question and a decrease in the quantity supplied of the good in question.
18) Milk can be used to produce cheese or butter. If the price of a pound of butter rises, what happens to the supply of cheese?
A) The supply of cheese increases.
B) The supply of cheese decreases.
C) The supply of cheese stays the same, and there is no change in the quantity supplied of cheese.
D) The supply of cheese stays the same, and there is a decrease in the quantity supplied of cheese.
E) The supply of cheese could increase, decrease, or stay the same depending on what happens to the supply of butter.
19) Oil refiners can refine a barrel of petroleum so that it yields either more home heating oil or more diesel fuel. If the price of diesel fuel falls, there is
A) an increase in the supply of home heating oil.
B) a decrease in the supply of home heating oil.
C) an increase in the quantity of home heating oil supplied.
D) a decrease in the quantity of home heating oil supplied.
E) an increase in the demand for home heating oil.
20) Which of the following increases the supply of gasoline?
A) a situation where the quantity of gasoline demanded exceeds the quantity supplied
B) an increase in the price of gasoline
C) a decrease in the price of a resource used to produce gasoline, such as crude oil
D) a decrease in the demand for gas-guzzling, sport utility vehicles
E) an increase in income if gas-guzzling, sport utility vehicles are a normal good
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