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SHS Economics · Year 1

Supply practice questions

The meaning of supply, the law of supply, the supply curve and schedule, and the factors that determine the supply of goods and services.

18 questions in this topic: 4 recall, 8 applying skills and concepts, 5 strategic thinking and 1 extended thinking. Every one carries a written explanation.

Sample questions

3 of 18 questions in this topic. Sign up to answer them and see the explanations.

  1. Question 1Recall

    A supply schedule is best described as

    • aa table showing the relationship between price and quantity supplied over a given period
    • ba graph showing the relationship between price and quantity demanded
    • ca list of all the sellers active in a particular market
    • da mathematical formula with no numerical values attached
  2. Question 2Skills & concepts

    On a normal supply curve, why does the curve slope upward from left to right?

    • aBecause as price increases, quantity supplied also increases, showing a positive relationship
    • bBecause as price increases, quantity supplied decreases
    • cBecause sellers always reduce supply as demand rises
    • dBecause the price axis is drawn in reverse order on a supply curve
  3. Question 3Extended thinking

    The section notes that the law of supply is more relevant in the short run than the long run mainly because

    • aproducers can quickly adjust production levels in response to price changes in the short run, while long-run factors like technology also come into play
    • bprices never change in the short run
    • cthe long run only applies to agricultural goods
    • dquantity supplied is fixed forever once a business starts producing

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Year 2 covers this ground again in Supply (Y2), with 11 questions.

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