1. Which of the following is a determinant of supply?

a. the price of a substitute in production

b. consumer expectations

c. the price of a substitute in consumption

d. the price of a complement in consumption

2.) Which of the following events would shift a supply curve to the left?

a. Local government increases the taxes that are levied on firms.

b. The price of the good that the firms produce is expected to fall in the near future.

c. The prices of many inputs are dramatically reduced.

d. The number of sellers in the market increases.

3.) A business produces apple juice and orange juice. The price of orange juice has increased from $2.00 to $2.50. This can be modeled by _____

a. a shift of the supply curve for apple juice to the right

b. a downward movement along the supply curve for apple juice

c. a shift of the supply curve for apple juice to the left

d. an upward movement along the supply curve for apple juice

4.) The federal government is considering providing a per-student subsidy to private schools in the country. What is the anticipated effect of the subsidy on the supply of private education?

a. The demand for private education will increase.

b. At any given price, the quantity supplied of private education will decrease.

c. At any given price, the quantity supplied of private education will increase.

d. The supply of private education will decrease.

5.) A state program has increased the availability of vocational education opportunities for welders. As such, the welding workforce is expected to be far more educated in the skills and concepts pertaining to its job within the next year. At the same time, the price of welding tools has recently increased. What is the anticipated impact on the supply of welding?

a. The supply of welding will be unaffected.

b. The supply of welding will increase.

c. The supply of welding will decrease.

d. It is impossible to tell.