This document contains a quiz about supply and production concepts. It defines the law of supply, supply as the amount producers are willing to sell at a given price, a supply schedule as a table showing quantities supplied at different prices, a supply equation as the mathematical relationship between supply and factors affecting willingness to sell, and a supply curve as a graphical representation of the price-quantity relationship. It also defines production as the act of creating output, a production function as relating physical output to inputs, a market supply curve as the horizontal summation of individual supply curves, and factors of production as stocks like land, labor, and capital that are applied to production. Finally, it discusses an aggregate production process framework for distinguishing economic growth sources.

1. QUIZ ABOUT SUPPLY
AND PRODUCTION

2. • If Price increase, Demand will also increase and
if Price decrease, Demand will also decrease
ANS: LAW OF SUPPLY

3. • The amounts of some product producers
are willing and able to sell at a given price
all other factors being held constant
ANS: SUPPLY

4. •Atable which shows how much one or
more firms will be willing to supply at
particular prices.
ANS: SUPPLY SCHEDULE

5. • The mathematical expression of the
relationship between supply and
those factors that affect the
willingness and ability of a supplier to
offer goods for sale.
ANS: SUPPLY/ EQUATION

6. • The relationship of price and
quantity supplied can be exhibited
graphically
ANS: SUPPLY CURVE

7. • The act of creating output, a good or
service which has value and contributes to
the utility of individuals.
ANS: PRODUCTION

8. • Relates physical output of a
production process to physical
inputs or factors of production.
ANS: PRODUCTION FUNCTION

9. • The horizontal summation of the
individual supply curves
ANS: MARKET SUPPLY CURVE

10. • May also refer specifically to the 'primary factors',
which are stocks including land, labor (the ability
to work), and capital goods applied to production
ANS: FACTORS OF PRODUCTION

11. • Estimated to create a framework in
which to distinguish how much of
economic growth to attribute to
changes in factor allocation (e.g. The
accumulation of capital) and how
much to attribute to advancing
technology
ANS: AGGREGATE PRODUCTION PROCESS