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CA Foundation Supply — practice questions — page 3

Explore 64 free Supply questions in CA Foundation Business Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Supply questions and exercises with answers

Showing questions 61–64 of 64.

The supply of labour is time people will work as a function of what?Read the answer and worked solution →Supply is the amount sellers are what, at given prices?Read the answer and worked solution →Why do perishable farm goods reach markets in large quantities even at low prices just after harvest?Read the answer and worked solution →Some heterodox economists say supply for mass-produced goods slopes how?Read the answer and worked solution →

Worked practice questions

The supply of labour is time people will work as a function of what?

  1. The wage rate
  2. Net profit rate
  3. Price level
  4. Rate of interest
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Correct answer: A. The wage rate

Higher wages induce individuals to offer more working time, so labour supply is plotted against the wage.

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Supply is the amount sellers are what, at given prices?

  1. Able to store stocks
  2. Eager to export it
  3. Forced by law to sell
  4. Willing and able to sell
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Correct answer: D. Willing and able to sell

Supply requires both willingness and ability to offer the good to the marketplace.

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Why do perishable farm goods reach markets in large quantities even at low prices just after harvest?

  1. High input prices
  2. Short shelf life
  3. High buyer demand
  4. A government quota
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Correct answer: B. Short shelf life

Such produce spoils quickly, so farmers must sell regardless of price, which breaks the usual law of supply.

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How to practise

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More Business Economics topics

EconomicsPrice-Output Determination under Different Market FormsPublic FinanceLaw of DemandInternational TradeBasic Problems of an Economy and Role of Price MechanismProduction And CostBusiness Cycles