ECON_Chapter 6: Prices
Quiz by Vasquez_BGHS
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27 questions
Show answers
- Q1What is an example of search cost?The time and gas money spent looking for a hard-to-find item30sEditDelete
- Q2What conditions lead to a surplus?By shifts in the supply curve, which cause quantity supplied to exceed quantity demanded30sEditDelete
- Q3What roles does the government play in determining some prices?The government offers some price floors, such as farm subsidies and the minimum wage, and also price ceilings, such as rent control.30sEditDelete
- Q4How is the price floor different from a price ceiling?The price ceiling is the maximum price set by low, that sellers can change for a good or service. The price floor is the minimum price, set by the government, that must be paid for a good or service.30sEditDelete
- Q5How does rent control work?Price ceiling place on rent30sEditDelete
- Q6What problem can a price floor cause?Excess supply30sEditDelete
- Q7Is a situation in which quantity demanded is greater than quantity supplied.Shortage30sEditDelete
- Q8A price ceiling placed on rent is called?Rent Control30sEditDelete
- Q9Is a system of allocating scarce goods and services using criteria other than price.Rationing30sEditDelete
- Q10The process when quantity demanded is more than quantity supplied.Excess Demand30sEditDelete
- Q11Is the minimum price that an employer can pay a worker for an hour of labor.Minimum Wage30sEditDelete
- Q12The process when quantity supplied is more than the quantity demanded.Excess Supply30sEditDelete
- Q13Is the financial and opportunity cost consumers pay when searching for a good or service.Search Costs30sEditDelete
- Q14_____________________ is unique because it is the point where the price and amount supplied are equal to the price and amount demanded.Equilibrium30sEditDelete
- Q15Rationing is the cost of production that affect people who have no control over how much of a good is produced.FalseTrue30sEditDelete
- Q16Supply shock is the dividing up goods and services using criteria other than price.FalseTrue30sEditDelete
- Q17A maximum price that can be legally charged for a good or servicePrice Ceiling30sEditDelete
- Q18Situation in which quantity supplied is greater than quantity demanded, also known as excess supplySurplus30sEditDelete
- Q19A system of allocating scarce goods and services using criteria other than priceRationing30sEditDelete
- Q20The point at which quantity demanded and quantity supplied are equalEquilibrium30sEditDelete