How Prices Work Chap 6 Lesson 1
Quiz by Peter Duesterbeck
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10 questions
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- Q1Price is defined as the ____________________ value of an object.assessedapparentmonetaryhocked30s
- Q2Prices help the economy function by simplifying the __________________ of resources.allocationrobberyrationingavailability30s
- Q3A particular price on an item might provide a(n) ______________________ for a change in economic behavior by a buyer or seller.needincentiveindecisionconsequence30s
- Q4In a competitive market economy, prices are _________________ because they favor neither the producer nor the consumer.fractionizedincorrectneutrallop-sided30s
- Q5__________________ is a method by which the government allocates goods and services without prices.Highway robberyRationingShortfallingPork barreling30s
- Q6Which rationing method was instituted for gasoline in the mid-1970s?manufacturing of more fuel-efficient automobilesadministration of gas sales through post officesdistribution of ration voucherspurchasing days determined by license plate numbers30s
- Q7Which of these best describes prices in a market economy?a set of compromises between the government and citizensa signal for producers to manufacture lessa signal for consumers to purchase lessa set of compromises between buyers and sellers30s
- Q8Why does an increase in gas prices lead to less consumer spending on other items?The demand for gas is largely inelasticThe demand for gas is largely elasticThe price of gas is largely inelasticThe price of gas is largely elastic30s
- Q9Which of these events sparked the most extensive rationing in United States history?World War IIthe 1999 Baltimore Orioles exhibition gamethe 1970s energy crisisHurricane Sandy30s
- Q10Which of these is a major problem in the execution of a rationing system?price neutralityadministrative expenseprice flexibilitymarket spikes30s