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How Prices Work Chap 6 Lesson 1

Quiz by Peter Duesterbeck

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10 questions
Show answers
  • Q1
    Price is defined as the ____________________ value of an object.
    assessed
    apparent
    monetary
    hocked
    30s
  • Q2
    Prices help the economy function by simplifying the __________________ of resources.
    allocation
    robbery
    rationing
    availability
    30s
  • Q3
    A particular price on an item might provide a(n) ______________________ for a change in economic behavior by a buyer or seller.
    need
    incentive
    indecision
    consequence
    30s
  • Q4
    In a competitive market economy, prices are _________________ because they favor neither the producer nor the consumer.
    fractionized
    incorrect
    neutral
    lop-sided
    30s
  • Q5
    __________________ is a method by which the government allocates goods and services without prices.
    Highway robbery
    Rationing
    Shortfalling
    Pork barreling
    30s
  • Q6
    Which rationing method was instituted for gasoline in the mid-1970s?
    manufacturing of more fuel-efficient automobiles
    administration of gas sales through post offices
    distribution of ration vouchers
    purchasing days determined by license plate numbers
    30s
  • Q7
    Which of these best describes prices in a market economy?
    a set of compromises between the government and citizens
    a signal for producers to manufacture less
    a signal for consumers to purchase less
    a set of compromises between buyers and sellers
    30s
  • Q8
    Why does an increase in gas prices lead to less consumer spending on other items?
    The demand for gas is largely inelastic
    The demand for gas is largely elastic
    The price of gas is largely inelastic
    The price of gas is largely elastic
    30s
  • Q9
    Which of these events sparked the most extensive rationing in United States history?
    World War II
    the 1999 Baltimore Orioles exhibition game
    the 1970s energy crisis
    Hurricane Sandy
    30s
  • Q10
    Which of these is a major problem in the execution of a rationing system?
    price neutrality
    administrative expense
    price flexibility
    market spikes
    30s

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