Economics Chapter 5 Test

Economics Chapter 5 Test

Assessment

Flashcard

History

12th Grade

Practice Problem

Hard

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Wayground Content

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13 questions

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1.

FLASHCARD QUESTION

Front

Public Good

Back

Goods/Services provided by the government

2.

FLASHCARD QUESTION

Front

Price Ceiling

Back

Government regulation that establishes a maximum price for a particular good

3.

FLASHCARD QUESTION

Front

Price Floor

Back

Government regulation that establishes a minimum level for prices

4.

FLASHCARD QUESTION

Front

Positive Externality

Back

When someone who does not produce or consume a product benefits from its production.

5.

FLASHCARD QUESTION

Front

Market Failures

Back

Limitations of the price system

6.

FLASHCARD QUESTION

Front

Market Equilibrium

Back

Occurs when the quantity supplied and the quantity demanded for a product are equal at the same price

7.

FLASHCARD QUESTION

Front

Price System

Back

The system on which a free-enterprise economy primarily relies to answer the three economic questions

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