Ecoch6,8, and 11

Ecoch6,8, and 11

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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54 questions

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1.

FLASHCARD QUESTION

Front

When the selling price of a good goes up, what is the relationship to the quantity supplied?

Back

It becomes practical to produce more goods.

2.

FLASHCARD QUESTION

Front

What factor has the greatest influence on elasticity and inelasticity of supply?

Back

time

3.

FLASHCARD QUESTION

Front

If the supply of a good is inelastic,

Back

producers will not change their quantity supplied by much if the market price doubles.

4.

FLASHCARD QUESTION

Front

Which of the following is an example of government influence on supply? law of supply, marginal costs, subsidies, market supply curve

Back

subsidies

5.

FLASHCARD QUESTION

Front

What happens when wages are set above the equilibrium level by law?

Back

Firms employ fewer workers than they would at the equilibrium wage.

6.

FLASHCARD QUESTION

Front

On which kinds of goods do governments generally place price ceilings? Options: those that are cheap but could become more expensive without the ceiling, those that are not necessary but have become customary, those that are essential and cheap, those that are essential but too expensive for some consumers

Back

those that are essential but too expensive for some consumers

7.

FLASHCARD QUESTION

Front

When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?

Back

equilibrium

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