
Unit 2 Test Review 3
Quiz
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Other
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12th Grade
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Megan Trahan
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15 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In an effort to make college housing more affordable, the state of Arizona has passed a law that places a price ceiling on apartments near campus. What is the result of this law on the apartment market?
More apartments are rented at the lower price, creating a surplus.
The supply of the apartments shifts right, raising the price.
The demand for apartments shifts right, lowering the price.
Fewer apartments are rented at the lower price, creating a shortage.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Suppose the government decides to try to help rice farmers by imposing a price floor on rice of $1 per bushel. Assuming that the equilibrium price of rice is currently 60 cents per bushel, what will be the effect of the price floor?
Quantity demanded will rise and a shortage will result.
Quantity supplied will rise and a surplus will result.
The demand will shift to the left and a surplus will result.
The supply will shift to the right and a shortage will result.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Monopolistic competition is the market structure that has all the conditions of perfect competition except
name-brand products
a variety of products
identical products
expensive products
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
When would the Federal Trade Commission issue a cease and desist order?
when a geographic monopoly occurs
when there is perfect competition
when too many positive externalities exist
when price fixing occurs
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is an industry close to perfect competition?
automobile companies
clothing
gas stations
truck farming
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In which market structure is the market price likely to be the lowest?
perfect competition
oligopoly
monopoly
monopolistic competition
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What type of business is most likely t have an Initial Public Offering?
s-corporation
sole proprietorship
corporation
limited partnership
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