2023 Markets, Equilibriums and Prices Quiz

2023 Markets, Equilibriums and Prices Quiz

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

Andrew Pate

Used 10+ times

FREE Resource

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On which kinds of goods do governments generally place price ceilings?
Cheap ones that could become more expensive without ceilings
Ones that aren't necessary but have become customary
Those that are essential and cheap
Those that are essential but too expensive for some people

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when the supply of a good is greater than the demand?

The good is discarded

The good becomes a luxury and price rises

Either a surplus remains unsold or the price drops

Either the good is saved for later sale or the price goes up

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Producers and Consumers in a mixed economy convey information through:

Lawyers

Government

Prices

Contracts

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shortage will develop when ____.
The quantity supplied of a good is greater than the quantity demanded
The Equilibrium quantity supplied is lower than actual quantity supplied
The government provides subsidies to producers
The market price is below the equilibrium price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

In this market, a mandated price of $1 would be _____.

The equilibrium price

a price floor

a price ceiling

a subsidy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
At the equilibrium price, how many slices of pizza will be sold?
150
200
250
300

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
The price of pizza is $2.50. At the end of the day, how many unsold slices of pizza are left?
None
50
100
200

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