Markets and Government Quiz
Authored by Katie Lotz
Social Studies
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A price ceiling of $60 is set on a good that currently sells for $80. What would happen?
a shortage.
a surplus.
no change to equilibrium.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
I budgeted $60 for a live Christmas tree but found the perfect tree for $50. What is my consumer surplus?
$60
$50
$10
$0
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price in a market is set above equilibrium, we will have
a surplus.
a surplus and deadweight loss.
a shortage.
a shortage and deadwight loss.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price in a market is set below equilibrium, we will have
a surplus.
a surplus and deadweight loss.
a shortage.
a shortage and deadweight loss.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Total surplus is generally maximized at
market equilibrium.
the supermarket.
at the point where consumer and producer surplus are the farthest apart.
market disequilibrium.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Markets are generally but not always efficient. Which of the following IS NOT a reason why markets fail?
Lack of competition
External benefits or costs
Information not share by all parties
Public Goods
Supply and Demand flucuations
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bert and Ernie are debating about governments intervening in markets. Bert argues that governments should never intervene. Ernie argues that governments should intervene at times and can correct market failures. Who is correct?
Bert
Ernie
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