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Invisible Hand Quiz

Authored by Gilbert Velasquez

Social Studies

11th - 12th Grade

Used 122+ times

Invisible Hand Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A market in which goods or services are bought and sold illegally.

Black Market

Free Market

Command Economy

Communism

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The price where the quantity demanded and the quantity supplied are equal. The price where neither shortages nor surpluses exist.

Supply

Demand

Equilibrium

Shortage

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A legally established maximum price for a good or service.

Price Ceiling

Price Floor

Price Control

Minimum Wage

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Any legally set price for a good or service

Price Ceiling
Price Floor
Price Control
Minimum Wage

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The amount by which the quantity demanded of a good or service exceeds the quantity supplied at a given price

Shortage

Surplus

Scarcity

Equilibrium

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The amount by which the quantity supplied exceeds the quantity demanded at a given price

Shortage

Surplus

Equilibrium

Scarcity

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A legally established minimum price for a good or service.

Price Ceiling

Price Floor

Price Control

Minimum Wage

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