Ch.6 Prices

Quiz
•
History
•
12th Grade
•
Medium
Jesse Perrin
Used 24+ times
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What causes price changes most of the time?
government policy
changes in supply and demand
changes in supply only
changes in demand only
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the highest legal price that can be charged for a product?
price ceiling
price floor
equilibrium price
monetary value of a product
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Price floor for agricultural products set by the government to stabilize farm prices
target price
equilibrium quantity
rationing
equilibrium price
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do economists analyze behavior and predict outcomes?
surplus
economic model
equilibrium price
equilibrium quantity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Minimum wage is an example of a...
price floor
price ceiling
equilibrium price
rationing
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a competitive market, prices are generally....
favorable for consumers
favorable for producers
neutral
inelastic
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do most economists believe is the most efficient way to allocate resources?
rationing
government action
competitive markets
distorted incentives
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