Supply and Demand Test 1 SI 2020

Supply and Demand Test 1 SI 2020

12th Grade

14 Qs

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Supply and Demand Test 1 SI 2020

Supply and Demand Test 1 SI 2020

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Used 2+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the best replacement for Y?

A. quantity demanded

B. quota

C. supply

D. quantity supplied

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A government can influence the economy by establishing barriers to a pure market economy. One such barrier is the minimum wage law, where there is a certain level at which all employees must be paid. The minimum wage law is an example of

A. price floor.

B. price ceiling.

C. equilibrium price.

D. opportunity cost.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the result of the price floor in the scenario shown in the graph?

A. The supply of goods remains constant.

B. The quantity demanded is equal to the quantity supplied.

C. There is a surplus of available goods.

D. There is a shortage of available goods.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the result of the price ceiling in the scenario shown in the graph?

A. There is a surplus of available goods.

B. The supply of goods remains the same.

C. The quantity demanded is equal to the quantity supplied.

D. There is a shortage of available goods.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market clearing price is best defined as the price at which, for a given good or service,

A. the quantity demanded is greater than the quantity supplied.

B. the quality supplied is greater than the quality demanded.

C. the quantity demanded equals the quantity supplied.

D. the quality supplied equals the quality demanded.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One way the buyers and sellers interact to determine market clearing price is that

A. buyers and sellers each seek the highest price.

B. buyers seek the highest price while sellers seek the lowest price.

C. buyers seek the lowest price while sellers seek the highest price.

D. buyers and sellers each seek the lowest price.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The supply and demand chart above shows that the supply is greater than the demand when a price floor is established. Which of the following is an example of a price floor?

A. The government sets a minimum wage for all employees.

B. A state tells the electric utilities what rates they can charge their customers.

C. The government sets the price for a gallon of gasoline.

D. A city establishes rent controls in an attempt to have affordable housing.

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