Price Controls - DP Economics

Price Controls - DP Economics

11th - 12th Grade

14 Qs

quiz-placeholder

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Price Controls - DP Economics

Price Controls - DP Economics

Assessment

Quiz

Social Studies

11th - 12th Grade

Practice Problem

Medium

Created by

Vincent Horstink

Used 4+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

In order to be effective, how must a price floor be set?

Above the equilibrium price

Below the equilibrium price

At the equilibrium price

It doesn't matter at what level it it set

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is a negative effect of a price floor?

Shortage

Surplus

Lower prices

Lower supply

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is an example of a price floor?

Rent control

University grants

Agricultural price support

None of these

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

In order to be effective, how must a price ceiling be set?

Above the equilibrium price

Below the equilibrium price

At the equilibrium price

It doesn't matter at what price it is set

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is a negative effect of a price ceiling?

Surplus

Lower demand

Shortage

Higher prices

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Why would the government impose a price ceiling?

To protect suppliers

To discourage consumption

To make goods more affordable

To encourage production

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following group of stakeholders is expected to have a gain in the market after the government imposes a price ceiling?

Government

Producers

Consumers

None

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