Price Controls - DP Economics
Authored by Vincent Horstink
Social Studies
11th - 12th Grade
Used 4+ times
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14 questions
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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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