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Price Quiz

Authored by Susan Looger

Social Studies

12th Grade

Used 9+ times

Price Quiz
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best refers to the market equilibrium price?

Surpluses decrease the number of goods.

Demand is higher than supply.

There is a shortage created by price ceilings.

The quantity demanded is the same as the quantity supplied.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What generally happens when the government sets a price ceiling?

There is a surplus.

Supply is greater than demand.

There is a shortage created by price ceilings.

No change in supply or demand.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which government action can result in the creation of illegal markets?

price floor

price ceiling

price window

price inhibitor

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What generally happens when the government sets a price floor?

No change in supply or demand.

THere is a shortage followed by a surplus.

there is a shortage

there is a surplus

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Minimum wages are an example of

price floor

equilibrium price

surplus

price ceiling

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When governments set a maximum price that can be charged for a good/service, it is called a ______________.

equilibrium price

price ceiling

price floor

price inhibitor

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What will happen in the rice market if buyers are expecting higher prices in the near future?

The current demand for rice will increase.

The current demand for rice will decrease

The demand for rice will not change.

The supply of rice will increase.

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