economics

economics

University

7 Qs

quiz-placeholder

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Assessment

Quiz

Social Studies

University

Practice Problem

Hard

Created by

Gulbakhor Khamrakulova

Used 25+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

When the government imposes a binding price floor, it causes....

The supply curve to shift to the left

The demand curve to shift to the right

A shortage of the good to develop

A surplus of the good to develop

2.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

In a market with a binding price ceiling, an increase in the ceiling will _____ the quantity supplied.

increase

decrease

shortage

surplus

3.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

When a good is taxed, the burden of the tax falls mainly on consumers if......

the tax is levied on consumers.

supply is elastic, and demand is inelastic.

supply is inelastic, and demand is elastic.

the tax is levied on producers.

4.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

A small elasticity of demand means that buyers do not have good alternatives to consuming this particular good

true

false

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A small elasticity of supply means that buyers do not have good alternatives to producing this particular good

true

false

6.

FILL IN THE BLANK QUESTION

45 sec • 5 pts

A legal minimum on the price at which a good can be sold

7.

FILL IN THE BLANK QUESTION

45 sec • 5 pts

A legal maximum on the price at which a good can be sold

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