Economics Chapter 4

Quiz
•
Social Studies
•
12th Grade
•
Medium
Jana Ashing
Used 35+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes the amount of a product a company is willing to provide at various prices?
Demand
Supply
Product Ceiling
Equilibrium Point
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a rightward shift in a supply curve indicate?
an increase in supply
a decrease in supply
an increase in the quantity supplied
a decrease in the quantity supplied
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a leftward shift in a supply curve indicate?
an increase in supply
a decrease in supply
a. an increase in supply c. an increase in the quantity supplied
a decrease in the quantity supplied
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economist Alfred Marshall is best known for the
price control concept.
surplus/shortage paradox.
market equilibrium theory.
demand and supply model.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the government forces milk to be sold above the market equilibrium price, what results?
shortage
surplus
increase in demand
price ceilings
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the government forces homes to be rented below the market equilibrium price, what results?
surplus
shortage
decrease in demand
price floors
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The free market is less efficient than the government at encouraging the correct supply of necessary goods.
True
False
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