ECO P2

ECO P2

University

9 Qs

quiz-placeholder

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ECO P2

ECO P2

Assessment

Quiz

Others

University

Practice Problem

Hard

Created by

Joyce Macatlang

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a situation in which the price has reached the level where quantity supplied equals quantity demanded.

Market Equilibrium

Equilibrium Price

Equilibrium Quantity

Surplus

Supply Shortage

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

agreeable price between the buyers and the sellers.

Market Equilibrium

Equilibrium Price

Equilibrium Quantity

Surplus

Supply Shortage

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity supplied and quantity demanded at the equilibrium price

Market Equilibrium

Equilibrium Price

Equilibrium Quantity

Surplus

Supply Shortage

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the market price is above the equilibrium value, there is an excess supply inthe market.

Market Equilibrium

Equilibrium Price

Equilibrium Quantity

Surplus

Supply Shortage

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the market price is below the equilibrium value, then there is excess in demand.

Market Equilibrium

Equilibrium Price

Equilibrium Quantity

Surplus

Supply Shortage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a maximum price at which a certain product can be sold. It is set lower than equilibrium market price.

price ceiling

price floors

price controls

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the lowest legal price a certain commodity/ good can be sold. It is set higher than equilibrium market price.

price ceiling

price floors

price controls

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

are imposed because the government feels that the market price is too high

price ceiling

price floors

price controls

9.

FILL IN THE BLANK QUESTION

1 min • 1 pt

is promulgated to seeks to stabilize the prices of basic necessities and prime commodities b by prescribing measures against undue price increases during emergency situations.