Economics Chapter 6 Quiz

1) This is a ticket or a receipt that entitles the holder to obtain a certain amount of a product.

2) This is a situation in which the quantity supplied is greater than the quantity demanded , at a given price.

3) This is the maximum legal price that can be charged for a product.

4) This is essentially a price floor for farm products.

5) Under this law, eligible producers of grains, cotton, and rice can enter into a seven - year program that allows them to almost complete flexibility to plant any crop on their land.

6) This is a situation in which the quantity demanded is greater than the quantity supplied at a given price.

7) This is the monetary value of product as established by supply and demand.

8) This is a set of assumptions that can be listed in a table, illustrated in a graph or even stated algebraically to help analyze behavior and predict outcomes.

9) This is the price that "clears the market" by leaving neither a surplus nor a shortage at the end of the trading period.

10) This is the lowest legal wage that can be paid to most workers.