
econ quiz chapter 6
Quiz
•
Financial Education
•
12th Grade
•
Practice Problem
•
Easy
Lacey Watkins
Used 2+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the controller distribution of a limited supply of good or service and a means of allocating scarce goods…
rationing
communicating
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
at this point, the quality of a good or service that consumers are willing and able to buy equal the quantity that producers are willing and able to sell. The quantity demand equals the quantity supplied…
market schedule
market equilibrium
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a minimum price consumers are required to pay for a good or service…
price floor
price set
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a government imposed legal floor on the hourly wage rate…
salary
minimum wage
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
many people believe these further economic equality and pressure the government to intervene when prices rise and fall rapidly. Politicians are reluctant to repeal them when voters support them…
price controls
prices
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
these convey information to consumers and producers, create incentives to work and produce, allow markets to respond to changing conditions, and allocate scarce resources efficiently…
labels
prices
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the quantity of a good or service that consumers are willing and able to buy equals the quantity producers are willing and able to sell…
equilibrium
balance number
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