Quiz Ch 6: Prices

What is the monetary value of a product?

• Economic model

• Equilibrium price

• Equilibrium quantity

• Price

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.SSE.A.1

What is the system of allocating goods and services without prices?

• Economic model

• Rationing

• Equilibrium quantity

• Price ceiling

What is a simplified version of a complex concept or behavior expressed in the form of an equation, graph, figure, or diagram?

• Economic model

• Price floor

• Surplus

• Target price

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.REI.D.10

CCSS.HSA.REI.D.11

What is the situation where quantity supplied is less than quantity demanded at a given price?

• Shortage

• Surplus

• Price floor

• Target price

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.CED.A.3

What is the highest legal price that can be charged for a product?

• Price floor

• Price ceiling

• Equilibrium price

• Target price

Tags

CCSS.HSA.CED.A.3

What do low prices signal buyers to do?

• Nothing

• Buy more

• Buy less

• Substitute

In a competitive market economy, prices are considered _______.

• Dictated

• Uncompromising

• Favorable

• Neutral

Without prices, the three basic questions of WHAT, HOW, and FOR WHOM to produce are answered by _______.

• producers

• consumers

• traditions

• government

What do most economists believe is the most efficient way to allocate resources?

• competitive markets

• rationing

• government action

• distorted incentives

Equilibrium is reached when what occurs?

• quantity supplied equals quantity demanded

• there is no change in the quantity supplied

• price increases

• prices are inelastic

Tags

CCSS.HSA.REI.D.11