Quiz on Government Price Regulation and Taxation

Quiz on Government Price Regulation and Taxation

12th Grade

30 Qs

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Quiz on Government Price Regulation and Taxation

Quiz on Government Price Regulation and Taxation

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Jerrimae Gutierrez

Used 2+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of price regulation by the government?

To encourage price wars

To prevent exploitation in monopolistic markets

To increase profits for producers

To eliminate competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a price ceiling?

A minimum price set by the government

A maximum price set by the government

A price that is determined by producers

A price that fluctuates with demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can happen if a price ceiling is set below market equilibrium?

Demand decreases

Shortages may arise

Surpluses occur

Prices stabilize

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a potential consequence of implementing a price floor?

Increased demand

Shortages of goods

Lower production costs

Surpluses of goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one impact of price ceilings on the market?

Increased supply

Black markets may emerge

Higher consumer prices

More efficient markets

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why might governments provide subsidies?

To eliminate monopolies

To reduce competition

To lower production costs

To increase taxes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a likely result of a price floor set above equilibrium?

Increased consumer spending

Surplus of goods

Decreased production

Lower prices for consumers

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