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How Prices Work

Authored by John Robinson

Social Studies

12th Grade

How Prices Work
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If a price floor was set at 320, what quantity would be purchased?

20

40

60

80

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When there is rise in prices due to lack of supply, meaning that the dollar "doesn't buy what it used to" there is __

inflation

deflation

unemployment

a conspiracy

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Because there is too many people willing to buy homes in Southern California, housing prices continue to rise. This is called __

cost push inflation

structural unemployment

demand pull inflation

supple and demand

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When a company has to pay workers higher wages, it can lead to a rise in prices for their product. This is known as __

demand pull inflation

wage price spiral

cyclical unemployment

deflation

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Businesses can "Collude" or work together to set prices

Oligopoly

Monopoly

Perfect Competition

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The rising in the general level of prices and it reduces the "purchasing power" of money

Inflation

Price Indices

Real Wage

Inflation Rate

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the economic term for a situation where the price of goods and services increases over time, reducing the purchasing power of money?

Inflation

Deflation

Stagflation

Recession

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