
Understanding Price Controls
Authored by Elizabeth Walker
Social Studies
10th Grade
Used 7+ times

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13 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a price ceiling?
The lowest legal price that can be charged for a good or service
The highest legal price that can be charged for a good or service
The average market price for a good or service
The price at which supply equals demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a price floor?
The highest legal price that can be charged for a good or service
The lowest legal price that can be charged for a good or service
The price at which supply equals demand
The average market price for a good or service
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a price ceiling?
Minimum wage laws
Rent control in cities
Agricultural price supports
Sales tax
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a price floor?
Rent control
Price gouging laws
Minimum wage
Price caps on gasoline
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the likely effect of a price ceiling set below the equilibrium price?
Surplus
Shortage
No effect
Increase in supply
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the likely effect of a price floor set above the equilibrium price?
Shortage
Surplus
No effect
Decrease in demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the government sets a price ceiling on bread, what might happen to the quantity supplied?
It will increase
It will decrease
It will stay the same
It will double
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