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EPF 3.4 Review

Authored by Marlee McNamee

Social Studies

9th Grade

Used 3+ times

EPF 3.4 Review
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a surplus in the housing market?

Too many homes, not enough buyers

Too few homes, too many buyers

Equal number of homes and buyers

Increasing home prices due to demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can overproduction of crops lead to?

Higher farm prices

Lower farm prices

Stable farm prices

Increased demand for crops

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What occurs when the quantity demanded is greater than the quantity supplied?

Surplus

Shortage

Equilibrium

Inflation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there is a shortage, what happens to the price in relation to equilibrium?

Price is above equilibrium

Price is below equilibrium

Price remains at equilibrium

Price is unaffected

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What market pressure occurs during a shortage?

Market pressure pushes price down

Market pressure keeps price stable

Market pressure pushes price up

Market pressure has no effect on price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are price controls?

Government-imposed limits on prices

Market-determined price levels

Consumer-set price preferences

Manufacturer-determined price limits

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is a price ceiling considered effective?

When set above the equilibrium price

When set below the equilibrium price

When set at the equilibrium price

When set by producers

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