
Exploring Price Controls and Subsidies in Economics
Interactive Video
•
Social Studies
•
6th - 10th Grade
•
Practice Problem
•
Hard
Aiden Montgomery
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was the public's reaction to Nixon's price and wage freeze?
Skepticism from economists
Immediate rejection
Economist endorsement
Widespread approval
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a notable exception where economists consider price controls might be beneficial?
Agricultural products
Technology products
Minimum wage
Luxury goods
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary consequence of imposing a price ceiling below the equilibrium price?
Increases the quantity supplied
Leads to a market surplus
Results in a market shortage
Stabilizes market prices
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a price floor set above the equilibrium price cause?
A market surplus
A market equilibrium
An increase in consumer demand
A decrease in consumer demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is deadweight loss?
The cost of government intervention
Loss of efficiency in the market
The difference between supply and demand
The cost of subsidies to the government
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do economists generally disapprove of agricultural subsidies?
They support small-scale farmers
They stabilize global food prices
They distort market prices
They ensure food security
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a subsidy on the market for a product?
Decreases supply
Can increase supply and lower price
Increases price
Creates a surplus
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