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WorksheetsEconomics Ch. 6
Total questions: 20
Worksheet time: 10mins
When the quantity supplied equals the quantity demanded, what has occured?
prices increase
equilibrium
prices decrease
there is a shortage
Low prices cause buyers to...
substitute other items
buy less
buy more
postpone buying
What effect does a bumper crop have on the price of that crop?
no effect
equilibrium
decrease
increase
When did the most rationing occur in the US?
Hurricane Katrina
1970's energy crisis
WWII
WWI
What do price floors and ceilings prevent?
shortages
surpluses
prices reaching equilibrium
benefits to consumers
Who benefits from rent control?
people who do maintenance and repairs on the building
owners of rent-controlled apartments
tenants in rent-controlled apartments
people with children
What causes price changes most of the time?
government policy
changes in supply and demand
changes in supply only
changes in demand only
What is the highest legal price that can be charged for a product?
price ceiling
price floor
equilibrium price
monetary value of a product
Price floor for agricultural products set by the government to stabilize farm prices
target price
equilibrium quantity
rationing
equilibrium price
How do economists analyze behavior and predict outcomes?
surplus
economic model
equilibrium price
equilibrium quantity
Minimum wage is an example of a...
price floor
price ceiling
equilibrium price
rationing
In a competitive market, prices are generally....
favorable for consumers
favorable for producers
neutral
inelastic
What do most economists believe is the most efficient way to allocate resources?
rationing
government action
competitive markets
distorted incentives
Which of the following tends to force prices down?
a surplus of the item
a shortage of the item
equilibrium price for the item
attainment of equilibrium quantity of the item
What is the effect of price floors on US agricultural products?
help farmers while increasing prices for consumers
help farmers while decreasing prices for consumers
harm farmers while increasing prices for consumers
harm farmers while decreasing prices for consumers
A system of allocating goods and services without prices...
surplus
shortage
rationing
target price
Monetary value of a product
surplus
shortage
rationing
price
Quantity of output supplied equals quantity demanded
price floor
price ceiling
equilibrium price
equilibrium quantity
Based on the diagram, at what price will there be a surplus?
5
6
7
there won't be a surplus
Which of the following is the best way to learn about economics?
