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WorksheetsECON Common Quiz 2 (Ch. 5-11)
Total questions: 17
Worksheet time: 10mins
Some of the benefits of the price system include (CHOOSE ALL THAT APPLY)
incentives
government intervention
choice
scarcity
One benefit of the price system is choice. Consumers benefit through __ (CHOOSE ALL THAT APPLY)
government-dictated price levels
competition gives consumers more options
if few options, consumers settle for what's available
producers develop better products when there is competition
The government gets involved in the price system when they intervene in ways such as: (CHOOSE ALL THAT APPLY)
rent control
minimum wage
environmental protection laws
setting agricultural price levels
What is the maximum price set by a government?
price floor
price ceiling
demand floor
supply ceiling
What is an example of a price floor?
rent control
minimum wage
salaried worker
blackmarket tickets on the internet
The most common form of interdependent pricing is when the "BIG BOYS" set the market price and smaller companies follow:
price leadership
price war
collusion
substitution
Which of the following is an illegal form of determining prices?
collusion
price war
price leadership
supply and demand
What are key characteristics of a monopolistic competition? (CHOOSE ALL THAT APPLY)
buyers not well-informed
strict gov't regulations
buyers purchase based on brand loyalty
producers differentiate products to show superiority
What is a share of stock?
share of company ownership
ownership in government assets
individual retirement account
stranger and safer compared to a bond
Once you have paid your bills for the month, what you have left to spend on things you want is called __
savings account
disposable income
investment property
retirement fund
Gross Domestic Product (GDP) is one way to measure __
total unemployment rate of a nation
total of all good and services produced by a nation
total value of the stock market
total fo all government tax revenue
What are some reasons that some workers earn more/less than others? (CHOOSE ALL THAT APPLY)
education level
talent/skill level
work habits
family support and values
When a country exports more products than it imports..
trade surplus
trade deficit
trade balance
price equilibrium
An example of a product being globalized would be..
Apple sells iPhones worldwide
Coca-Cola has products in every country
Americans buy Japanese cars such as Honda
Nike manufactures shoes in Chinese factories
When jobs are lost due to a change in technology there is ___ unemployment
Structural
Cyclical
Seasonal
Frictional
A shift in the labor market would be caused in which of these examples (Choose any that apply)
Apple upgrades from iPhone 15 to iPhone 16
the switch from typewriters to computers
the switch from horse-drawn carriage to automobile
consumers switching from cable to streaming
A tax that affects poor people more than the rich would be __
income tax (progressive tax)
sales tax (regressive tax)
flat rate tax
property tax
