WorksheetsUnit Two Lesson Six Economics
Total questions: 20
Worksheet time: 10mins
an illegal market in which goods are traded at prices or in quantities higher than those set by law
Blue Market
Black Market
Price Floor
Price Ceiling
the price at which the quantity of a product demanded by consumers equals the quantity supplied by producers
Price floor
Market Equilibrium
Price ceiling
equilibrium price
the quantity of a good or service demanded by consumers and supplied by producers when the market is in equilibrium
equilibrium quantity
Human capital
Market Equilibrium
Black Market
Point at which the quantity of a product demanded by consumers in a market equals the quantity supplied by producers
Price equilibrium
Price control
market equilibrium
Market control
a maximum price set by the government to prevent prices from going too high
Revenue factor
Price control
Price floor
Price Ceiling
government-imposed limits on the prices that producers may charge in the market
Price controls
Maket contols
Price equilibrium
Market equilibrium
a minimum price set by the government to prevent prices from going too low
Capital
Price ceiling
Rationing
Price floor
the controlled distribution of a limited supply of a good or service
Rationing
Price floor
Monopoly
Price ceiling
What happens when the price of a good adjusts to bring the quantity demanded and the quantity supplied into balance?
Disequilibrium
Rationing
Market equilibrium
Price floor
At the farmers market, what happens when watermelons reach their equilibrium price?
Farmers will be unable to sell any watermelons at all.
Customers will buy all of the melons that farmers are selling.
Many customers who want watermelons will go home empty-handed
Most farmers will take home extra unsold watermelons.
Markets are governed by
Disequilibrium
Price controls
The Law of Supply and Demand
The Law of Trade and Command
How do consumers experience excess demand?
As a discount
As a shortage
As a sale price
As a surplus
Which of the following is an example of a supply shifter?
an increase in the cost of inputs
rising unemployment
changing consumer tastes
A spike in population
True of False: The impact of shifts in demand and supply is not always immediately clear.
Unsure
True
False
Don't know
Suppose home prices in a city are increasing. What is a logical result of this price increase?
Architectural firms begin laying off staff members.
Builders decide to renovate existing houses.
Construction firms begin building more homes.
All answers are correct
Which statement is true?
Prices allocate production goods that are in short supply
Prices allocate products in short supply to those who value them least.
Prices allocate scarce resources efficiently
Prices convey information to workers and producers, but not to consumers.
Rent control is an example of
A price floor
A price ceiling
Market Demand
Price Demands
One example of when the government might impose rationing is
when it establishes a minimum wage for labor.
when farmers have produced more grains than people demand.
when it hopes to stimulate the economy by urging people to spend money.
when essential, but high-demand, goods are in short supply.
Why is it often difficult for the government to end price controls?
Politicians are reluctant to repeal price control when voters support them.
Many people believe that price controls further the goal of economic equity
People often pressure the government to intervene when prices rise and fall
All answers are correct
Minimum wage is an example of what type of price control?
Minimum wage is not a type of price control
price ceiling
Price floor
Minimum wage will always be at equilibrium
