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Ch. 6 Economics Flashcards | StudBud
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Ch. 6 Economics
Ch. 6 Economics
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Answers
1
An example of a price floor is __________.
all of these.
nonrecourse loans
minimum wage.
rent control.
2
At a price of $2.00 one would expect there to be a __________.
surplus.
shortage.
equilibrium.
None of these.
3
If the demand for a product decreases it will cause the price to __________.
fluctuate.
increase.
None of these.
decrease.
4
A price ceiling set below the equilibrium price will result in a ______________.
None of these.
surplus.
shortage.
price war.
5
Prices act as signals to help us make _________.
economic decisions
shortages.
equilibrium price.
incentives.
6
Price will always move towards ____________.
fairness.
a higher price.
none of these.
equilibrium.
7
If the supply for a product increases it causes equilibrium price to ________.
stays the same.
decrease.
increase.
None of these.
8
A system of allocating goods and services without prices is called __________.
rationalizing.
supply and demand.
equilibrium.
rationing.
9
Prices help us to make decisions in which of the following ways?
All of these.
Low prices lead to higher quantity demanded.
High prices lead to higher quantity supplied.
High prices lead to lower quantity demanded.
10
The price where quantity supplied equals quantity demanded is called ___________.
equilibrium quantity.
equilibrium price.
price floor.
price ceiling.
