Economics Chapter 6 Review

Question 1

Do you like Economics?

Accepted Answer

Yes, Duh, Mrs. Hurt rules!, I like money

Question 2

The lowest LEGAL price that can be paid to most workers.

Accepted Answer

Price Floor, Minimum Wage, $7.25

Question 3

Supply and demand gives the monetary value to a product and it is called

Accepted Answer

Price

Question 4

TOO MUCH STUFF ~(0^0)~

Accepted Answer

Surplus ~(ono)~

Question 5

The quantity demanded is less than what the sellers supply.

Accepted Answer

Surplus

Question 6

The quantity demanded is more than what the sellers can supply.

Accepted Answer

Shortage

Question 7

Price ceiling is the lowest price allowed to be charged for a product.

Accepted Answer

False ⨂

Question 8

What is the Equilibrium Price?

Accepted Answer

$10

Question 9

The monetary value given to a product (\OwO(\

Accepted Answer

Price (\($v$)/)

Question 10

Quantity Demanded

Accepted Answer

Price ↑ Demand ↓; Price ↓ Demand ↑, Price↓ Demand ↑; Price ↑ Demand ↓

Question 11

The absolute highest amount that can be charged for a product due to government influence.

Accepted Answer

Price Ceiling

Question 12

The Government tries to keep prices down by enforcing a price ceiling.

Accepted Answer

True √

Question 13

What is Equilibrium?

Accepted Answer

No profit, and No loss

Question 14

A Government imposed limit on how little can be charged for a product.

Accepted Answer

Price Floor

Question 15

Minimum wage is an example of this.

Accepted Answer

Price Floor

Questions 15