stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Prices Flashcards | StudBud
Explore
/
Prices
Prices
15 terms
·
StudBud Administration
·
594 plays
a #economics quiz on #prices
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
What is the financial and opportunity cost consumers pay in searching for a good or service?
Price
Rationing
Search Costs
Demand Schedule
2
What is excess supply?
When quantity supplied and quantity demanded are equal.
When quantity supplied is greater than quantity demanded.
When quantity demanded is greater than quantity supplied.
When quantity supplied and quantity demanded are not equal.
3
What is equilibrium?
When quantity demanded is greater than quantity supplied.
When quantity supplied and quantity demanded are not equal.
When quantity supplied is greater than quantity demanded.
When quantity supplied and quantity demanded ARE equal.
4
A market in which goods are sold illegally is referred to as?
Supply Market
Black Market
Super Market
Demand Market
5
What's the cost of production that affect people that have no control over how much is produced
Search Costs
Spillover Costs
Production Costs
Consumer Costs
6
What is disequilibrium?
When quantity supplied and quantity demanded ARE equal.
When quantity supplied is greater than quantity demanded.
When quantity demanded is greater than quantity supplied.
When quantity supplied and quantity demanded are NOT equal.
7
What shift is being demonstrated in the picture below?
Supply Shift
Shift along the demand curve.
Shift along the supply curve.
Demand Shift
8
What is a minimum price for a good or service?
Price Floor
Price Ceiling
Minimum Wage
Shortage
9
What is the price ceiling placed on rent referred to as?
Maximum Rent
Price Floor
Rent Control
Price Ceiling
10
What is excess demand?
When quantity supplied is greater than quantity demanded.
When quantity demanded is greater than quantity supplied.
When quantity supplied and quantity demanded are equal.
When quantity supplied and quantity demanded are not equal.
11
What is the minimum price that an employer can pay a worker for an hour of labor?
Minimum Wage
Price Ceiling
Price Floor
labor cost
12
What shift is being demonstrated in the picture below?
Demand Shift
Shift along the demand curve.
Shift along supply curve.
Supply Shift
13
A system of allocating scarce resources is referred to as?
Rationing
Shortage
Supply Shock
Price Ceiling
14
A sudden shortage of a good is referred to as?
Rationing
Supply Shock
Black Market
Surplus
15
What is a maximum price that can be legally charged for a good or service?
Minimum Wage
Price Ceiling
Price Floor
Rent Control
