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Economics: Chapter 6 Prices Flashcards | StudBud
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Economics: Chapter 6 Prices
Economics: Chapter 6 Prices
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1
During World War II how were families contributing to the war effort?
Store owners would raise prices
Through rationing their raw materials
They would improve their home security to prevent attacks
Just living normal everyday lives
2
Supply curve can move left or right because of what?
Advances in technology
Changes in prices & labor used to produce good
New government taxes and subsidies
All of these answers
3
How would you best describe "Profit Incentive"?
Profit that business owners make only
Financial rewards that motivate producers or consumers
Has something to do with this review
4
One contribution of decrease in supply could be due to what?
All of these answers
New tax own manufacturers
Price of labor increase
Price of raw materials goes up
5
How would you describe a surplus?
When there is more demand than supply
Both of these situations
When there is a higher supply than the demand
None of these situations
6
Decrease in demand results in what?
Surpluses
Shortages
7
With increases in technology some goods cost less to be produced. What goods experienced this?
All of these products
Digital cameras
Televisions
Phones
8
One bad reason for the Black Market is what?
The product could go to another seller
None of these
Product sold on the black market might be better
The goods go to the highest bidder
9
Increase in demand results in what?
Shortages
Surpluses
10
What is an example of Price Ceiling?
Rent control
None of these
Minimum wage
11
What can cause the equilibrium price to move?
None of these
Nothing because the price is a set price for everyday
Factors that would move the supply & demand curves
Equilibrium price only exists at specific stable point
12
What is the gap above equilibrium point between the supply and demand curve called
Excess supply
Excess money
Excess demand
Excess equilibrium
13
How would you describe a shortage?
When there is too much quantity supplied
When there is too much demand and not enough quantity supply
None of these
Excess supply
14
Prices are flexible, they can be increased to solve problems & decreased to solve problems
False
True
15
During World War II the United States went through the biggest period of what?
Black Market sales
Rationing
Fads
None of these
16
When the market is in an equilibrium state, the market is considered to be stable
False
True
17
What does it mean to be in a disequilibrium state?
None of these
When everything in the mark is perfect
When quantity supplied isn't equal to quantity demand
the market is stable
18
When the supply and demand curve intersect, what is that point called?
None of these
Disequilibrium
Excess Demand
Equilibrium
19
Equilibrium prices are not flexible and stay in the same place everyday
False
True
20
Define rationing
All of these answers
Allocating scarce goods and services
Keeping everything you got for yourself and no one else
When you share items but with a cost
21
What might lead to an increase in Demand?
When the price of a product is high
Higher prices
None of these
Certain "fads"
22
What is Price Floor?
Minimum price, that must be paid for a good or service
Rent control
Max price that can be legally charged for a good or service
All of these
23
Increase in technology like, improvements, or making products easier will move supply curve to:
it'll move off the graph
won't move the curve
the left
the right
24
Price Ceiling is what?
Minimum wage
Minimum price that must be paid for a good or service
Max price that can be legally charged for a good or service
None of these
25
Define search costs
None of these
Financial benefits
Financial & costs consumers pay looking for a good
The cost of searching things on the internet
26
If a company experiences a shortage what will they do to reach equilibrium?
Increase prices because demand will go down
decrease prices and the demand will go up
They won't do anything the market will fix itself
They wouldn't know what to do
27
Unintended externalities expenses that could effect allocating resources would be:
All of these
Salaries of workers
The cost of shipping the good or raw materials
Expenses on technology or fixing production machines
28
What is an example of price floor?
Minimum wage
None of these
Rent control
29
Allocating resources or raw materials could be a very costly mistake by the owner of a business
False
True
30
What is the gap below the equilibrium point between the supply and demand curve called?
Excess supply
None of these
Excess equilibrium
Excess demand
31
Define what a "Fad" is
Something that is not popular
Something that is popular for a short amount of time
Has something to do with sports
None of these answers
