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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
Why did Communist governments use a command economic system for many years?
An attempt to create a society where everyone is equal
to limit the costs of production of many goods
A way to avoid the expense and difficulties of a free market
to keep consumers from getting what they wanted
2
A sudden lack of goods is __________________.
Supply Shock
Shortage
Rent Control
Surplus
3
A maximum amount that can be legally charged for a good is _____________.
Spillover Costs
Price Ceiling
Shortage
Price Floor
4
What is it called when the government uses some tool other than money to allocate goods?
Disequilibrium
Supply management
Rationing
Resource Allocation
5
__________ is an example of quantity supplied being more than quantity demanded.
Disequilibrium
Excess Supply
Spillover Costs
Supply Shock
6
______ is a system of allocating scare goods or services using some criteria other than price.
Surplus
Disequilibrium
Equilibrium
Rationing
7
When quantity demanded is more than quantity supplied, you have _______________.
Supply Shock
Disequilibrium
Excess Demand
Search Costs
8
When buyers will purchase exactly what sellers are willing to sell, what condition is reached?
Equilibrium
Excess Demand
Supply and Demand
Price Floor
9
A minimum price for a good or service is ___________.
Rationing
Search Costs
Price Floor
Price Ceiling
10
Which is an example of a good whose price goes down because of improvements in technology?
Printers
Apples
Typewriters
Running shoes
11
A sudden lack of availability of a good is ________________.
Supply Shock
Spillover Costs
Surplus
Rationing
12
Which of these is most likely to lead directly to a black market?
A Price Floor
Rationing
A Supply Shock
Surplus
13
On which kind of goods do governments generally place price ceilings?
Cheap ones, but could be more expensive without ceilings
Essential goods that are too expensive for some consumers
Essential and cheap goods
Non necessity goods, but have become customary
14
Rent control is a type of ______________.
Rationing
Price Ceiling
Price Floor
Surplus
15
What is the name of the smallest amount that can be legally paid to workers?
Equilibrium Price
Price Floor
Minimum Wage
Supply Cost
16
A shortage will develop when ____________.
The quantity supplied is greater than the demand
The market price is below the equilibrium price
The government provides subsidies to producers
The equilibrium supply is lower than the actual supply
17
___________ is a situation which quantity supplied is greater than quantity demanded
Equilibrium
Surplus
Spillover Costs
Price Floor
18
What happens to a market in equilibrium when there is an increase in supply?
Supply will the demand, so the price will drop
Producers will make less of the good
The good will become very expensive
Demand will exceed supply, so the price will drop
19
The financial and opportunity costs consumers pay when looking for a good or service is ______.
Price Floor
Supply Cost
Disequilibrium
Search Costs
20
__________ is a price ceiling placed on what people pay for housing.
Price Ceiling
Spillover Costs
Rent Control
Price Floor
