Ch. 6 Econ. Review

Question 1

Unlimited wants and needs but limited resources to produce those wants and needs.

Accepted Answer

scarcity

Question 2

What is the federal minimum wage?

Accepted Answer

$7.25

Question 3

Another name for excess demand.

Accepted Answer

shortage

Question 4

The minimum price for a good or service.

Accepted Answer

price floor

Question 5

Maximum price that can legally be charged for a good or service.

Accepted Answer

Price ceiling

Question 6

Equilibrium is best described as a ___________.

Accepted Answer

moving target

Question 7

If there is excess demand, what will suppliers do?

Accepted Answer

raise prices

Question 8

The Father of Economics.

Accepted Answer

Adam Smith

Question 9

What is the minimum wage in Nebraska?

Accepted Answer

$9.00

Question 10

A way to distribute scarce goods and services.

Accepted Answer

rationing

Question 11

What is another name for excess demand?

Accepted Answer

shortage

Question 12

Price goes up, supply goes up.

Accepted Answer

Law of Supply

Question 13

Which former First Lady just passed away?

Accepted Answer

Nancy Reagan

Question 14

If there is excess supply what will suppliers do?

Accepted Answer

lower price

Question 15

Sudden shortage of a good.

Accepted Answer

supply shock

Question 16

Price goes down, demand goes up.

Accepted Answer

Law of Demand

Question 17

This moves the market toward equilibrium.

Accepted Answer

invisible hand

Question 18

Who won the Democratic caucus in Nebraska?

Accepted Answer

Bernie Sanders

Question 19

The minimum wage is an example of a _______.

Accepted Answer

price floor

Question 20

The point where supply and demand are equal.

Accepted Answer

equilibrium

Question 21

Place where goods are bought and sold illegally.

Accepted Answer

black market

Question 22

What is another name for excess supply?

Accepted Answer

surplus

Question 23

The study of how people satisfy their needs and wants by making choices.

Accepted Answer

Economics

Question 24

A market with few competitors.

Accepted Answer

imperfect competition

Question 25

Donald Trump is a ____________.

Accepted Answer

republican

Ch. 6 Econ. Review

Questions 25

Ch. 6 Econ. Review

Questions 25