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Demand and Supply and Prices Flashcards | StudBud
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Demand and Supply and Prices
Demand and Supply and Prices
20 terms
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StudBud Administration
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Prices review.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A free market distribution systems, based on prices, costs nothing to administer.
False, except for in America.
False
True, but only in Cuba
True
2
In response to rising car traffic, demand for bicycles has increased. The new equilibrium point
will showmore bicycles sold, but at a higher price.
will showmore bicycles sold, but at a lower price.
will showfewer bicycles sold, but at a higher price.
will show fewer bicycles sold, but at a higher price.
3
The government can create price floors by buying up excess crops.
True, but only in the soybean industry.
True
False, that creates a price ceiling.
False, unless it is dealing with cattle.
4
Markets tend toward equilibrium.
False
Neither True or False
False, they move towards disequilibrium
True
5
Technological process has reduced the cost of manufacturing MP3 players. If demand is unchanged
more MP3 players will be sold at a higher price.
fewer MP3 players will be sold at a higher price.
more MP3 players will be sold at a lower price.
fewer MP3 players will be sold at a lower price.
6
Fads can decrease in demand drastically. The product that is currently on the markets
stays at the equilibirum point
becomes a shortage
becomes a surplus
becomes junk and is thrown away
7
When buyers purchase exactly as much as sellers are willing to sell.
price floor
excess demand
equilibrium
supply and demand
8
What is it called when the government uses some tool other than money to allocate goods?
supply managment
disequilibrium
rationing
resource allocation
9
Minimum wage is an example of a(n)
minimum war.
price ceiling.
price floor.
mo' money.
10
The price ceiling that was used to control the price of housing in New York City was called
rent control
rent abatement
housing control
equilibrium price
11
A sudden lack of goods.
Supply Surprise
Demand
Supply Shock
Supply Shook
12
When quantity supplied and quantity demanded are not the same in a market.
Disequilibrium
Disequanious
Equilibrium
They're in the wrong market
13
Excess demand is also known as
disequilibrium
shortage.
equilibrium
surplus.
14
Prices, in a free market does all of the following
except
move markets towards equilibrium.
create difficulty in determining value of a good.
creates a common language.
help distribute resources efficiently.
15
Which of these is most likely to lead directly to a black market?
rationing
a supply shock
a price floor
equilibrium
16
Minimum wage is a well known
tax.
price floor.
price ceiling.
unintended cost.
17
A sudden lack of goods is also known as excess supply.
True
Maybe, but only if its Twinkies
Eh, who cares.
False
18
The quantity of goods that a firm has on hand is known as
costs.
junk.
inventory.
interest.
19
Rent control is a type of
surplus.
price floor.
rationing.
price ceiling.
20
A maximum amount that can be legally charged for a good or service is called a price floor.
$2
False
Minimum Wage
True
