Chapter 6 Quiz

Question 1

a visual representation that helps explain and predict economic behavior

Accepted Answer

economic model

Question 2

payments made by the government to make up for the target price

Accepted Answer

deficiency payments

Question 3

When the government decides everyone's fair share

Accepted Answer

rationing

Question 4

payments made by the government to make up for the target price

Accepted Answer

deficiency payments

Question 5

A socially desirable price determined by factors other than the market

Accepted Answer

target price

Question 6

The unsold product that causes suppliers to reduce their prices

Accepted Answer

surplus

Question 7

The monetary value of a product as established by supply and demand

Accepted Answer

price

Question 8

legal maximum on the price at which a good can be sold

Accepted Answer

price ceiling

Question 9

When prices are relatively stable and quantity supplied is equal to quantity demanded

Accepted Answer

market equilibrium

Question 10

quantity demanded is greater than quantity supplied

Accepted Answer

shortage

Question 11

The condition that leaves suppliers wishing they had more to sell

Accepted Answer

shortage

Question 12

a partial refund of the price of a product

Accepted Answer

rebate

Question 13

quantity supplied is greater than quantity demanded

Accepted Answer

surplus

Question 14

legal minimum on the price at which a good can be sold

Accepted Answer

price floor

Questions 14