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Economics test Ch. 4-6 Supply & Demand Flashcards | StudBud
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Economics test Ch. 4-6 Supply & Demand
Economics test Ch. 4-6 Supply & Demand
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Questions
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Answers
1
an illegal traffic or trade in controlled or scarce commodities typically occurs in a _____
Equilibrium market
Black market
factors of production
supply and demand market
2
When an excess supply persists for a significant period of time, we call it:
a surplus.
a shortage.
an equilibrium.
a price floor.
3
the government decides to put a price floor above the equilibrium price, the price ceiling will
cause a decrease in the quantity Supplied.
A cause an increase in the quantity demanded.
cause a surplus of the good.
be ineffective
4
term in economics to allow each person to have only a fixed amount of a particular commodity.
black market
minimum price
price ceilings
ration
5
When an excess demand for a product persists for a significant period of time we call it:
a shortage.
a surplus.
a price floor.
an equilibrium
6
which one of the following is
not
a factor that causes the demand curve to shift?
Income Effect
Tastes and Preferences
The Substitution effect
The Equilibrium effect
7
A government-imposed limit on the highest price firms can charge in a market is:
a price ceiling.
a sticky price.
a price floor.
a shortage.
8
At a price above equilibrium:
quantity Supplied exceeds quantity demanded
quantity demanded exceeds quantity Supplied.
quantity Supplied equals quantity demanded.
quantity Supplied and quantity demanded are zero.
9
Adam Smith first posed the “The paradox of value” – also known as the _________
diamond-water paradox
the theory of demanded supply
cats and dogs paradox
the theory of supply and demand
10
If the government imposes a price floor below the equilibrium price, the price floor will:
Cause a surplus of the good.
Cause an increase in the quantity demanded.
Cause a decrease in the quantity supplied
Be ineffective.
11
When there is a great deal of supply of something that is in short demand, we would expect:
the price to rise.
the price to be zero.
the price to be low.
the price to be high.
12
which one of the following is
not
a factor that causes the demand curve to shift?
The price of in-puts
The price of related substitutes
The price of related complements
wealth effect of elasticity
13
A leftward shift of the supply will:
increase demand
decrease equilibrium quantity
decrease demand
Increase equilibrium quantity
14
Black markets may develop if price ceilings are established:
none of the above.
at equilibrium.
above equilibrium.
below equilibrium
15
What main economic problem does rationing attempt to correct?
shortages
communism
black markets
price ceilings
16
A government-imposed limit below which prices cannot fall is:
a price ceiling.
a surplus
an equilibrium price.
a price floor
17
The ______________ is a state in which the opposing forces of supply and demand are balanced.
economics
demand
supply
equilibrium
18
An equilibrium price is achieved in a market when:
price equals quantity.
supply equals demand.
price is zero.
quantity supplied equals quantity demanded.
19
What main economic problem does the existence of prices prevent?
excess supply
scarcity
overconsumption
opportunity costs
20
Excess demand is created when:
the quantity supplied and the quantity demanded are zero.
the quantity supplied is less than the quantity demanded.
the quantity supplied is larger than the quantity demanded
the quantity supplied equals the quantity demanded.
21
term for prices in a particular market that move slowly in relation to the equilibrium values.
floor prices.
ceiling prices.
equilibrium price.
sticky prices.
