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Economics Ch 6: Market Forces Flashcards | StudBud
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Economics Ch 6: Market Forces
Economics Ch 6: Market Forces
22 terms
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#MrReynolds #Economics #SaintJoeHighSchool #Room241 #Bella #Supply&Demand
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Which of the following is an example of a
price floor
?
Limiting the number of tickets to the concert
Selling margarine not butter
Rent control in Malibu
Setting a minimum wage
2
Which of the following is
NOT
an example of a
transaction cost
?
Buying donuts from a Bakery
Car dealerships all being located in the same area
Shopping at the mall for holiday gifts
Wal-mart sells everything from bleach to guns to candy
3
The Raise the Wage Act wants to increase minimum wage to:
$13.00/hour
$17.00/hour
$15.00/hour
$11.00/hour
4
Law of Supply says:
Price goes up, supply goes down
Price goes up, demand goes down
Price goes up, supply goes up
Price goes up, demand goes up
5
A
positive affect
from rent control is:
Equilibrium
Black markets will thrive
More supply
More housing choices & diversity in an area
6
In times of emergency, the government gives every person a fixed amount of a good.
Black Markets
Price gouging
Rationing
Price Ceilings
7
A
negative affect
of increasing minimum wage is:
Workers will naturally work harder
Producers will raise prices to cover expenses
Producers will hire more workers
Workers will revolt
8
When quantity supplied is
MORE
than the quantity demanded
Out of Business
Surplus
Shortage
Equilibrium
9
When quantity supplied is
LESS
than the quantity demanded
Shortage
Good times
Equilibrium
Surplus
10
The government imposes a
maximum price
of $5 for a gallon of gasoline, this is called:
A Surplus
An Equilibrium Price
A Price Floor
A Price Ceiling
11
A
positive affect
from rationing is:
Black markets will thrive
Equilibrium
Everyone gets the basics
The rich will buy more than others
12
When there's a
BIG
demand for a product but a small supply, we would expect:
The price to be ZERO
The price to go UP
The price to go DOWN
The price to stay the SAME
13
Who created the "invisible hand" concept in economics?
Adam Smith
Mr. W
Mr. Meyer
Sam Adams
14
The government imposes a
minimum price
of $2 for corn, this is called:
A Price Ceiling
A Sticky Price
A Price Floor
Rationing
15
During a hurricane, the Mini Mart sells a case of water for $40 each. This is called:
Price ceiling
Price floor
Price gouging
Rationing
16
Illegal selling & trading of goods that the government is rationing:
Black market
Equilibrium market
Supply & demand market
Factors of production
17
When there's a
surplus
of an item, we would expect:
The price to stay the SAME
The price to go DOWN
The price to go UP
18
The current federal minimum wage:
$7.25
$7.95
$11.00
$15.00
19
When supply
increases
, the curve will...
Shift to the Right
Stay where it is
Shift to the Left
20
Where supply & demand meet...
Excalibur nightclub
Equilibrium
Economics
Falling in love
21
Which of the following is an example of a
price ceiling
?
Selling margarin but butter
Limiting the number of concert tickets
Setting a minimum wage
Rent control in Malibu
22
When demand
decreases
, the curve will...
Shift to the Right
Stay where it is
Shift to the Left
