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Chapter 6 Econ Flashcards | StudBud
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Chapter 6 Econ
Chapter 6 Econ
13 terms
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StudBud Administration
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econ
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
government allocation of goods and services
disequilibrium
fad
shortage
rationing
2
What types of goods might have price ceilings?
cheap, but could become more expensive
not essential, but people are accustomed to them
essential but too expensive for some
essential and cheap
3
price ceiling on housing
minimum wage
search costs
Mrs. Q rocks!
rent control
4
quantity demanded is greater than quantity supplied
Mrs. Q sucks
rationing
disequilibrium
inventory
5
Which is a benefit of profit incentive?
it contributes to the wealth of nations
it leads to rationing of goods
it promotes efficient resource allocations
it signals the time to buy more of a good
6
a product that is popular for a short time
fashion
fad
parachute pants
fit
7
sudden lack of availability of a good
inventory
supply shock
price ceiling
surplus
8
financial and opportunity costs consumers pay when looking for a good or service
search costs
finder fees
regulation
rationing
9
Which of the following is MOST likely to lead to a black market?
disequilibrium
supply shock
rationing
price floor
10
point at which demand for a product equals supply
disequilibrium
shortage
equilibrium
supply shock
11
Traffic worsens, so demand for bicycles increased. The new equilibrium point will show
fewer bikes sold at a lower price
more bikes sold at a lower price
more bikes sold at a higher price
fewer bikes sold at a higher price
12
amount of goods a firm has onhand
shortage
inventory
free market
fad
13
What can cause the supply curve to shirt to the right?
raw materials shortage
minimum wage increase
new production technology
higher taxes on good
