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Taylor Daley - Economics Quiz Flashcards | StudBud
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Taylor Daley - Economics Quiz
Taylor Daley - Economics Quiz
10 terms
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Flashcards
10 cards
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Questions
10
Answers
1
What is the over supply of a good
Search Cost
Surplus
Spillover Costs
Supply Shock
2
What is it called when the quantity supplied is more than the quantity demanded?
Minimum Wage
Excess Supply
Price Floor
Excess Demand
3
What is it called when the quantity demanded is more than the quantity supplied?
Minimum Wage
Excess Demand
Excess Supply
Price Floor
4
Things that are forced on people with no control on how much of a good is produced
Rationing
Disequilibrium
Spillover Costs
Shortages
5
People conducting business without regard for government controls on price/quantity are using
a Black Market
a Profit Incentive
Spillover Costs
a Supply Shock
6
What is a sudden shortage of a good called?
Price Cieling
Flexibility
Supply Shock
Rationing
7
What is the minimum price for a good or service
Price Cieling
Price Incentive
Price Floor
8
Dividing up goods and services using criteria other than pricing is what?
Profit Incentive
Supply Shock
Rationing
Flexibility
9
Minimum Wage is set by the Federal Government
only
True
False
10
What is the point of balance between price and quantity?
Rent Control
Price Floor
Equilibrium
Price Cieling
