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- 1. Multiple ChoiceIf the price of baseball games decrease, the demand for peanuts and crackerjack will decrease.TrueFalse
- 2. Multiple ChoiceA price ceiling is the highest price the government will allow to be charged for a product.TrueFalse
- 3. Multiple ChoiceIf there is a surplus in the market, the price is likely to...increase.decrease.fluctuate.stay the same.
- 4. Multiple ChoiceA decrease in demand will result in...an increase in equilibrium price and a decrease in equilibrium quantity.a decrease in equilibrium price and a decrease in equilibrium quantity.an increase in equilibrium price and quantity.a decrease in equilibrium price and quantity.
- 5. Multiple ChoiceAn increase in supply will result in...an increase in equilibrium price and a decrease in equilibrium quantity.a decrease in equilibrium price and an increase in equilibrium quantity.an increase in equilibrium price and quantity.a decrease in equilibrium price and quantity.
- 6. Multiple Choice
The graph for cars now when consumers expect prices to decrease in the future.
A
B
C
D
- 7. Multiple ChoiceThe graph for McDonald's "chicken" nuggets when workers start working instead of Snapchat.ABCD
- 8. Multiple ChoiceThe graph for bread when the price of flour increases.ABCD
- 9. Multiple ChoiceThe graph for Sprite when the price of 7up increases.ABCD
- 10. Multiple ChoiceThe graph for consumer goods at a big box retail store when a new neighborhood is built next to the store.ABCD
- 11. Multiple ChoiceThe graph for 3D printers when a news report makes national news talking about being able to print inexpensive edible food.ABCD
- 12. Multiple ChoiceThe graph for cereal when the price of milk triples.ABCD
- 13. Multiple ChoiceThe graph for wheat when farmers get new equipment that improves the harvesting ability of wheat.ABCD
- 14. Multiple ChoicePrice floors tend to result in...shortages.rationing.surpluses.equilibrium.
- 15. Multiple ChoicePrice ceilings tend to result in...shortages.surpluses.equilibrium.higher prices.
- 16. Multiple ChoiceA ___ ___ keeps prices form going any higher and causes a ___.price ceiling; shortageprice ceiling; surplusprice floor; shortageprice floor; surplus
- 17. Multiple ChoiceA ___ ___ keeps prices form going any lower and causes a ___.price ceiling; shortageprice ceiling; surplusprice floor; shortageprice floor; surplus
- 18. Multiple ChoiceWhich of these is NOT a characteristic of equilibrium?Where Supply and Demand Intersect.Where there is little surplus or shortage.Where QD = QS.Where all markets strive to be.
- 19. Multiple ChoiceAssuming demand remains the same, as supply decreases the equilibrium price...no longer exists.increases.decreases.stays the same.
- 20. Multiple ChoiceThe point where QS and QD are equal is called...equilibrium.shortage.surplus.the middle.
- Answer choicesTagsAnswer choicesTags