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- 1. Multiple Choice
What is the result of the government implementing a price floor of $60There would be a shortage of 100 since it is cheaper for consumersThere would be a surplus of 100 because it is more expensive for consumersThere would be a shortage of 100 because it is assisting the suppliersThere would be a surplus of 100 because it is beneficial to consumers - 2. Multiple ChoiceWhat is the supply with a price floor of $60?50100150200
- 3. Multiple ChoiceWhat is the result of the government implementing a price floor of $60There would be a shortage of 100 since it is cheaper for consumersThere would be a surplus of 100 because it is more expensive for consumersThere would be a shortage of 100 because it is assisting the suppliersThere would be a surplus of 100 because it is beneficial to consumers
- 4. Multiple ChoiceWhat is the supply with a price floor of $60?50100150200
- 5. Multiple Choice3. Price floors and price ceilings prevent items from obtaining their equilibrium price.TrueFalse
- 6. Multiple Choice4. The minimum wage is an example of a government price control.TrueFalse
- 7. Multiple ChoiceIf a price floor was set at 320, what quantity would be purchased?20406080
- 8. Multiple ChoiceWhat does this graph show?ShortageSurplusSupply TableEquilibrium
- 9. Multiple ChoiceWhat is the equilibrium quantity in this graph?$1.50$1.00600800
- 10. Multiple ChoiceAt the price of 1.00 there is ashortage of 200surplus of 200shortage of 400surplus of 400
- 11. Multiple ChoiceIf the government set the price at $700, would that be a price ceiling or floor?Price CeilingPrice FloorNeither
- 12. Multiple ChoiceIf the government set the price at $300, what would be the result?Surplus of 4,000Surplus of 2,000Shortage of 4,000Shortage of 2,000
- 13. Multiple ChoiceA ___ ___ keeps prices form going any higher and causes a ___.price ceiling; shortageprice ceiling; surplusprice floor; shortageprice floor; surplus
- 14. Multiple ChoiceA ___ ___ keeps prices form going any lower and causes a ___.price ceiling; shortageprice ceiling; surplusprice floor; shortageprice floor; surplus
- Answer choicesTagsAnswer choicesTags