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Social Studies
12th
grade
Economics Chapter 6: Demand, Supply, and Prices
16 questions
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- 1. Multiple Choice
An established maximum price that sellers may charge for a good or service is known as what?
Price Ceiling
Price Floor
Shortage
None of these
- 2. Multiple Choice
An established minimum price that buyers must pay for a good or service is known as what?
Price Ceiling
Price Floor
Minimum Wage
None of these
- 3. Multiple Choice
This is a system in which the government allocates goods and services using factors other than price.
Black Market
Rationing
Free Enterprise
None of these
- 4. Multiple Choice
Which is NOT a characteristic of the price system?
It is neutral.
It is flexible.
It prevents shortages.
It is efficient.
- 5. Multiple Choice
When there is a shortage, which of the following would a seller be motivated to do?
Increase production
Increase prices
Both of these
Neither of these
- 6. Multiple Choice
When there is an increase in prices, which of the following would a buyer be motivated to do?
Not buy the product
Buy a substitute
Both of these
Neither of these
- 7. Multiple Choice
Equilibrium prices rise when?
Demand decreases; supply increases
Demand increases; supply increases
Demand increases; supply decreases
Demand decreases; supply decreases
- 8. Multiple Choice
Which of the following is NOT true about a market supply and demand curve?
Supply slopes upward; demand slopes downward.
The curves intersect at equilibrium.
There are two curves on one graph.
Supply slopes downward; demand slopes upward.
- 9. Multiple Choice
Which are factors that cause a change in supply?
Market Size
Consumer Expectations
Number of Producer
Input Costs
- 10. Multiple Choice
What two things do sellers try to accomplish with competitive pricing?
Make a profit; put the competition out of business
Lure customers away from rivals; put the competition out of business
Make a profit; sell all of their inventory
Make a profit; lure customers from rivals
- 11. Multiple Choice
When there is a shortage, equilibrium price should
Increase
Decrease
- 12. Multiple Choice
When there is a surplus, equilibrium price should
Increase
Decrease
- 13. Multiple ChoiceAssume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market?Pesticides on apples linked to mouth cancer.Storms destroy apple orchards.An apple a day really does keep the doctor away.New genetic strain leads to apple trees that produce twice as many apples.
- 14. Multiple ChoiceWhich of the following could cause the price for automobiles to decrease?The local factory gives a big raise to its employees.None of the choicesA brand new automobile dealership opens in town.The price of gasoline falls.
- 15. Multiple Choice
The monetary value of a product
price ceiling
target price
economic model
price
- 16. Multiple Choice
What do price ceilings and price floors prevent?
Shortages
Surpluses
Prices reaching equilibrium
Benefits to consumers
- Answer choicesTagsAnswer choicesTags