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Home  arrow Student Resources  arrow Chapter 4: Extensions of Demand and Supply Analysis  arrow Quiz

Quiz



This activity contains 15 questions.

Question 1.
Voluntary exchange

 
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Question 2.
All of the following are true about a market system EXCEPT

 
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Question 3.
Methods used to ration scarce goods when the price system is not able to work effectively are known as

 
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Question 4.
Which of the prices best represents an effective price ceiling?

A graph of demand and supply with price P1 above the intersection point, price P2 at the intersection point, and price P3 below the intersection point

 
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Question 5.
Which component of a market system conveys information about the relative scarcity of goods?

 
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Question 6.
A price ceiling is

 
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Question 7.
A price floor is

 
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Question 8.
The minimum wage is an example of a

 
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Question 9.
U.S. agriculture price supports are an example of

 
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Question 10.
Over the last 15 years, the market price of computers has fallen substantially while the equilibrium quantity of computers has increased substantially. This indicates that

 
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Question 11.
In a dynamic market where both demand and supply shift, if both the market clearing price and the quantity decrease, a possible cause is that

 
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Question 12.
Agricultural price supports

 
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Question 13.
Suppose that after the demand for a good increases, the quantity sold in a market increases but the price falls. From this, we know that

 
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Question 14.
Which of the following statements is true concerning the implementation of rent controls?

 
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Question 15.
Suppose the market price of corn is $5 a bushel but the government decides to keep its price at $7. As a result,

 
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