FREE ECONOMICS AND STUDY GAMES ABOUT

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FREE ECONOMICS AND STUDY GAMES ABOUT

ECONOMICS EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -15 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: excess demand

Answer:

when quantity demand is more than quantity supplied

Question 2: rent control

Answer:

a price ceiling placed on rent

Question 3: surplus

Answer:

situation in which quantity supplied is greater than quantity demanded; also known as excess supply

Question 4: excess supply

Answer:

when quantity supplied is more than quantity demanded

Question 5: black market

Answer:

a market in which goods are sold illegally

Question 6: rationing

Answer:

a system of allocating scarce goods and services using criteria other than price

Question 7: Minimum wage

Answer:

a minimum price that an employer can pay a worker for an houir of labor

Question 8: supply shock

Answer:

a sudden shortage of a good

Question 9: disequilibrium

Answer:

describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in the market

Question 10: equilibrium

Answer:

the point at which the quantity demanded and quantity supplied are equal

Question 11: spillover costs

Answer:

costs of production that affect people who have no control over how much of a good is produced

Question 12: shortage

Answer:

situation in which quantity demanded is greater than quantity supplied; also known as excess demand

Question 13: search costs

Answer:

the cost of financial and opportunity costs consumers pay when searching for a good or service

Question 14: price ceiling

Answer:

a maximum price that can legally be charged for a good or service

Question 15: price floor

Answer:

a minimum price for a good or service