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Price Ceilings And Floors Quiz 1 (25 MCQs)

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1. Price is currently above equilibrium. This will create excess _____ We would expect price to _____
2. The monetary value of a product
3. A price floor is created in order to benefit
4. The set of skills that an employee acquires through training and experience, which increases that employees value in the marketplace, is know as
5. What is a government payment for certain actions?
6. What kind of changes would be expected in the demand of a country that has a growing population?
7. The purpose of rationing during World War II was to ensure that
8. This occurs when the quantity supplied exceeds the quantity demanded.
9. Price floors tend to result in _____
10. The amount of a good or service that consumers are willing and able to buy at a SPECIFIC PRICE
11. When a price ceiling is in place keeping the price below the market price, what's larger:quantity demanded or quantity supplied?
12. What is created when prices are too low?
13. What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store? Also called market clearing price
14. Price ceilings tend to result in _____
15. Effective price ceilings are inefficient because they
16. If he illegally subleases his apartment to Sally on the black market for $ 2, 500 per month and instead rents a $ 2, 000 apartment, is he better off or worse off than if he obeyed the law?
17. An Increase in Supply or a shift of the supply curve to the right occurs when:
18. A price floor will usually result in a
19. _____ often leads to inefficiency in that the goods being offered are of inefficiently low quality.
20. The point where QS and QD are equal is called _____
21. What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?
22. A price ceiling will usually result in a
23. When governments impose a price floor, it creates a scenario where quantity supplied is greater than the quantity demanded, also known as a _____
24. This occurs when the quantity demanded exceeds the quantity supplied.
25. At a given price, when quantity supplied is greater than the quantity demanded, the market is experiencing a
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