1. The secondary effects of an action that may occur in addition to the initial effects are called ______.
Answer
Correct Answer:
Unintended consequences
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2. Which of the following age ranges are most likely to be affected adversely by the use of a high minimum wage?
Answer
Correct Answer:
15–19 years
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3. Which of the following groups would probably have the most-favorable view of using price ceilings?
Answer
Correct Answer:
Low-income people
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4. Price ceilings on rent often cause ______.
Answer
Correct Answer:
The rate of return for housing investments to fall
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5. Which of the following distorts price signals and incentives to producers and consumers?
Answer
Correct Answer:
Government-enforced price ceilings set below the market clearing price
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6. Price ceilings cause persistent ______.
Answer
Correct Answer:
Shortages
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7. If the leftward shift of the demand curve is greater than the rightward shift of the supply curve, the equilibrium price will ______ and the equilibrium quantity will ______.
Answer
Correct Answer:
Fall; fall
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8. Which of the following is an accurate statement about the free market?
Answer
Correct Answer:
Countless individuals decide what to produce.
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9. Which of the following will cause a shortage of a product?
Answer
Correct Answer:
Demand increases; supply stays the same.
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10. The falling prices of component parts cause the supply curve for HD televisions to ______.
Answer
Correct Answer:
Shift to the right
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11. Which of the following will cause a decrease of equilibrium price?
Answer
Correct Answer:
Increase in supply and decrease in demand
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12. A quantity that cannot be predicted with any certainty is said to be which of the following?
Answer
Correct Answer:
Indeterminate
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13. Which of the following provides a way for both buyers and sellers to communicate about the relative value of resources?
Answer
Correct Answer:
Market prices
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14. Which of the following are the foundation of the market system?
Answer
Correct Answer:
Supply and demand
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15. An increase in supply and an increase in demand cause a(n) ______ of equilibrium quantity.
Answer
Correct Answer:
Increase
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16. Secondary effects of an action that may occur in addition to the initial effects
Answer
Correct Answer:
Unintentional
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17. Price_______ is A legally established minimum price
Answer
Correct Answer:
Floor
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18. Price ______ is A legally established maximum price
Answer
Correct Answer:
Ceiling
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