economics online study for lesson #6 “prices as signals”
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EconomicsOnline study for Lesson #6
“Prices as Signals”
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Questions #1
Economists main use models to help?
Look smart
Analyze behavior
and predict outcomes
Decide what to produce
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Questions #2
When the quantity supplied equals quantity demanded, this spot on the graph is called?
Equilibrium
Surplus
Shortage
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Questions #3
In the free market, if prices are too high, the the invisible hand will?
Force price
downward
Force prices
upward
Shift to a new curve
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Questions #4
Prices tend to favor?
Entrepreneurs
Sellers
No one (they are neutral)
Buyers
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Questions #5
Price is a monetary value of a product established by?
GovernmentSupply & Demand
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Questions #6
Prices are easy to understand because?
The government
says they are
The invisible
hand directs them
We have had them all our
lives
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Questions #7
To achieve social goals, prices are set by?
The government
The free market
The invisible hand
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Questions #8
The best example price ceilings is?
Minimum wage
Rent controlled
apartments
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Questions #9
Understanding the LoD & LoS, if prices are high, it signals?
Producers to supply less and people to buy
more
Government to intervene to protect consumers
Producers to supply more and
people to buy less
Producers to supply less
and consumers
buy less
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Questions #10
At a given price, a surplus occurs when?
the quantity demanded is the same as the quantity
supplied
the quantity supplied is less
than the quantity
demanded
the quantity supplied is
greater than the quantity
demanded
the quantity demanded is
more than the quantity supplied
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Questions #11
An example of an economic society goal is which?
Free markets
Federal minimum wage
laws
Supply & Demand
Market clearing price
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Questions #12
The LoD tells us which?
When prices are high,
consumers buy more
When prices are low,
consumers buy more
When prices are low,
consumers buy less
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Questions #13
Which of the following IS NOT an advantage of prices
Prices are neutral
War affects prices
No cost to administer
Prices are a new concept in economics
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Questions #14In a free economy, the market, not government intervention, find its own prices without help
TRUE FALSE
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Questions #15
Which IS NOT a problem associated with rationing?
Competitive Markets
Fairness
Reduce people’s incentive to
work
High administrativ
e costs
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Questions #16
A rebate is a refund of the full original purchase price.
TRUE FALSE
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Questions #17
Market equilibrium price is found through?
Government Intervention
Trial and error
Full production capacity Trade with
other nations
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Questions #18
If there is a surplus, the invisible hand pushes price?
DownwardUpward
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Questions #19If there is a shortage, the quantity demanded is _______ than the quantity supplied.
Greater than Less Than
Equal to Market clearing
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Questions #20The set of ideal conditions and outcomes for scarce resources is called?
Paradox of Value
Competitive Price Theory
Theory of Equilibrium
Pricing
The Friedman Campbell Theory
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