Download Chapter 6 ECONOMICS TEST

Chapter 6 ECONOMICS Review
1.
Governments generally place price ceilings on what kind of goods?
2.
When buyers will purchase exactly as much as sellers are willing to sell the condition that has been
reached is what?
3.
The U.S. government used rationing for some foods and consumer goods during World War II to do
what?
4.
The Market in equilibrium will have quantity supplied equal to quantity demanded so the price will
do what when there is an increase in supply?
5.
What is it called when the government uses some tool other than money to allocate goods?
6.
The name of the smallest amount that can legally be paid to most workers for an hour of work is
what?
7.
The price ceiling that was used to control the price of housing in New York City and other cities was
called what?
8.
When what increases, price falls, and quantity demanded _increases to reach a new equilibrium?
9.
Markets always move toward what direction?
10.
Goods and services are distributed in a free market economy through what?.
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11.
Study the graph showing the equilibrium point for a pizzeria. The quantity supplied and the quantity
demanded are equal at what price per slice?
12.
Study the graph above, if the price were set at $2.50 the market would be in what?
13.
Study the graph above, if the price were set at $1.00 the market would be in what?
14.
Study the graph above, if the government set the price at $.50 that would be called what?
15.
Study the graph above, if the government set the price at $3.00 who would be hurt by this?
16.
Study the graph above,the equilibrium price is what?
17.
Study the graph above, the equilibrium quantity is what?
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Matching
a. Shortage
b. Excess supply
c. Disequilibrium
d. Minimum wage
e. Rent Control
a. Rationing
b. Price Ceiling
c. Excess demand
d. Price floor
e. Equilibrium
Reading a Chart
Combined Supply and Demand Schedule
Price of a
slice of pizza
Quantity
demanded
Quantity
supplied
$.50
300
100
$1.00
250
150
$1.50
200
200
$2.00
150
250
$2.50
100
300
$3.00
50
350
Figure 6.1
28. In Figure 6.1, the price of a slice of pizza is $2.50, how many slices are sold?
29. In Figure 6.1, the equilibrium price is what?
30. In Figure 6.1, when the price of a slice of pizza is $.50,the market has what?
31. In Figure 6.1, the equilibrium quantity is what?
32. In Figure 6.1, how many slices of pizza will be provided at a price of $2.50?
33. In Figure 6.1, when the price of a slice of pizza is $3.00, the market is in what situation?
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