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100
____ often ration goods during crisis or times of war. A. Businesses B. Governments C. Schools D. Black markets
B. Governments
100
A(n) ____ is a piece of paper that can be exchanged for goods. A. resource B. surplus C. ration coupon D. externality
C. ration coupon
100
When there is a(n) ____, prices often drop. A. surplus B. equilibrium C. shortage D. crisis
A. surplus
100
When there is a(n) ____, prices often go up. A. price fix B. shortage C. equilibrium D. surplus
B. shortage
100
If prices are lower than the equilibrium price, sellers will want to sell ____. A. less B. more C. the same D. everything
A. less
200
A helpful side effect of an economic situation is a(n) ____. A. crisis B. positive externality C. negative externality D. market failure
B. positive externality
200
The way buyers and sellers communicate is through the ____. A. price system B. public goods C. crisis D. black market
A. price system
200
Products and services everyone can use are ____. A. positive externalities B. black markets C. public goods D. crisis
C. public goods
200
In a ____, products are sold at prices that are illegal. A. positive externality B. crisis C. market failure D. black market
D. black market
200
When people's well-being is threatened, there is a ____. A. market failure B. positive externality C. black market D. crisis
D. crisis
300
A(n) ____ happens when buyers and sellers are not well informed. A. price system B. market failure C. crisis D. black market
B. market failure
300
A(n) ____ occurs when more goods are needed than the producer is willing to sell. A. surplus B. shortage C. price ceiling D. price floor
B. shortage
300
A(n) ____ is a maximum price set by the government. A. surplus B. shortage C. price ceiling D. minimum wage
C. price ceiling
300
A(n) ____ is a minimum price set by the government. A. shortage B. surplus C. price ceiling D. price floor
D. price floor
300
A(n) ____ is when sellers supply more goods than buyers are willing to purchase. A. surplus B. shortage C. minimum wage D. price floor
A. surplus
400
____ is an example of minimum price. A. price ceiling B. shortage C. minimum wage D. surplus
C. minimum wage
400
What is relative worth?
the value most people place on a good or service
400
What are 2 forms of market failure?
externalities, public goods
400
When price is a rationing device, what is the effect on poor people?
they cannot afford to buy the same things as rich people
400
How does price provide workers with incentives?
they harder they work, the more money they will have to buy things.
500
What is an example of a negative externality?
traffic or pollution caused by a new factory
500
What pays for public goods?
taxes
500
Prices treat everyone the same way. How does this work as a rationing device?
some people are unwilling or unable to pay for a good or service
500
DOUBLE JEOPARDY!!!! How are black markets used?
to sell goods at illegal prices
500
How are the equilibrium price and the equilibrium point related?
point-where supply and demand meet, price- reflects equilibrium point
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