Markets and Government Quiz

Markets and Government Quiz

University

10 Qs

quiz-placeholder

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Markets and Government Quiz

Markets and Government Quiz

Assessment

Quiz

Social Studies

University

Medium

Created by

Katie Lotz

Used 69+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A price ceiling of $60 is set on a good that currently sells for $80. What would happen?

a shortage.

a surplus.

no change to equilibrium.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

I budgeted $60 for a live Christmas tree but found the perfect tree for $50. What is my consumer surplus?

$60

$50

$10

$0

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price in a market is set above equilibrium, we will have

a surplus.

a surplus and deadweight loss.

a shortage.

a shortage and deadwight loss.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price in a market is set below equilibrium, we will have

a surplus.

a surplus and deadweight loss.

a shortage.

a shortage and deadweight loss.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total surplus is generally maximized at

market equilibrium.

the supermarket.

at the point where consumer and producer surplus are the farthest apart.

market disequilibrium.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Markets are generally but not always efficient. Which of the following IS NOT a reason why markets fail?

Lack of competition

External benefits or costs

Information not share by all parties

Public Goods

Supply and Demand flucuations

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bert and Ernie are debating about governments intervening in markets. Bert argues that governments should never intervene. Ernie argues that governments should intervene at times and can correct market failures. Who is correct?

Bert

Ernie

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