Non-Equilibrium Econ Quiz

What is the situation called when the Quantity Demanded is greater than the Quantity Supplied?

• Equilibrium

• Minimum Wage

• Surplus

• Shortage

What is the term for a situation when the Quantity Supplied is greater than the Quantity Demanded?

• Surplus

• Minimum Wage

• Equilibrium

• Shortage

What are the two types of unemployment mentioned in the text?

• Frictional and Seasonal

• Cyclical and Seasonal

• Frictional and Structural

What is the term for keeping wages too high by forcing them to stay high in the long-run?

• Minimum wages

• Contracts

• Unions

• Efficiency Wages

What is the term for keeping wages too high by paying more than the equilibrium to incentivize workers to work harder?

• Efficiency Wages

• Minimum wages

• Unions

• Contracts

What is the term for a situation when the price cannot be sold for more than a certain amount?

• Price Floor

• Shortage

• Price Ceiling

• Surplus

What is the term for a situation when the price cannot be sold for less than a certain amount?

• Price Ceiling

• Shortage

• Price Floor

• Surplus

What did President Richard Nixon impose on gasoline during the energy crisis in the 1970s?

• Contracts

• Price Ceiling

• Minimum Wage

• Price Floor

What did Dr. Thomas Sowell mention as the best response to the oil crisis in the 1970s?

• Forcing wages to stay high

• Letting prices rise

• Imposing minimum wage

• Implementing price controls