S24 Chapter 6 Test Prices

The highest legal price that can be charged is the

• price
• price floor
• price ceiling
• target price

loan that does not carry penalty or does not need to be paid back

• USDA loan
• nonrecourse loan
• secured loan
• unsecured loan

The monetary value of a good or service is the

• price
• price floor
• price ceiling
• target price

The lowest legal price that can be charged is the

• price
• price floor
• price ceiling
• target price

What is the term for the price ceiling used to control the price of housing?

• equilibrium price
• rent control
• housing assistance
• Lending act

What is the term for "the smallest amount that can legally be paid to most workers for an hour?

• equilibrium price
• price floor
• minimum wage
• supply cost

Price floor the government sets as a "fair price"

• ration
• price
• target price
• equilibrium pice

price at which the quantity supplied equals the quantity demanded

• ration
• price
• target price
• equilibrium price

quantity demanded is greater than the quantity supplied at a given price

• equilibrium quantity
• equilibrium price
• shortage
• surplus

quantity supplied is greater than the quantity demanded at a given price

• equilibrium quantity
• equilibrium price
• shortage
• surplus