1) When quantity demanded in a market is more than the quantity supplied, _____ occurs.
B. an equilibrium
C. a shortage
D. a production possibility
Economics - Financial Markets
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2)Big Road Inc., a private company, is hired to build and run a state’s entire road system. The company charges high fees to use its roads. It maintains the roads only in heavily populated areas. Which of the following describes this project?
A. positive externality
C. market failure
D. negative externality
3)A minimum price, set by the government, that must be paid for a good or service is called a _____.
A. price wall
B. price floor
C. price field
4)What happens to the equilibrium price when supply goes down?
A. The price goes up.
C. The price stays the same.
D. The price goes up, and then goes down.
5)Why does a government place price ceilings, such as rent control, on some “essential” goods?
A. to prevent the development of a black market
C. to limit the impact of equilibrium pricing
D. to help reduce demand for these goods
6)Which of the following programs was President Roosevelt establishing when he spoke these words?
A. Temporary Assistance for Needy Families
B. Social Security
C. War on Poverty
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