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Econ 6 Test

Enter the letter for the matching Answer
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1.
Why are price ceiling and rent control set?
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2.
Financial Aid
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3.
Imperfect Conditions
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4.
Surplus
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5.
Which direction does a supply curve shift is there is a reduction in supply?
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6.
Price
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7.
Equilibrium
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8.
Rent Control
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9.
Price ceiling
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10.
Invest
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11.
Which direction does the supply curve shift as manufacturers continue to offer greater supply of one good?
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12.
Who sets price ceilings and rent control?
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13.
Minimum wage
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14.
Why does the government set price floors?
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15.
Rationing
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16.
Adam Smith
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17.
Disequilibrium
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18.
A demand schedule shows...
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19.
Fad
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20.
What happens if the price is too high?
A.
When quantity supplied is not equal to quantity demanded in a market
B.
A price ceiling placed on apartment rent
C.
To use assets to earn income or profit
D.
A market structure in which only a few firms produce the same product
E.
Wrote "The Wealth of Nations"-explained that businesses prosper by finding our what people want and then providing it
F.
To prevent inflation of prices so those who are poor can have "essential" good or services that might ebecome too expensive.
G.
So sellers(laborers) receive at least a minimum reward for their efforts
H.
Left
I.
How much of a good consumers are willing to buy at various prices
J.
When quantity supplied is more than quantity demanded
K.
A standard measure of value
L.
Right
M.
Product that enjoys enormous popularity for a short time
N.
Assistance in the form of grants and loans to help individuals in a time of need
O.
The government
P.
Maximum price that can legally be charged for a good or service
Q.
The allocation of scarce goods and services using criteria other that price
R.
The point of balance at which the quantity demanded equals the quantity supplied
S.
Minimum price that an employer can pay a worker for one hour of labor
T.
People buy less and a surplus exists
Type the Answer that corresponds to the displayed Question.
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21.
Two outcomes of disequilibrium
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22.
Minimum price for a good or service
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23.
A government grant often given to farmers to guarantee a certain price for their product
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24.
Quantity of goods that a firm has on hand
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25.
When quantity demanded is more than quantity supplied
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26.
Sudden shortage of a good
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27.
The quantity of goods that a firm has on hand
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28.
Communication between buyers and sellers through the use of prices
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29.
Financial and opportunity cost that consumers pay in search for a product or service
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30.
Goods are sold illegally, without regard for government controls on price or quantity

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