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ECON - Unit 3B
Test Description: SSEMI2
Instructions: Answer all questions to get your test result.
1) The quantity a seller is willing and able to sell at each price... is called:
A
supply
B
a determinant
C
####
D
demand
2) Due to the law of supply, as the price of a good increases:
A
the quantity of the good will be stagnant
B
the quantity of the good will decrease
C
####
D
the quantity of the good will also increase
3) As the supply curve shifts to the right:
A
the price and quantity are unaffected
B
there is an increase in supply
C
####
D
there is a decrease in supply
4) The number of sellers, producer expectations, and increases in productivity are all:
A
determinants in supply
B
prices floors
C
price ceilings
D
####
5) The market clearing price is also known as:
A
circular flow
B
the equilibrium price
C
the productivity market
D
the resource market
6) The equilibrium price occurs at:
A
the intersection of the supply and demand curves
B
the price floor
C
the price ceiling
D
####
7) Each time the supply or demand curve shifts:
A
there is a new equilibrium price
B
the equilibrium prices stays the same
C
####
D
###
8) The price ceiling is the maximum price:
A
below the equilibrium price
B
####
C
above the equilibrium price
D
###
9) The price floor is the minimum price:
A
####
B
above the equilibrium price
C
###
D
below the equilibrium price
10) Having a price ceiling usually leads to:
A
####
B
a shortage
C
###
D
a surplus
11) Having a price floor typically leads to:
A
###
B
a surplus
C
####
D
a shortage
*select an answer for all questions
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