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Economics

Economics. Online study for Lesson #6 “Prices as Signals”. Click here to get started. Choose the answer that is most correct for each question. Wrong Answer, Try Again . Click here to return to the question. Questions #1. Analyze behavior and predict outcomes. Look smart.

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Economics

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  1. Economics Online study for Lesson #6 “Prices as Signals”

  2. Click here to get started Choose the answer that is most correct for each question

  3. Wrong Answer, Try Again Click here to return to the question

  4. Questions #1 Analyze behavior and predict outcomes Look smart Economists main use models to help? Decide what to produce

  5. Correct!!!!Good Job Click to go to the next Question Next Question

  6. Questions #2 Surplus Equilibrium When the quantity supplied equals quantity demanded, this spot on the graph is called? Shortage

  7. Correct!!!!Good Job Click to go to the next Question Next Question

  8. Questions #3 Force prices upward Force price downward In the free market, if prices are too high, the the invisible hand will? Shift to a new curve

  9. Correct!!!!Good Job Click to go to the next Question Next Question

  10. Questions #4 Sellers Entrepreneurs Prices tend to favor? No one (they are neutral) Buyers

  11. Correct!!!!Good Job Click to go to the next Question Next Question

  12. Questions #5 Supply & Demand Government Price is a monetary value of a product established by?

  13. Correct!!!!Good Job Click to go to the next Question Next Question

  14. Questions #6 The invisible hand directs them The government says they are Prices are easy to understand because? We have had them all our lives

  15. Correct!!!!Good Job Click to go to the next Question Next Question

  16. Questions #7 The government The free market To achieve social goals, prices are set by? The invisible hand

  17. Correct!!!!Good Job Click to go to the next Question Next Question

  18. Questions #8 Minimum wage Rent controlled apartments The best example price ceilings is?

  19. Correct!!!!Good Job Click to go to the next Question Next Question

  20. Questions #9 Producers to supply less and people to buy more Government to intervene to protect consumers Understanding the LoD & LoS, if prices are high, it signals? Producers to supply more and people to buy less Producers to supply less and consumers buy less

  21. Correct!!!!Good Job Click to go to the next Question Next Question

  22. Questions #10 the quantity demanded is the same as the quantity supplied the quantity supplied is less than the quantity demanded At a given price, a surplus occurs when? the quantity supplied is greater than the quantity demanded the quantity demanded is more than the quantity supplied

  23. Correct!!!!Good Job Click to go to the next Question Next Question

  24. Questions #11 Federal minimum wage laws Free markets An example of an economic society goal is which? Market clearing price Supply & Demand

  25. Correct!!!!Good Job Click to go to the next Question Next Question

  26. Questions #12 When prices are high, consumers buy more When prices are low, consumers buy more The LoD tells us which? When prices are low, consumers buy less

  27. Correct!!!!Good Job Click to go to the next Question Next Question

  28. Questions #13 War affects prices Prices are neutral Which of the following IS NOT an advantage of prices Prices are a new concept in economics No cost to administer

  29. Correct!!!!Good Job Click to go to the next Question Next Question

  30. Questions #14 In a free economy, the market, not government intervention, find its own prices without help TRUE FALSE

  31. Correct!!!!Good Job Click to go to the next Question Next Question

  32. Questions #15 Fairness Competitive Markets Which IS NOT a problem associated with rationing? Reduce people’s incentive to work High administrative costs

  33. Correct!!!!Good Job Click to go to the next Question Next Question

  34. Questions #16 A rebate is a refund of the full original purchase price. FALSE TRUE

  35. Correct!!!!Good Job Click to go to the next Question Next Question

  36. Questions #17 Government Intervention Trial and error Market equilibrium price is found through? Full production capacity Trade with other nations

  37. Correct!!!!Good Job Click to go to the next Question Next Question

  38. Questions #18 If there is a surplus, the invisible hand pushes price? Downward Upward

  39. Correct!!!!Good Job Click to go to the next Question Next Question

  40. Questions #19 Greater than Less Than If there is a shortage, the quantity demanded is _______ than the quantity supplied. Equal to Market clearing

  41. Correct!!!!Good Job Click to go to the next Question Next Question

  42. Questions #20 Competitive Price Theory Paradox of Value The set of ideal conditions and outcomes for scarce resources is called? Theory of Equilibrium Pricing The Friedman Campbell Theory

  43. Correct!!!!Good Job Click to go to the next Question Next Question

  44. Good work on the review!If you are comfortable with these questions, you will do fine on the test Click here for details on the test Click here to be done with the review

  45. Test Questions 10 – True / False 10 – Multiple Choice 10 – Matching 5 to 10 – Milton Friedman dvd 5 bonus questions Next Slide

  46. GOOD LUCK on Friday! Get A Good Nights Sleep And Eat Breakfast.

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