Question : Economic Homework Help! Please!?
1.What is the government-controlled price ceiling on apartment prices called?
a.floor pricing c. equilibrium level
b.rent control d. rent monitoring

2.When the government sets a price floor on earnings, it is called which of the following?
a.market equilibrium rate c. minimum wage
b.base-level wage d. employment guarantee

3.Until 1996, the United States used price supports in agriculture by doing what to create demand?
a.setting legal price floors c. setting legal price ceilings
b.buying excess crops d. raising prices

4.What happens when any market is in disequilibrium and prices are flexible?
a.Market forces push toward equilibrium
b.Sellers waste their resources.
c.Excess demand is created.
d.Unsold perishable goods are thrown out.

5.Why does a government place price ceilings on some “essential” goods?
a.To prevent inflation during boom times
b.To keep business people from making large profits.
c.To keep the goods from becoming too expensive
d.To reduce demand for these goods

6.How does a firm generally respond to a higher demand for its goods?
a.It rations goods. c. It raises prices.
b.It cuts prices. d. there is no set response to this
situation

7.How do falling prices affect supply?
a.The supply curve moves to the left.
b.The supply curve moves to the right.
c.The quantity demanded rises.
d.The quantity supplied rises.

8.Advances in production, such as new technology, can do which of the following to a good?
a.Transform it from an expensive luxury to a mid-priced good.
b.Change it from a necessity to an expensive nonessential.
c.Raise the price as more features become available.
d.Make the production so simple that it becomes unnecessary.

9.What happens first when the demand for a fad peaks and falls?
a.The quantity supplied goes down, and the price goes up.
b.The quantity supplied and the price goes up.
c.The price goes down, and the quantity supplied goes up.
d.Excess supply makes the good easy to obtain.

10.Which of the following is an example of search costs?
a.Paying a premium cost for goods.
b.Buying goods in some special way that is outside the normal channels
c.Driving to a faraway place to find available goods
d.Selling extra goods for a discount price.

11.What is the main principle of Adam Smith’s The Wealth of Nations?
a.Profits are in what people need rather than what they want.
b.Business prospers by finding out what people want and providing it.
c.Although goods are inexpensive, people do not always get what they need.
d.A price-based system sets some goods, such as food or housing, out of the reach of some people.

12.Why did the United States use rationing during World War II?
a.To limit production to a few varieties of each product.
b.To create a society in which each person had an equal chance
c.Because the needs of the armed forces created tremendous shortages
d.Because it wanted to override the existing black market in goods.

13.What prompts efficient resource allocation in a well-functioning market system?
a.Business operating for a profit
b.Government regulation
c.The need for fail allocation of resources
d.The need to buy goods regardless of price

14.How do price changes affect equilibrium?
a.By assisting the centrally planned economy
b.By serving as a tool for distributing goods and services
c.By limiting the market to people who have the most money.
d.By preventing inflation or deflation from affecting the supply of goods

15.Why did the former Soviet Union use a command economic system instead of one based on price?
a.It had major shortages of many goods and services.
b.It wanted goods and services to be less important than they are in a price-based system.
c.It hoped to overcome the advantages of a black market.
d.It hoped to create a society in which everyone had the same chance.
discount moving supplies

Best answer:

Answer by jerry w
1.b
2.c
3.b
4.a
5.c
6.c
7.c
8.a
9.b
10.c
11.b
12.c
13.a
14.b
15.d