#1
Which of the following is an example of a government-imposed price ceiling?
#2
Which of the following is an example of a government-imposed price floor?
#3
What is the term used to describe the situation where the quantity demanded exceeds the quantity supplied at the current price level?
#4
Which of the following is not a determinant of supply?
#5
What is the term used to describe the situation where the price of a good or service is determined solely by the forces of supply and demand without government intervention?
#6
What is the term used to describe the quantity of a good or service that producers are willing and able to offer for sale at various prices during a given period?
#7
Which of the following is a determinant of demand?
#8
If the demand for a product decreases while supply remains constant, what is likely to happen to the equilibrium price and quantity?
#9
If the government imposes an excise tax on a good, what typically happens to the equilibrium price and quantity?
#10
Which of the following is a tool used by the government to control the money supply in an economy?
#11
If the demand for a product is inelastic and its price decreases, what will happen to the total revenue of the producers?
#12
What happens to the equilibrium price and quantity in a market if both demand and supply increase?
#13
Which of the following is a characteristic of a perfectly competitive market?
#14
In which market structure does a single firm dominate the entire market and has the ability to control prices?
#15