Price Controls Reteaching

Presentation

•

Social Studies

•

9th - 12th Grade

•

Medium

JACQUELYN SYLVESTER

Used 40+ times

FREE Resource

7 Slides • 13 Questions

Price Controls Reteaching

Multiple Choice

If the government set the price at $300, what would be the result?

Surplus of 4,000

Surplus of 2,000

Shortage of 4,000

Shortage of 2,000

Multiple Choice

If the government set the price at $700, would that be a price ceiling or floor?

Price Ceiling

Price Floor

Neither

Multiple Choice

A price floor will result in a

shortage

surplus

equilibrium price

equilibrium quantity

Multiple Choice

A price ceiling will result in a

shortage

surplus

equilibrium price

equilibrium quantity

Multiple Choice

This is the minimum price buyers are required to pay for a good. It's a lower limit for the price.

equilibrium

shortage

price floor

price ceiling

Multiple Choice

A _______________ is a maximum price sellers are allowed to charge for a good. It's an upper limit for the price.

equilibrium

shortage

surplus

price ceiling

Multiple Choice

In order to be effective, a price floor must be set _____ the equilibrium price.

Below

Above

To the right

To the left

Multiple Choice

In order to be effective, a price ceiling must be set _____ the equilibrium price.

Below

Above

To the right of

To the left of

Multiple Choice

What is the result of the government setting a price ceiling on apartments for rent?

apartments are available but too expensive

people start dividing their homes in to apartments to rent

people want to rent but struggle to find apartments

construction jobs increase as more people build new apartments

Multiple Choice

What is the supply with a price floor of $60?

100

150

200

Multiple Choice

When a price ceiling is in place keeping the price below the market price, which is true of the quantity demanded & quantity supplied?

Quantity Demanded is greater

Quantity Supplied is greater

Quantity Demanded equals Quantity supplied

Multiple Choice

Which of the following is an advantage of setting a price ceiling?

Suppliers maximize their profits.

Consumers can purchase as much as they want.

Consumers can continue to afford an essential good or service.

The market will be forced into equilibrium.

Multiple Choice

If a price ceiling causes a black market to emerge, the price in the black market will be

lower than the price in the controlled market.

higher than the price in the controlled market

the same as the price in the controlled market.

Price Controls Reteaching

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