Equilibrium Science Quiz Questions

23 Questions | By Sultan.h.g | Last updated: Mar 21, 2022 | Total Attempts: 495

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1.
1. (Figure: Equilibrium) Refer to the figure. The equilibrium price (in $) is:
- A.
  
  8
- B.
  
  10
- C.
  
  16
- D.
  
  12
2.
1. (Figure: Equilibrium) Refer to the figure. The equilibrium quantity (in units) is:
- A.
  
  8
- B.
  
  10
- C.
  
  16
- D.
  
  12
3.

(Figure: Market Equilibrium) Refer to the figure. At a price of $3, quantity supplied is ______ and quantity demanded is ______, leading to a _______
- A.
  
  6; 2; surplus of 4 units
- B.
  
  2; 6; shortage of 8 units
- C.
  
  2; 4; surplus of 2 units
- D.
  
  4; 2; shortage of 2 units
4.

(Figure: Market Equilibrium) Refer to the figure. At a price of $1, the market is characterized by a(n):
- A.
  
  Excess supply of 2 units.
- B.
  
  Excess demand of 4 units.
- C.
  
  surplus of 4 units.
- D.
  
  Shortage of 6 units.
5.

(Figure: Market Equilibrium) According to the figure, the equilibrium price and quantity are
- A.
  
  $1 and 4 units.
- B.
  
  $4 and 8 units.
- C.
  
  $2 and 4 units.
- D.
  
  $3 and 6 units.
6.

In free markets, shortages lead to:
- A.
  
  Lower prices.
- B.
  
  Higher prices.
- C.
  
  Surpluses.
- D.
  
  Unexploited gains from trade.
7.

In free markets, surpluses lead to:
- A.
  
  lower prices.
- B.
  
  Higher prices.
- C.
  
  Stable prices.
- D.
  
  Unexploited gains from trade.
8.

(Table: Equilibrium Price, Quantity) Refer to the table. If the price in the market was $16, there would be a:
- A.
  
  Shortage of 10 units.
- B.
  
  shortage of 35 units.
- C.
  
  Surplus of 10 units.
- D.
  
  Surplus of 45 units.
9.

(Table: Equilibrium Price, Quantity) Refer to the table. If the price in the market was $12, there would be a:
- A.
  
  Shortage of 10 units.
- B.
  
  Shortage of 45 units.
- C.
  
  Surplus of 10 units.
- D.
  
  Surplus of 35 units.
10.

(Table: Equilibrium Price, Quantity) Refer to the table. If the demand curve for the product shifted to the right such that 10 more units of the good are demanded at every price, what is the new equilibrium price?
- A.
  
  $12
- B.
  
  $14
- C.
  
  $16
- D.
  
  $18
11.
1. (Table: Equilibrium Price, Quantity) Refer to the table. If the supply curve for the product shifted to the right such that 10 more units of the good are supplied at every price, what is the new equilibrium price?
- A.
  
  $12
- B.
  
  $14
- C.
  
  $16
- D.
  
  $18
12.
1. (Table: Equilibrium Price, Quantity) Refer to the table. If the supply curve for the product shifted to the right such that 20 more units of the good are supplied at every price, what is the new equilibrium price?
- A.
  
  $10
- B.
  
  $12
- C.
  
  $14
- D.
  
  $16
13.
1. A legal maximum price at which a good can be sold is a price:
- A.
  
  Stabilization.
- B.
  
  Ceiling.
- C.
  
  Support.
- D.
  
  Floor.
14.
1. A price ceiling creates a ________ when it is set ________.
- A.
  
  Surplus; below the equilibrium price
- B.
  
  Surplus; above the equilibrium price
- C.
  
  Shortage; below the equilibrium price
- D.
  
  Shortage; above the equilibrium price
15.

(Figure: Price Ceiling) Refer to the figure. When a price ceiling of $10 is instituted by the government, consumers are able to buy how many units of the product?
- A.
  
  290 units
- B.
  
  310 units
- C.
  
  270 units
- D.
  
  40 units
16.
1. 1. (Figure: Price Ceiling) Refer to the figure. A price ceiling of $10 results in a:
- A.
  
  Shortage of 270 units. shortage of 270 units.
- B.
  
  Shortage of 40 units.
- C.
  
  Surplus of 270 units.
- D.
  
  Surplus of 40 units.
17.
1. 1. (Figure: Price Ceiling) Refer to the figure. If a price ceiling were set at $12, there would
  be a:
- A.
  
  Shortage of 50 units.
- B.
  
  Surplus of 40 units.
- C.
  
  shortage of 0 units.
- D.
  
  surplus of 20 units.
18.

(Figure: Price Controls) Refer to the figure. Which price control would cause a shortage of 20 units of the good?
- A.
  
  A price ceiling of $10
- B.
  
  A price floor of $10
- C.
  
  A price ceiling of $6
- D.
  
  A price floor of $6
19.
1. (Figure: Price Controls) Refer to the figure. If the government imposes a price ceiling in this market at a price of $6, the result would be a:
- A.
  
  surplus of 20 units.
- B.
  
  Surplus of 10 units.
- C.
  
  Shortage of 20 units.
- D.
  
  Shortage of 10 units.
20.
1. If quantity supplied equals 80 units and quantity demanded equals 85 units under a price control, then it is a:
- A.
  
  Binding price ceiling.
- B.
  
  Binding price floor.
- C.
  
  Nonbinding price ceiling.
- D.
  
  nonbinding price floor
21.
1. If quantity supplied equals 85 units and quantity demanded equals 80 units under a price control, then it is a:
- A.
  
  Binding price ceiling.
- B.
  
  Binding price floor.
- C.
  
  Nonbinding price ceiling.
- D.
  
  Nonbinding price floor.
22.
1. When a tax is imposed on consumers the demand curve will:
- A.
  
  Shift downward by the amount of the tax.
- B.
  
  Shift upward by the amount of the tax.
- C.
  
  Shift downward by less than the amount of the tax.
- D.
  
  Not shift since sellers collect per-unit taxes.
23.
1. A tax on sellers of popcorn will:
- A.
  
  Increase the size of the popcorn market.
- B.
  
  Reduce the size of the popcorn market.
- C.
  
  May increase, decrease, or have no effect on the size of the popcorn market.
- D.
  
  have no effect on the size of the popcorn market.