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ECON PRICES TEST

Mr. Stickler's Liberty Christian ECON. "Prices & Decision Making" Flshcrds. 2016

QuestionAnswer
What does the term "price" mean? "The monetary value of a product as established by supply & demand". (Pg. 143)
What does the term "rationing" refer to? "A system under which a government agency decides everyone's 'fair share'". (Pg. 145)
What are "ration coupons"? These are tickets or receipts that entitle the holder to obtain certain amounts of products. Governments might give them to the people, or the government may charge citizens a fee to obtain them. (Pg. 145)
Give an example of a time in American history when ration cards/ coupons were used. These were used during World War II to help the war effort. Products such as sugar, gasoline, and steel were also rationed.
What are three (3) problems with rationing? 1. Nearly everyone feels his or her share is too small; 2. Administrative costs of rationing are very high; 3. Rationing often has a negative impact on incentive to produce goods. (Pgs. 145 - 146)
What are rebates? "Partial refunds of the original price of the product". (Pg. 146)
What is an "equilibrium price"? "The price at which the number of units produced equals the number of units sold". (Pg. 149)
What is a "price ceiling"? "A maximum legal price that can be charged for a product." (Pg. 157)
What is a "price floor"? "The lowest legal price that can be paid for a good or service." (Pg. 158)
What does the term "target price" refer to? This is essentially a "price floor". It was established by the Commodity Credit Corporation (CCC) during the Great Depression of the 1930's to help farmers cope with drastically falling prices. (Pg. 159)
What is a "non-recourse loan"? "A loan that carries neither a penalty nor further obligation to repay if not paid back". (Pg. 159)
What is a "deficiency payment"? "A check the government sends to producers to make up the difference between market price & the target price". (Pg. 159)
What was the Conservation Reserve Program of 1985? This program paid farmers NOT to farm. The purpose was to reduce the supply of agricultural products available in the market in hopes of controlling prices so they wouldn't plummet, causing farmers to go bankrupt. (Pg. 160)
Created by: sticklerpjpII