Economics Review 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| What is meant by the term market equilibrium? | show 🗑
|
||||
| show | The market clearing price is the price at which sellers are clearing (selling) their stock at an acceptable rate.
🗑
|
||||
| show | True.
At the equilibrium price, sellers will be satisfied with the rate and quantity of sales, and buyers will be satisfied that the product provides benefits worth paying for.
🗑
|
||||
| How is market disequilibrium defined? | show 🗑
|
||||
| What does the term excess demand mean? | show 🗑
|
||||
| Define the term excess supply. | show 🗑
|
||||
| show | Excess demand occurs when product prices are too low or when demand is so high that supply cannot keep up with it.
🗑
|
||||
| What causes excess supply? | show 🗑
|
||||
| State the meaning of the term shortage. | show 🗑
|
||||
| True or False? Shortages arise when the price is above equilibrium. | show 🗑
|
||||
| Define the term surplus. | show 🗑
|
||||
| What do demand and supply schedules show? | show 🗑
|
||||
| show | Dynamic markets are real world markets that are constantly changing.
🗑
|
||||
| show | Disequilibrium occurs when there is excess demand or excess supply in a market.
🗑
|
||||
| How do market forces respond to disequilibrium? | show 🗑
|
||||
| show | An increase in demand is caused by a change in the conditions of demand.
🗑
|
||||
| State the meaning of the term supply shock. | show 🗑
|
||||
| show | Inflation lowers real income, reducing the demand for normal goods and services.
🗑
|
||||
| show | A subsidy is a payment from the government to the producer with the aim of increasing the supply of a good or service.
🗑
|
||||
| True or False? An increase in supply lowers the equilibrium price. | show 🗑
|
||||
| How do markets respond to excess demand? | show 🗑
|
||||
| What is the market's response to excess supply? | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
BethC