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1. 
What happens when wages are set above the equilibrium level by law?
A.
Firms tend to try to break the law and hire people at the equilibrium level.
B.
Firms employ more workers than they would at the equilibrium wage.
C.
Firms employ fewer workers than they would at the equilibrium wage.
D.
Firms hire more workers but for fewer hours than they would at the equilibrium wage.
2. 
On which kinds of goods do governments generally place price ceilings?
A.
those that are cheap but could become more expensive without the ceiling.
B.
those that are not necessary but have become customary
C.
Those that are essential and cheap
D.
Those that are essential but too expensive for some consumers.
3. 
When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has ben reached?
A.
Supply and Demand
B.
Excess Demand
C.
Equilibrium
D.
Price Floor
4. 
Which of the following is an example of a good whose price goes down because of improvements in technology?
A.
computers
B.
running shoes
C.
hard-bound books
D.
typewriters
5. 
What happens when the supply of a nonperishable good is greater than the consumer wants to buy?
A.
the good is thrown away
B.
the good becomes a luxury and the price rises
C.
either the good remains unsold or the price drops
D.
either the good is saved for later sale or the price is raised
6. 
What happens to a market in equilibrium when there is an increase in supply?
A.
Excess supply means that producers will make less of the good.
B.
Quantity demanded will exceed quantity supplied, so the price will drop.
C.
Quantity supplied will exceed quantity demanded, so the price will drop.
D.
Undersupply means that the good will become very expensive.
7. 
Which of the following is a situation that makes the market behave inefficiently?
A.
when consumers do not have enough information to make good choices.
B.
when producers have the power to find out exactly what to produce
C.
when both consumers and producers are fully informed about a product
D.
when the market is in perfect competition and prices are high
8. 
What is it called when the government uses some tool other than money to allocate goods?
A.
supply management
B.
rationing
C.
disequilibrium
D.
resource allocation