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Economics

Economics · Quick practice · answer shown after each question

Distribution and price control

Question 1 of 9

Question 1 of 9

A legal minimum wage set above the market wage is an example of

A. a price floor B. a price ceiling C. a subsidy D. a tariff

Question 2 of 9

Question 2 of 9

Eliminating the middleman means

A. producers sell directly to retailers or consumers B. banning trade C. closing shops D. raising prices

Question 3 of 9

Question 3 of 9

A minimum wage is an example of a

A. price floor B. price ceiling C. tax D. tariff

Question 4 of 9

Question 4 of 9

A wholesaler buys goods in

A. large quantities from producers B. single units from retailers C. small quantities from consumers D. government only

Question 5 of 9

Question 5 of 9

A function of the wholesaler is to

A. break bulk B. set government prices C. print money D. collect income tax

Question 6 of 9

Question 6 of 9

A price floor set above equilibrium in an agricultural market leads to

A. surplus produce B. shortage C. lower prices D. black markets for buyers

Question 7 of 9

Question 7 of 9

A common channel of distribution for consumer goods is

A. manufacturer → wholesaler → retailer → consumer B. consumer → retailer → manufacturer C. retailer → manufacturer → wholesaler D. wholesaler → consumer → manufacturer

Question 8 of 9

Question 8 of 9

A rent control is an example of a

A. maximum price B. minimum price C. tax D. subsidy

Question 9 of 9

Question 9 of 9

A retailer

A. sells goods in small quantities to final consumers B. manufactures goods C. buys in bulk from producers only D. exports goods

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