Economics

1. What example of a price ceiling does the text give? Explain. 2. Why do few people benefit from price ceilings? 3. How do rent control laws affect price equilibrium? 4. What two examples of price floors does the text give? Explain? 5. What will happen to suppliers in a market if there is a surplus of the good they sell, but no supplier can afford to lower prices? 6. List three reasons why a price-based system works more efficiently than central planning. 7. What do you think Adam Smith would think of rationing? Explain. 8. How do prices act as a “language” in the free market?. 9. What alternative is there to participating in a market controlled by government? 10. What’s another term for externalities? How does it affect price and supply?

1. find a computer (in your classroom, the library or a computer lab); 2. log on to http://mhs-cjuhsd-ca.schoolloop.com;    3. the student DOES NOT FILL OUT THE BOXES (yet); 4. the student clicks on “register now”; another page will open; the student clicks on “student registration” and follows directions; 5. the “student id number” for School Loop is always the “long” six-digit ID number; 6. select an EASY TO REMEMBER password

Vocabulary: pg. 151, 156, 166 & 172 1. What is a market structure dominated by one large seller? 2. Why must perfectly competitive markets always deal in commodities? 3. Why does government allow natural monopolies? 4. What kinds of government monopolies exist? 5. What is an oligopoly? 6. What is a cartel? 7. Why are economists skeptical about most claims of predatory pricing? 8. Why did the government pass antitrust laws? 9. What are some examples of industries that have been deregulated since the 70s and 80s? 10. What have been the benefits of deregulation?