Quiz: Prices as signals, incentives, and rationing devices
AQA A level economics 7136 specification
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Welcome to this quiz on prices as signals, incentives, and rationing devices! Test your knowledge with these 10 questions designed to build your understanding of this key concept in economics.
Which of the following best describes the role of prices as signals in a market?
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Which of the following are examples of prices acting as an incentive in the market? (Select all that apply)
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Prices act as {{blank0}} to allocate resources by encouraging consumers and producers to adjust their {{blank1}}.
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Match the items on the left with their correct pairs on the right
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When demand for a product increases and supply remains constant, what is the expected effect on price?
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Which of the following are examples of prices acting as a rationing device? (Select all that apply)
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If the price of a product rises from £5 to £8, calculate the percentage increase in price.
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What happens if a price ceiling is set below the equilibrium price?
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Match the items on the left with their correct pairs on the right
When the price of a good rises, it provides an {{blank0}} for producers to supply {{blank1}} of it.
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Match the items on the left with their correct pairs on the right
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