1 .		The price system provides an automatic mechanism for distributing scarce goods and services.    True   False
2 .		Price ceilings are usually set by the government.     True   False
3 .		The mechanism used to determine who actually gets scarce goods is called:     totalitarianism.   rationing.   economics.   Communism.
4 .		If the price of lobsters is above the equilibrium price, then:    quantity demanded exceeds the quantity supplied.   quantity supplied exceeds the quantity demanded.   quantity demanded equals the quantity supplied.   the price of halibut will decrease.
5 .		What organization imposed an embargo on the shipment of crude oil to the United States in 1973 and 1974?     The United Nations   The Palestine Liberation Organization   The Organization of Petroleum Exporting Countries   The Lullaby League
6 .		Which of the following is a non-price rationing device?     queuing   rationing coupons   favored customers   all of the above