Price Controls in International Trade: Definition & Examples


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question 1 of 3

Which of the following is a possible consequence of setting a price ceiling on an industry?

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1. A price floor is the _____ price that can be charged; a price ceiling is the _____ price.

2. How could price control in Australia impact trade?

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About This Quiz & Worksheet

Use these quiz questions to see if you know how price controls can affect economic activity. You will be asked to explain the potential consequences these types of economic restrictions.

Quiz & Worksheet Goals

In this quiz you'll test your knowledge and understanding of:

  • The impact of price controls on Australia
  • Potential consequences of setting price ceilings
  • The difference between a price floor and price ceiling

Skills Practiced

  • Critical thinking - apply relevant concepts to examine information about price control methods in a different light
  • Distinguishing differences - compare and contrast topics from the lesson, such as price floors and price ceilings
  • Information recall - access the knowledge you've gained regarding what could happen to the trade of Australia if they set price controls
  • Knowledge application - use your knowledge to answer questions about the potential consequences of setting price floors or ceilings on goods

Additional Learning

If you are still curious about this type of economic mechanism, review the lesson titled Price Controls in International Trade: Definition & Examples. This lesson will cover topics like:

  • The effects of price controls as seen on supply and demand charts
  • Examples of price controls in effect today
  • Who was able to take advantage of U.S. price controls on steel