Social Studies

Economics Chapter 7 Test

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  • 1. Multiple-choice
    1 minute
    1 pt
    A product that consumers see as the same, regardless of the producer
    Differentiated product
    Similar product
    Standardized product
  • 2. Multiple-choice
    1 minute
    1 pt
    Which of the following is the best example of a standardized product?
    Car
    Boots
    Cereal
    Skim Milk
  • 3. Multiple-choice
    1 minute
    1 pt
    A business that cannot set the prices itself, but accepts the market price
    Price maker
    Price taker
    Monopoly
    Cartel
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