Supply and Demand
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17 QuestionsShow answers
  • Question 1
    30 seconds
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    Q.

    What determines the prices of goods and services?

    answer choices

    Supply

    Demand

    Supply and demand

    Goods

  • Question 2
    30 seconds
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    Q.

    What exists when quantity supplied is greater than quantity demanded?

    answer choices

    Surplus

    Shortage

    Overflow

    Mass outrage

  • Question 3
    30 seconds
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    Q.

    A market is said to be in equilibrium when

    answer choices

    when demand is higher than the supply

    when demand is lower than the supply

    when the demand and supply quantities are equal

    when the supply is doubled the demand

  • Question 4
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    Q.

    the price at which a good is bought and sold in a market equilibrium is called

    answer choices

    retail price

    equilibrium price

    discount price

    base price

  • Question 5
    30 seconds
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    Q.

    Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

    answer choices

    shortage

    surplus

    equilibrium

    supply

  • Question 6
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    Q.

    What happens to price when the market has a surplus

    answer choices

    price drops

    price stays the same

    price increases

    price triples

  • Question 7
    30 seconds
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    Q.

    What is the price ceiling?

    answer choices

    The minimum price allowed set by the government

    The maximum price allowed set by the government

    The highest price on the market

    An overhead interior surface

  • Question 8
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    Q.

    Defined as : of, relating to or made in one's own country.

    answer choices

    embargo

    service

    domestic

    tariff

  • Question 9
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    Q.

    Defined as: an organized money system.

    answer choices

    service

    economy

    trade

    tariff

  • Question 10
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    Q.

    Defined as: a prohibition or restriction, usually of trade

    answer choices

    quota

    import

    embargo

    tariff

  • Question 11
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    Q.

    Defined as: the goods and services produced in one country and purchased by residents of another country

    answer choices

    import

    export

    embargo

    economy

  • Question 12
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    Q.

    Defined as: things that are made or grown and then sold

    answer choices

    services

    exports

    imports

    goods

  • Question 13
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    Q.

    Defined as: to bring in a product or service from another country.

    answer choices

    imports

    goods

    services

    exports

  • Question 14
    30 seconds
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    Q.

    Defined as: to bring in a product or service from another country.

    answer choices

    tariff

    trade

    quota

    embargo

  • Question 15
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    Q.

    Defined as: the performance of a duty or work for another person

    answer choices

    good

    service

    export

    import

  • Question 16
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    Q.

    Defined as: a tax on goods coming into or leaving a country

    answer choices

    tariff

    good

    quota

    embargo

  • Question 17
    30 seconds
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    Q.

    Defined as: the act, process or business of buying, selling or exchanging goods and services

    answer choices

    embargo

    trade

    tariff

    quota

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