2.9 Market Economic Systems | Economics Quiz - Quizizz

2.9 Market Economic Systems

9th - 12th grade

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Social Studies

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14 QuestionsShow answers

Question 1
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Q.
Which is not a basic principle of a market system
answer choices
competition
voluntary exchange
socialism
self-interest
<p>competition</p>
alternatives
<p>voluntary exchange</p>
<p>socialism</p>
<p>self-interest</p>
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Question 2
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Q.
Which of the following does not follow with the basic principles of market systems?
answer choices
People are driven by their desire to make a profit
competition is discouraged
people feel best when they freely trade for what they want
innovation is encouraged
<p>People are driven by their desire to make a profit</p>
alternatives
<p>competition is discouraged</p>
<p>people feel best when they freely trade for what they want</p>
<p>innovation is encouraged</p>
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Question 3
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Q.
Private property rights
answer choices
Should not be enforced by the government
Are protected by the government
Do not exist in capitalist markets
Are optional for success in the market
<p>Should not be enforced by the government</p>
alternatives
<p>Are protected by the government</p>
<p>Do not exist in capitalist markets</p>
<p>Are optional for success in the market</p>
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Question 4
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Q. The law of demand states
answer choices
when prices rise, the amount people will buy will rise
when prices rise, the amount people will buy will decrease
when prices rise, the amount people will sell will rise
when prices rise, the amount people will sell will decrease
when prices rise, the amount people will buy will rise
alternatives
when prices rise, the amount people will buy will decrease
when prices rise, the amount people will sell will rise
when prices rise, the amount people will sell will decrease
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Question 5
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Q. The law of supply states
answer choices
When prices rise, producers will want to produce more
When prices rise, producers will want to produce less
When producers producer more, they expect to make less money
When producers producer less they expect to make more money
When prices rise, producers will want to produce more
alternatives
When prices rise, producers will want to produce less
When producers producer more, they expect to make less money
When producers producer less they expect to make more money
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Question 6
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Q. Equilibrium is
answer choices
The point at which there is a shortage of a good or service
The point at which there is surplus of a good or service
The point at which the amount people are buying at a certain price is equal to that which people are selling
The point at which people are buying are as high as possible and the sellers are selling for equal prices so there is choice
The point at which there is a shortage of a good or service
alternatives
The point at which there is surplus of a good or service
The point at which the amount people are buying at a certain price is equal to that which people are selling
The point at which people are buying are as high as possible and the sellers are selling for equal prices so there is choice
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Question 7
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Q.
What do businesses generally do when demand for a product decreases?
answer choices
Decrease the price
Increase the price
Keep the price the same
Produce more
<p>Decrease the price</p>
alternatives
<p>Increase the price</p>
<p>Keep the price the same</p>
<p>Produce more</p>
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Question 8
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Q. According to the principles of supply and demand, if the price of Coke rises we would expect that
answer choices
People will buy more Coke
Producers will produce less Coke
People will buy more Pepsi
Producers will produce less Pepsi
People will buy more Coke
alternatives
Producers will produce less Coke
People will buy more Pepsi
Producers will produce less Pepsi
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Question 9
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Q. If the cost of labor to make steel increases, according to the laws of supply and demand the supply for steel would
answer choices
increase
decrease
stay the same but demand would increase
stay the same but demand would decrease
increase
alternatives
decrease
stay the same but demand would increase
stay the same but demand would decrease
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Question 10
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Q.
In a free market, one can expect a company to charge the highest possible prices they can to make the most money due to
answer choices
Competition
Voluntary exchange
The Profit motive
The existence of Private property
<p>Competition</p>
alternatives
<p>Voluntary exchange</p>
<p>The Profit motive</p>
<p>The existence of Private property</p>
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Question 11
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Q.
All of the following contribute to a free market system except
answer choices
Economic freedom
Competition
Self-Interest
Government ownership
<p>Economic freedom</p>
alternatives
<p>Competition</p>
<p>Self-Interest</p>
<p>Government ownership</p>
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Question 12
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Q.
Which broad social goal is important in a market system but not as important in a centrally-planned (command) one?
answer choices
Equity
Efficiency
Security
Stability
<p>Equity</p>
alternatives
<p>Efficiency</p>
<p>Security</p>
<p>Stability</p>
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Question 13
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Q.
Which economic system relies solely on the government to produce and distribute goods and services?
answer choices
Market
Centrally-planned (command)
Capitalism
Mixed
<p>Market</p>
alternatives
<p>Centrally-planned (command)</p>
<p>Capitalism</p>
<p>Mixed</p>
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Question 14
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Q.
Which actions would a coffee producer most likely take in response to a increase in the price it can charge for coffee
answer choices
Produce more coffee
Produce less coffee
Do nothing
None of the above
<p>Produce more coffee</p>
alternatives
<p>Produce less coffee</p>
<p>Do nothing</p>
<p>None of the above</p>
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