2.9 Market Economic Systems
2 hours ago
deanhoss
Save
Edit
Host a game
Play LiveLive
Assign HW
Solo Practice
Practice
14 QuestionsShow answers
  • Question 1
    30 seconds
    Report an issue
    Q.

    Which is not a basic principle of a market system

    answer choices

    competition

    voluntary exchange

    socialism

    self-interest

  • Question 2
    30 seconds
    Report an issue
    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

  • Question 3
    30 seconds
    Report an issue
    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

  • Question 4
    30 seconds
    Report an issue
    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
  • Question 5
    30 seconds
    Report an issue
    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
  • Question 6
    30 seconds
    Report an issue
    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
  • Question 7
    30 seconds
    Report an issue
    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

  • Question 8
    30 seconds
    Report an issue
    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
  • Question 9
    30 seconds
    Report an issue
    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
  • Question 10
    30 seconds
    Report an issue
    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

  • Question 11
    30 seconds
    Report an issue
    Q.

    All of the following contribute to a free market system except

    answer choices

    Economic freedom

    Competition

    Self-Interest

    Government ownership

  • Question 12
    30 seconds
    Report an issue
    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

  • Question 13
    30 seconds
    Report an issue
    Q.

    Which economic system relies solely on the government to produce and distribute goods and services?

    answer choices

    Market

    Centrally-planned (command)

    Capitalism

    Mixed

  • Question 14
    30 seconds
    Report an issue
    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

Report an issue
Why show ads?
Report Ad
Join a game