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Economic Policies

Economic Policies

Assessment

Presentation

Social Studies

12th Grade

Practice Problem

Easy

Created by

udeogu anthony

Used 5+ times

FREE Resource

14 Slides • 13 Questions

1

Multiple Choice

What type of market structure is characterized by a single seller with complete control over the market?

1
Oligopoly
2
Monopoly
3
Free market
4
Imperfect competition

2

Multiple Choice

In which market structure do a few large firms dominate the market and have the ability to set prices?

1
Oligopoly
2
Monopolistic competition
3
Perfect monopoly
4
Monopsony

3

Multiple Choice

Which market structure is characterized by many firms selling similar but not identical products?

1
Oligopoly
2
Perfect monopoly
3
Monopolistic competition
4
Monopoly

4

Multiple Choice

What type of market structure is characterized by two firms dominating the market?

answer choices

1
Duopoly
2
Oligopoly
3
Perfect competition
4
Monopoly

5

Multiple Choice

What are some barriers to entry in a monopoly?

1
High competition
2
Low start-up costs, control of essential resources, and legal barriers
3
No barriers to entry
4
High start-up costs, control of essential resources, legal barriers, and economies of scale

6

Multiple Choice

How does monopolistic competition differ from perfect competition?

1
Monopolistic competition has a single price for all products, while perfect competition has varying prices.
2
Monopolistic competition involves government regulation, while perfect competition does not.
3
Monopolistic competition has only one seller, while perfect competition has multiple sellers.
4
Monopolistic competition involves differentiated products, while perfect competition involves identical products.

7

Multiple Choice

What is an example of a duopoly in the real world?

1
Coca-Cola and PepsiCo in the soft drink industry
2
Toyota and Honda in the automotive industry
3
Nike and Adidas in the sportswear industry
4
Amazon and Apple in the technology industry

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Multiple Choice

What is the primary goal of fiscal policy?

1
C. Controlling inflation and unemployment
2
D. Boosting inflation and unemployment
3
B. Reducing the money supply
4
A. Increasing interest rates

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18

Multiple Choice

What is the aim of expansionary fiscal policy during an economic downturn?

1
Increase government spending and increase taxes
2
Reduce government spending and increase taxes
3
Decrease government spending and decrease taxes
4
Increase government spending and decrease taxes

19

Multiple Choice

How does expansionary monetary policy aim to stimulate economic activity?

1
Printing more money
2
Lowering interest rates and increasing the money supply
3
Reducing taxes
4
Increasing interest rates

20

Multiple Choice

In fiscal policy, what is contractionary fiscal policy designed to achieve?

1
A. Stimulate economic growth
2
C. Reduce government spending
3
D. Lower interest rates
4
B. Control inflation

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26

Multiple Choice

What is the main tool used in monetary policy to control the money supply?

  • Government spending

  • Taxation

  • Interest rates

  • Exchange rates

1

Interest rates

2

Stock market performance

3

Increasing government debt

4

Printing more money

27

Multiple Choice

How does the Central Bank of Nigeria influence the money supply during contractionary monetary policy?

1
Raises taxes
2
Increases interest rates
3
Increases government spending
4
Decreases interest rates

What type of market structure is characterized by a single seller with complete control over the market?

1
Oligopoly
2
Monopoly
3
Free market
4
Imperfect competition

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MULTIPLE CHOICE