
Economics Standard 2 Quizziz
Authored by Melanie Hopmeier
Social Studies
10th - 12th Grade
Used 24+ times

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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A major distinguishing feature between capitalism and socialist or command economies is that _____. (2.2)
decision making is typically decentralized in a socialist economy and is centralized in capitalistic economies
decision making is typically decentralized under capitalism while it is centralized in command economies
with capitalism, the average citizen is always wealthier than in socialist economies
public ownership of resources is central to capitalism
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of demand utilizes this term to describe the relationship between price and quantity. (2.3)
Direct relationship
Indirect relationship
Random relationship
Inverse relationship
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How would the demand curve reflect an increase in level of demand? (2.3)
Curve shifts to the left
Curve shifts to the right
Same curve, more quantity demanded
Same curve, prices rise
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Households supply four basic types of resources. They include all of the following except _____. (2.2)
land
final goods and services
capital
entrepreneurial ability
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Concerning public utilities, the stated reason for resorting to regulation of a monopoly, rather than promoting competition through antitrust, is that the industry in question is believed to be a ______. (2.5)
Natural monopoly
Producer of externalities
Profit-maximizing monopoly
Revenue-maximizing monopoly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following firms is the closest to being a perfectly competitive firm? (2.6)
Hot dog vendor in New York
Microsoft Corporation
Ford Motor Company
Campus bookstore in Charleston
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A type of market situation where price is the only determining factor of a purchase reflects a(an) _____. (2.6)
monopoly
monopolistic competition
oligopoly
perfect competition
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