Market Economic System

Market Economic System

10th Grade

15 Qs

quiz-placeholder

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Market Economic System

Market Economic System

Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Medium

Created by

Damyantee Mungul

Used 236+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is a benefit of the market system?

A Competition ensures choice for consumers.

B Prices equal supply costs

C Unemployment is kept to a minimum

D Wage differentials are small

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is an advantage of a market economy?

A an absence of poverty

B Consumer sovereignty

C Full employment

D firms have monopoly power

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

In a market system, what encourages firms to keep their costs low?

A Competition

B Subsidies

C Taxation

D Rules and Regulations

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What encourages firms to produce what consumers demand?

A the desire to keep revenue low

B the chance to make high profit

C the chance to keep cost of production high

D the desire to attract firms in the industry

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Who decide what to produce, how to produce and for whom to produce?

A government

B producers

C consumers

D producers and consumers

6.

MULTIPLE SELECT QUESTION

3 mins • 1 pt

In a market economy, there is limited government intervention.

True

False

7.

MULTIPLE SELECT QUESTION

3 mins • 1 pt

A market economic system is one where resources are owned and controlled by private sector

False

True

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