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2.9 Market economic system

Authored by Tianming Gao

Social Studies

10th Grade

38 Questions

Used 23+ times

2.9 Market economic system
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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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Which is not a basic principle of a market system

competition

voluntary exchange

socialism

self-interest

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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Which of the following does not follow with the basic principles of market systems?

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

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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Private property rights

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

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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The law of demand states

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

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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The law of supply states

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

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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Equilibrium is

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

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What do businesses generally do when demand for a product decreases?

Decrease the price

Increase the price

Keep the price the same

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