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Economics

Authored by Elizabeth West

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12th Grade

Economics
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16 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.

Market

Supply

Free Trade

Trade Barriers

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Make available for someone.

Market

Demand

Supply

Oligopoly

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Made as if by right.

Pure Competition

Demand

Trade Barriers

Market Structure

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The price at which supply and demand are equal.

Free Trade

Monopoly

Market

Equilibrium Price

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.

Absolute Advantage

Pure Competition

Monopoly

Import

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The process of concentrating on and becoming an expert in a particular subject or skill.

Specialization

Monopolistic Competition

Export

Free Trade

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Several idealizing conditions, collectively called perfect competition, or atomistic competition.

Oligopoly

Monopoly

Pure Competition

Market Structure

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