What are the three questions faced by all economies?
6 The Role of Markets... | 7 Demand

Quiz
•
Social Studies
•
7th - 9th Grade
•
Medium
Richard Luna
Used 16+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What to produce, when to produce it and who receive it
What to produce, how to produce it and who receives it
Where to produce, how to produce and when to produce
Where to produce, when to produce and why to produce
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What encourages firms to produce what consumers demand?
the chance to earn a high profit
the chance to experience high unit cost of production
the desire to attract new firms into industry
the desire to keep revenue as low as possible
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How are resources allocated in a market economy?
by directives
by price mechanism
by directives or price mechanism
by directives and price mechanism
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by market forces?
the interaction of demand and supply
the interaction of firms and government
the power of producers
the power of state
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following describes the economic aim of sellers of goods and services?
a wide range of goods on offer
a product made from best quality materials
a higher-cost advertising campaign
a high price to provide profit for the business
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is measured on the vertical axis of a demand diagram?
cost
price
quantity demanded
wants
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to people's willingness and ability to buy a product when its price falls?
willingness increases | ability increases
willingness increases | ability decreases
willingness decreases | ability decreases
willingness decreases | ability increases
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