6 The Role of Markets... | 7 Demand

6 The Role of Markets... | 7 Demand

7th - 9th Grade

12 Qs

quiz-placeholder

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6 The Role of Markets... | 7 Demand

6 The Role of Markets... | 7 Demand

Assessment

Quiz

Social Studies

7th - 9th Grade

Medium

Created by

Richard Luna

Used 16+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three questions faced by all economies?

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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