Year 11 Unit 1 Topic 3 Market Forces Week 2

Year 11 Unit 1 Topic 3 Market Forces Week 2

11th Grade

19 Qs

quiz-placeholder

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Year 11 Unit 1 Topic 3 Market Forces Week 2

Year 11 Unit 1 Topic 3 Market Forces Week 2

Assessment

Quiz

Other

11th Grade

Medium

Created by

Mandy-Jane Ellis

Used 9+ times

FREE Resource

19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The law of demand tells us that consumers will buy more of something at a lower price than they would at a higher price.

true

false

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The supply of a commodity is the quantity of it that will be purchased over a given time at a given price.

true

false

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the price mechanism operates freely in a perfectly competitive market, without any restrictions placed on it, price is the sole factor responsible for equating supply and demand.

true

false

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

One of the main factors that influences the quality of a commodity demanded is the seller's expectation for the future.

true

false

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the price of a commodity changes, the demand for it will change and a new demand curve must be drawn to indicate the resultant increase or decrease.

true

false

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Increases or decreases in supply may be bought about by changes in the costs of production.

true

false

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The real world behaves exactly like the competitive market model.

true

false

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