Quick Quiz 1

Quick Quiz 1

12th Grade

10 Qs

quiz-placeholder

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Quick Quiz 1

Quick Quiz 1

Assessment

Quiz

Science

12th Grade

Medium

Created by

Annie Ta

Used 3+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two words most often used by economists are

prices and quantities

resources and allocation

supply and demand

efficiency and equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A group of buyers and sellers of a particular good or service is called a(n)

coalition.

economy

market

competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is correct?

Buyers determine supply and sellers determine demand

Buyers determine demand and sellers determine supply

Buyers determine both demand and supply

Sellers determine both demand and supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand for a good or service is determined by

those who buy the good or service

the government

those who sell the good or service

both those who buy and those who sell the good or service

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a market for a good or service to exist,

there must be a group of buyers and sellers

there must be a specific time and place at which the good or service is traded

there must be a high degree of organization present

All of the above are correct

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market for ice cream is

a monopolistic market

a highly competitive market

a highly organized market

both (b) and (c) are correct

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a competitive market, the price of a product

is determined by buyers and the quantity of the product produced is determined by sellers

is determined by sellers and the quantity of the product produced is determined by buyers

and the quantity of the product produced are both determined by sellers

None of the above is correct

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