The two words most often used by economists are
Quick Quiz 1

Quiz
•
Science
•
12th Grade
•
Medium

Annie Ta
Used 3+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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