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Parcial 1 Comercio Internacional

Authored by Martin Rendon Ingles

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Parcial 1 Comercio Internacional
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27 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What does the law of demand state?

As price increases, quantity demanded increases.

As price increases, quantity demanded decreases.

As price decreases, quantity demanded decreases.

As price decreases, quantity demanded increases.

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the law of supply?

As price increases, quantity supplied decreases.

As price decreases, quantity supplied decreases.

As price increases, quantity supplied increases.

As price decreases, quantity supplied increases.

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

In a market economy, prices are primarily determined by:

The government

Producers

The invisible hand

Consumers

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

How is the price for a good or service determined in a market economy?

By government regulations

By producers setting a fixed price

Through the interaction of supply and demand

By consumers voting on prices

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Who coined the term "the invisible hand" to describe how self-interest and competition can lead to positive outcomes in a market economy?

Karl Marx

Adam Smith

John Maynard Keynes

John Locke

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

According to the concept of the invisible hand, what guides individuals and businesses to make choices that benefit society as a whole?

Government regulations

Self-interest

Charitable donations

Random chance

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is Economics?: Economics is often defined as the study of:

Money

Scarcity and choice

History

Politics

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