Economics and Marketing Quiz

What is the basic economic problem?

• The scarcity of resources

• The law of supply and demand

• The role of government in the economy

• The concept of consumer demand

Who makes the decisions in a controlled economy?

• Consumers

• Producers

• Government

• Economic forces

What type of economy does America have?

• Controlled economy

• Free economy

• Mixed economy

• None of the above

What is microeconomics?

• The study of relationships between individual customers and producers

• The study of economic behavior and relationships of an entire society

• The study of economic competition

• The study of economic utility

What factors affect consumer demand?

• Supply and demand

• Competition and market price

• Government regulations

• Individual preferences and income

What is the law of demand?

• As price increases, demand increases

• As price increases, demand decreases

• As price decreases, demand increases

• As price decreases, demand decreases

What is the law of supply?

• As price increases, supply increases

• As price increases, supply decreases

• As price decreases, supply increases

• As price decreases, supply decreases

What is pure competition?

• A market with no competition

• A market with only one seller

• A market with many sellers offering similar products

• A market with few sellers offering differentiated products

What is an oligopoly?

• A market with no competition

• A market with only one seller

• A market with many sellers offering similar products

• A market with few sellers offering differentiated products

What is possession utility?

• The satisfaction from the physical characteristics of a product

• The satisfaction from the time at which a product is available

• The satisfaction from the location at which a product is available

• The satisfaction from owning or possessing a product