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Econ chapter 2 and 3

Authored by Da'Janae Hatcher

Education

11th Grade

Used 5+ times

Econ chapter 2 and 3
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49 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market which households purchase the goods and services that firms produce.

Product market

Factor market

Incentive

Specialization

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An expectation that encourages people to behave in a certain way.

Profit

Specialization

Incentive

Product market

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Power of consumers to decide what gets produced.

Factor market

Market

Consumer sovereignty

Factor market

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Market in which firms purchase the factors of production from households.

Profit

Product market

Incentive

Factor market

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Financial gain made in a transaction.

Specialization

Profit

Market

Incentive

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Concentration of productive efforts of individuals and firms on a limited number of activities.

Specialization

Product market

Consumer sovereignty

Profit

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An arrangement that allows for exchange among buyers and sellers.

Product market

Factor market

Market

Specialization

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