Economics Quiz

Which of the following are examples of market systems?

• Monopoly and oligopoly

• Monopoly and perfect competition

• Perfect competition and mixed economy

• Command economy and traditional economy

What are considered natural resources?

• Trees, land, water, and seeds

• Tractors, factories, and machines

• Pencils, hamburgers, and shoes

• Taxi rides, cable tv, and tutoring

Which of the following are examples of goods?

• Pencils, hamburgers, shoes, and paper

• Trees, land, water, and seeds

• Taxi rides, cable tv, and a tutor

• Tractors, factories, and machines

What are examples of services?

• Pencils, hamburgers, shoes, and paper

• Trees, land, water, and seeds

• Taxi rides, cable tv, and a tutor

• Tractors, factories, and machines

What determines the prices of goods and services?

• The laws of supply and demand

• The number of consumers

• The type of market system

• The availability of natural resources

Which of the following are considered capital goods?

• Pencils, hamburgers, shoes, and paper

• Trees, land, water, and seeds

• Taxi rides, cable tv, and a tutor

• Tractors, factories, and machines

Who are considered consumers?

• People who buy goods and services

• People in a business

• People who develop and make new products

• People who sell goods and services

What happens to prices if the demand for goods and services goes up but supply remains the same?

• Prices go down

• Prices go up

• Prices remain the same

• Prices fluctuate unpredictably

What happens to prices if the supply for goods and services goes down and demand stays the same?

• Prices go down

• Prices go up

• Prices remain the same

• Prices fluctuate unpredictably

What happens to prices if the supply for goods and services goes up but demand stays the same?

• Prices go down

• Prices go up

• Prices remain the same

• Prices fluctuate unpredictably