
Global Economics Review
Authored by Gregg Sand
Social Studies
12th Grade
Used 3+ times

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31 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Monopoly?
A market structure where only a few suppliers dominate the industry
A single supplier makes up an entire industry for a good or service with no close substitutes
A market structure where many sellers offer similar but slightly different products
A government-imposed restriction on the production of a good or service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an Oligopoly?
A market structure where there is only one buyer and many sellers
A market structure where many sellers offer similar but slightly different products
Industry dominated by a few suppliers who exercise some control over price
A market structure where a single supplier provides a unique product or service
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Monopolistic Competition?
A market structure where a single supplier dominates the market
Industry dominated by a few suppliers who set the prices together
A large number of sellers offer similar but slightly different products and each has some control over price.
A market structure where there are many buyers but only one seller
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Perfect Competition?
A market structure where sellers are price setters and have significant control over the market
A market structure where there is only one buyer and many sellers
Easy access, entry and exit, with sellers not able to set prices
A market structure where a few large firms have a majority of the market share
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is collusion?
A legal agreement between competitors to share technologies
A government strategy to regulate market prices
Deliberate attempt by producers to set the price of products
A type of competitive strategy that involves price wars
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is non-price competition?
Competing on the basis of product quality only
Competing against others with something other than price, like advertising
A strategy where companies compete solely on the price of their products
A government policy to encourage competition without affecting prices
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is collective bargaining?
A process where the government sets employment standards
When unions and employers get together, compromise and work out a contract agreement
A strategy used by businesses to set collective prices for their products
The act of multiple companies merging to form a single entity
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