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TEST on Ch6 - Version R (2021)

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TEST on Ch6 - Version R (2021)
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51 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The monetary value of product as established by supply and demand.

Price
Rationing
Rebate
Economic Model
Market Equilibrium

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A situation in which prices are relatively stable, and the quantity of goods and services supplied is equal to the quantity demanded.

Price
Rationing
Rebate
Economic Model
Market Equilibrium

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partial refund of the original price of a product.

Price
Rationing
Rebate
Economic Model
Market Equilibrium

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A system under which an agency such as a government decides every consumer’s fair share.

Price
Rationing
Rebate
Economic Model
Market Equilibrium

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A set of assumptions that can be listed in a table to help analyze behavior and predict outcomes.

Price
Rationing
Rebate
Economic Model
Market Equilibrium

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Concerning the Allocation Function of a Market Economy, how do Prices show COMPETITION? (Select ONE)

A Price System can absorb the “shocks” of a market.
Price is set due to competition between buyers and sellers, which is a price they can both live with.
An agency such as the government decides everyone’s fair share.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Concerning the Allocation Function of a Market Economy, how do Prices show FLEXIBILITY? (Select ONE)

Price is set due to competition between buyers and sellers, which is a price they can both live with.
An agency such as the government decides everyone’s fair share.
Prices are easy to adjust, and change often.

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