Economics quiz(chapter 5-forms of market)

What is general understanding of market in economics?

• A place where goods are sold and purchased

• An arrangement where buyers and sellers interact

• A place for leisure activities

• A government regulated area

what is local market?

• A local market is a place where only international goods are sold.
• A local market is a virtual marketplace on the internet.
• A local market is a term used to describe a global trading platform.
• A local market is a place where goods and services are exchanged within a specific geographic area.

which market is governed by the regulation of its own country?

• foreign market
• global market
• international market
• national market

which market type involve worldwide trade in goods and services?

• Regional Market
• National Market
• Local Market
• International Market

What does a national market include?

• Only local buyers and sellers
• International buyers only
• Limited to online transactions
• All buyers and sellers in a country

what is the characteristics of international market?

• Local competition only
• Global competition, diverse consumer preferences, varying regulations and tariffs, exchange rate fluctuations, cultural differences, different market trends
• Uniform consumer preferences
• Stable regulations and tariffs

what type of market involves trade across national borders?

• global market
• domestic market
• regional market
• international market

which of the following is not a classification of market on the basis of place?

• local

• national

• regional

• international