What type of economic system do countries like Japan and the United States have?

Understanding Demand and Supply

Passage
•
English
•
6th Grade
•
Hard
Mai Ibrahim
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Communist system
Controlled economy
Socialist system
Free enterprise system
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who owns most businesses in a free enterprise system?
Non-profit organizations
Foreign companies
Individuals and groups
The government
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What determines the price of products in a free enterprise system?
The government
The market
The consumers
The producers
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of demand state?
Consumers buy more at lower prices
Consumers buy less at lower prices
Consumers buy the same amount regardless of price
Consumers buy more at higher prices
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of supply?
Producers supply less at higher prices
Producers supply the same amount regardless of price
Producers supply more at lower prices
Producers supply more at higher prices
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is market equilibrium?
The point where supply exceeds demand
The point where demand exceeds supply
The point where prices are highest
The point where supply and demand meet
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when there is a surplus of a product?
Prices decrease
Prices increase
Supply decreases
Demand increases
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