What is microeconomics primarily concerned with?

How firms, households, and individuals make decisions

The performance of the entire economy

A network where people and organizations exchange goods and services using currency

A system where only governments exchange goods

A place where only producers sell goods

A system where only consumers buy goods

What elements are involved in forming an economy?

Markets, suppliers, demand, and government regulation

What are the three broad categories into which economic systems are classified?

Industrial, Agricultural, Technological

Which question is NOT typically answered in a pure market economy?

How to distribute wealth equally?

How to be competitive and out-sell competitors?

For whom to sell goods and services?

What are the three goals of a healthy economy?

Increase productivity, decrease unemployment, maintain stable prices

Increase taxes, decrease productivity, maintain high prices

Increase unemployment, decrease productivity, maintain low prices

Increase inflation, decrease taxes, maintain high unemployment

What does microeconomics study?

The study of individual consumers, businesses, and markets

The behavior of the economy as a whole

The impact of government policies on the economy

What is a market according to the provided definition?

A place where buyers and sellers meet and equilibrium prices are determined

Which of the following is NOT a characteristic of a market?

A specific physical location only

Actively engaged in buying and selling acts

Contact through different means of communication

Who is considered a buyer?

Any person who contracts to acquire an asset in return for some form of consideration

The person who provides services

The person who sets market prices

What is the role of a seller?

To own the goods the buyer wishes to purchase

What are market forces?

The interaction of supply and demand that shapes a market economy

The regulation of prices by the government

The control of goods by sellers

The acquisition of assets by buyers

What is the definition of demand in economics?

The amount of a product that consumers are willing and able to purchase at a given price.

The amount of a product which suppliers will offer to the market at a given price.

The total market value of all goods and services produced in a country.

The difference between total revenue and total cost.

What is the definition of supply in economics?

The amount of a product which suppliers will offer to the market at a given price.

The amount of a product that consumers are willing and able to purchase at a given price.

The total market value of all goods and services produced in a country.

The difference between total revenue and total cost.

What is the market price?

The price at which demand matches its supply

The price set by the government

The price at which supply exceeds demand

The price at which demand exceeds supply

Why is market price important to businesses?

It affects a business’s mark-up

It determines the quality of products

It is set by international markets

It has no impact on competition

What is the basic definition of demand?

The quantity of a good or service that purchasers are willing and able to buy at a given price in a given period of time.

The quantity of a good or service that is available in the market.

The price at which a good or service is sold.

The total number of consumers in a market.

What is required for demand to be considered effective?

A willingness and ability to pay.

According to the basic law of demand, how does demand vary with price?

Demand varies inversely with price.

Demand varies directly with price.

Demand remains constant regardless of price.

Demand increases with higher prices.

What happens to the demand when there is a change in price?

The quantity demanded moves up or down the curve.

The quantity demanded shifts to the left or right on the curve.

The quantity demanded remains stationary.

The curve moves in a circular pattern.

What does a supply curve represent from the perspective of a business?

The price from the business's point of view

The price from the consumer's point of view

What is the likely response of businesses if the market price of a product rises?

Reduce supply to increase scarcity

Maintain the same level of supply

Lower the price to attract more customers

What is the definition of supply in the context of market supply?

The quantity of a good or service that a producer is willing and able to supply at a given price in a given time period.

The total amount of goods available in the market regardless of price.

The demand for a product at a specific price point.

The cost of producing a good or service.

According to the basic law of supply, what happens as the price of a product rises?

Businesses expand supply to the market.

Businesses reduce supply to the market.

The demand for the product decreases.

The quality of the product improves.

What does a supply curve show?

The relationship between market price and how much a firm is willing and able to sell.

The total production cost of a firm.

The demand for a product at various price points.

How do higher prices affect new entrants in the market?

They create an incentive for other businesses to enter

They have no effect on market entry

They lead to a decrease in total supply

What happens to production costs when output expands?

Production costs remain the same

Production costs are eliminated

Which of the following best describes a mixed economy?

An economy that combines elements of both capitalism and socialism

An economy where all resources are owned by the government

An economy that relies solely on market forces

An economy that is entirely based on barter trade

What is the effect of a subsidy on the supply curve of a product?

The supply curve shifts to the right

The supply curve shifts to the left

The supply curve becomes vertical

The supply curve remains unchanged

What is the primary function of money in an economy?

To regulate government policies

Which factor is most likely to cause a shift in the demand curve?

A change in production technology

A change in the number of suppliers

A change in government regulations

What is the role of competition in a market economy?

To drive innovation and efficiency

To eliminate all small businesses

Unit 10 S&D Assessment Quiz

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a key component of market analysis?

Demand and supply curve graphs and finding equilibrium

Exchange rates

Inflation

Unemployment

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which topic is included under macroeconomics?

Economies of scale

Types of competition

Economic growth, GDP, phases of growth, effects on business

Extent of changes in market equilibrium

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is one of the effects studied in macroeconomics?

Economies of scale

Inflation

Types of competition

Extent of changes in market equilibrium

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary reason decisions need to be made in economics?

Unlimited resources

Limited resources

Abundant resources

Infinite resources

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

At the most fundamental level, what does economics study in terms of resource allocation?

How to create resources

How to destroy resources

How to allocate scarce resources

How to ignore resources

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is economics often referred to as?

The science of wealth

The science of choice

The science of abundance

The science of luxury

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is an economic system?

A system of political governance

A system of cultural exchange

A system of production, distribution, and consumption of goods and services

A system of educational development

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Unit 10 S&D Assessment

Which of the following is a key component of market analysis?

Which topic is included under macroeconomics?

What is one of the effects studied in macroeconomics?

What is the primary reason decisions need to be made in economics?

At the most fundamental level, what does economics study in terms of resource allocation?

What is economics often referred to as?

What is an economic system?

Which of the following is NOT a type of economic system?

What is microeconomics primarily concerned with?

Which branch of economics deals with the performance, structure, behavior, and decision-making of the entire economy?

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