
Producers & Consumers
Quiz
•
Business
•
10th Grade
•
Practice Problem
•
Medium
Ashley Agee
Used 7+ times
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32 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
McDonald’s sent you a coupon in the mail for a free sandwich with the purchase of an extra value meal. This is an example of
A factor of production
An incentive
A product utility
Your economic role
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When there is one single large seller with no close competition, then you have
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sarah is going on a trip. She is traveling by plane and is planning to only take a carry-on bag. She knows she has to follow TSA guidelines on liquids, so she has to buy her brand of shampoo in the travel size container, not her regular 28 ounce bottle. This is an example of
Form utility
Place utility
Time utility
Possession utility
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You looked at the products in your home and found that a number of appliances, clothing, and electronics/technology products were made in other countries. This is the effect of
Supply
Demand
Globalization
Equalization
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you have many sellers that offer differential products (products that differ slightly) but serve similar purposes then you have
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When many companies are competing for the consumers’ dollars and none of the businesses has a significant advantage over the others, then you have
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The theory that the power of consumers determine what goods and services are produced is called. Mark only one oval.
Incentives
Diminishing Marginal Utility
Entrepreneurship
Consumer Sovereignty
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