Economics (Special Quiz)

What is the primary function of a market?

• To regulate economic policies

• To facilitate the exchange of goods and services

• To monitor consumer spending

• To establish government budgets

What term refers to the point where supply and demand meet?

• Market gap

• Equilibrium price

• Opportunity cost

• Competitive edge

Which of the following is an example of a monopolistic market?

• Agricultural market

• Utilities like electricity

• Currency exchange

• Retail clothing brands

What does competition in a market encourage?

• Higher prices

• Better quality products

• Less consumer choice

A decrease in consumer demand generally leads to:

• Increased prices

• Decreased supply

• Increased wages

• Higher taxes

What is the role of producers in a market?

• To dictate consumer preferences

• To supply goods and services

• To control price inflation

• To demand resources

Which of the following is NOT a type of market structure?

• Perfect competition

• Monopoly

• Trade union

• Oligopoly

What happens in a free market economy?

• Government controls pricing

• Resources are allocated by supply and demand

• Monopoly dominates all sectors

Which factor does NOT influence market demand?

• Consumer income

• Tastes and preferences

• Political elections

• Price of substitutes

What does “elasticity of demand” refer to?

• A measure of the responsiveness of demand to price changes

• The total number of buyers in a market

• The rate of production over time

• The competition between sellers