Free Market

Free Market

9th - 12th Grade

11 Qs

quiz-placeholder

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Free Market

Free Market

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

Charles Martinez

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The USA has a ______market, meaning we have the right to choose what and what not to buy.

free
rich
low
high

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

incentive  is ______

something that leads a person to make a certain choice.
the amount of a good or service that customers will buy at all prices. 
The amount of money earned by a buisness after cost are removed.
The total amount of a good or service that is available to buy.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a market economy, who decides on the prices of goods and services?

government
buyers and sellers
firms
local leaders

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes the benefits of specialization in a free market?

Specialization leads to higher prices.
Specialization leads to decreased competition among producers.
Specialization leads to lower overall output.
Specialization leads to efficient use of capital, land, and labor.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the three basic questions that all economies must answer? 

What goods and services will be produced? 
How will the goods and services be produced? 
When will the goods and services be produced? 
For whom will the goods and services be produced? 

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Section of the economy made up of individuals or families

Firms

Households

Businesses

Factor

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The act of buyers and sellers freely & willingly engaging in market transactions

Opportunity Cost

Scarcity

Specialization

Voluntary Exchange

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