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Market Structure

Authored by NOEL CADENA

Social Studies

12th Grade

Used 3+ times

Market Structure
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is absolute advantage?

The ability of a country to produce a good at a lower opportunity cost than another country.

The ability of a country to produce more of a good using the same amount of resources as another country.

The ability of a country to produce a good with fewer resources than another country.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of comparative advantage?

Country A can produce cars at a lower opportunity cost than computers, while Country B can produce computers at a lower opportunity cost than cars.

Country A has more natural resources than Country B.

Country A has a higher GDP than Country B.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do imports impact a country's economy?

They always lead to a trade surplus.

They can lead to increased competition and lower prices for consumers.

They always result in job losses in the importing country.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a monopoly?

Many firms producing similar products.

A single firm controls the entire market for a product.

A few firms dominate the market but do not control it entirely.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key feature of an oligopoly (cars and video games)?

A single firm controls the market.

Many small firms compete with each other.

A few large firms dominate the market.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes cyclical unemployment?

Changes in the seasons affecting certain industries.

Economic downturns leading to reduced demand for goods and services.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does absolute advantage differ from comparative advantage?

Absolute advantage focuses on opportunity cost, while comparative advantage focuses on resource efficiency.

Absolute advantage is about producing more with the same resources, while comparative advantage is about lower opportunity cost.

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