U2 The Market & Trade Vocab Review

U2 The Market & Trade Vocab Review

9th Grade

15 Qs

quiz-placeholder

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U2 The Market & Trade Vocab Review

U2 The Market & Trade Vocab Review

Assessment

Quiz

Social Studies

9th Grade

Medium

Created by

Tamara Mauthe

Used 7+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a market structure characterized by one producer with a unique product and very high barriers to entry?

Pure Competition

Monopoly

Monopolistic Competition

Oligopoly

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the total amount of goods and services consumers are willing to buy at various prices?

Market

Equilibrium Price

Demand

Supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the condition called when someone can produce goods and services cheaper than other producers?

Absolute Advantage

Comparative Advantage

Equilibrium Price

Specialization

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by many producers supplying similar but varied products with few barriers to entry?

Monopolistic Competition

Oligopoly

Monopoly

Pure Competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the name of the agreement between Canada, the United States, and Mexico that went into effect on January 1st, 1994?

MERCOSUR

ASEAN

EU

NAFTA

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary characteristic of an oligopoly market structure?

A single seller dominates the market

There are many sellers and buyers

A few large firms dominate the market

Products are always homogeneous

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by a large number of small firms, identical products, and easy entry for new firms?

Monopoly

Oligopoly

Perfect competition

Monopolistic competition

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