Economics Concepts Quiz

What is the total amount of a good or service that consumers demand over a given interval of time called?

• Quantity supplied

• Imports

• Quantity demanded

• Free trade

What term describes the number of goods or services that suppliers will produce and sell at a given market price?

• Demand schedule

• Quantity supplied

• Exports

• Market structure

What is a good or service bought in one country that was produced in another called?

• Exports

• Free trade

• Imports

• Trade barriers

What is a trade policy that does not restrict imports or exports known as?

• Trade barriers

• Free trade

• Supply schedule

• Production possibilities curve

What is a government-imposed restraint on the flow of international goods or services called?

• Free trade

• Imports

• Trade barriers

• Market structure

What is a graphical model that represents all of the different combinations of two goods that can be produced?

• Supply schedule

• Production possibilities curve

• Demand schedule

• Market structure

What is a table that shows the quantity supplied at each price called?

• Demand schedule

• Supply schedule

• Market structure

• Free trade

What is a table that shows the quantity demanded of a good or service at different price levels called?

• Supply schedule

• Demand schedule

• Production possibilities curve

• Trade barriers

How are different industries classified and differentiated based on their degree and nature of competition for services and goods?

• Free trade

• Market structure

• Trade barriers

• Quantity supplied

A good and service that are produced in one country and sold to buyers in another.

• Imports

• Trade barriers

• Exports

• Supply schedule