Economics Unit Review

Quiz
•
Social Studies
•
9th - 12th Grade
•
Hard

Patricia White
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Under perfect competition,
products are similar but not identical.
numerous restrictions prevent firms from entering the market.
no seller can sell a product above the prevailing market price and products are identical
a single seller can affect price and their is a small number of buyers and sellers
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which market structure is BEST indicated by the cell phone market?
monopoly
pure competition
oligopoly
natural monopoly
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A market that has a few sellers of basically the same goods.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A market where brand-name loyalty is more important than product differentiation.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following best describes an oligopistic market?
Many sellers with identical barriers to entry
Many sellers, each with a clearly differentiated product, and no barriers to entry
A few competing sellers with similar products and high barriers to entry
A few competing sellers of identical products and no barriers to entry
No competition among sellers and high barriers to entry
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A barrier to entry is
an economic term for economies of scale
illegal in most markets
anything that prevents new firms from entering the market
a factor that increases competition
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A monopoly is a market with
many suppliers
no barriers to entry
many substitutes
one supplier
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