Markets and the Price Mechanism Quiz

Markets and the Price Mechanism Quiz

9th Grade

20 Qs

quiz-placeholder

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Markets and the Price Mechanism Quiz

Markets and the Price Mechanism Quiz

Assessment

Quiz

History

9th Grade

Practice Problem

Medium

Created by

Tim Heppell

Used 2+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary function of the price mechanism in a market economy?

To set wages for workers

To determine government policies

To allocate resources efficiently

To increase the number of products

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes a market?

A place where government controls prices

A location where only farmers sell goods

Any arrangement that allows buyers and sellers to exchange goods and services

A building where goods are stored

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of strawberries falls significantly what is likely to happen?

Consumers will buy fewer strawberries

Strawberry farmers will grow more strawberries

There will be less demand for strawberries

Consumers will buy more strawberries

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When demand for a product increases and supply remains the same what happens to the price?

It decreases

It stays the same

It increases

It disappears

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy who determines what goods are produced?

The army

Consumers and producers

Teachers

The weather

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A new video game console becomes very popular. What is the most likely market response?

Decrease in production

Price remains unchanged

Increase in price due to high demand

Decrease in demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when a product is in surplus in the market?

Price usually rises

Price usually falls

More consumers buy the product

Producers increase production

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