Supply & Demand Crash Course
Interactive Video
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Violet Byrnes
Used 3+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a market in the context of economics?
An online platform for digital goods only
A specific location for trading stocks
Any location where buyers and sellers exchange goods and services
A place where only financial transactions occur
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What principle underlies the concept of voluntary exchange?
Both parties involved must benefit financially
Buyers and sellers willingly engage in transactions
Exchanges can only occur in a physical marketplace
All exchanges must be approved by a regulatory body
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do competitive markets allocate resources?
Through government intervention
By allowing monopolies to set prices
Using price signals to guide resource distribution
By limiting the production of goods
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might economists argue against government intervention in markets?
It increases the supply of goods
It can lead to inefficient resource allocation
It stabilizes prices permanently
It always benefits consumers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are supply and demand not considered absolute laws?
They apply only to certain goods
They are influenced by human actions
They are outdated concepts
They are proven scientific facts
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