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WorksheetsTypes of Competition
Total questions: 14
Worksheet time: 7mins
Name
Class
Date
1.
Which form of competition has the greatest control of their prices?
a)
Monopoly
b)
Oligopoly
c)
Pure Competition
d)
Monopolistic competition
2.
Things require to survive are categorised as_
a)
Demands
b)
Wants
c)
Needs
d)
Desires
3.
What is the term when supply and resources is limited and human can't meet their needs?
a)
Deficiency
b)
Limitations
c)
Scarcity
d)
Rare
4.
How much people want something
a)
supply
b)
demand
5.
In pure competition, a large number of suppliers offer very similar products.
a)
True
b)
False
6.
A business in monopolistic competition has no control over price if it wants to sell its products.
a)
True
b)
False
7.
A cable television company usually operates in a pure competition environment.
a)
True
b)
False
8.
The airline industry is an example of an oligopoly.
a)
True
b)
False
9.
Businesses in monopolistic competition should focus on making their products different from and better than competitors' products.
a)
True
b)
False
10.
Which type of economy has central ownership and lack of individual choice?
a)
Market Economy
b)
Mixed Economy
c)
Command Economy
d)
Traditional Economy
11.
Which type of economy is controlled by the government?
a)
Command
b)
Market
c)
Mixed
d)
Democratic
12.
My father was a fisherman, I am a fisherman and my son will be a fisherman.
a)
Market
b)
Mixed
c)
Traditional
d)
Command
13.
In my country, business is based on competition. Success comes from doing something better and cheaper than your competitors.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
14.
In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
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