wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Question Bank for Economics

Total questions: 171

Worksheet time: 3hrs 35mins

Name
Class
Date
1.

These is a market situation in which a single supplier makes up an entire industry for a good/service with no close substitutes.

a)

oligopoly

b)

monopoly

c)

market structure

2.

"Perfect Competition" is a type of market structure that happens when there are a lot of buyers and sellers & no single buyer or seller can affect price.

a)

TRUE

b)

FALSE

3.

Supermarkets and Farmers' markets are a couple of examples of a "Perfect Competition"

a)

TRUE

b)

FALSE

4.

When Supply increases, the supply curve shifts to the ______.

a)

RIGHT

b)

LEFT

c)

DOWNWARD

5.

When Demand decreases, the demand curve shifts to the ______.

a)

RIGHT

b)

LEFT

c)

UPWARD

6.

The price at which the quantity demanded by consumers equals the quantity that is supplied by the producers is ______.

a)

Surplus

b)

Equilibrium Price

c)

Shortage

7.

The Circular Flow of Economic Actvity is an economic model that pictures income as flowing continuously between businesses & consumers.

a)

TRUE

b)

FALSE

8.

According to economic theory, which ofd the following situations would cause scarcity of a product?

a)

limited resources and unlimited desires

b)

limited resources and unlimited credit

c)

limited resources and unlimited regulation

d)

limited resources and unlimited choice

9.

Which of these is an example of a natural resource that trucking companing require?

a)

a large garage

b)

a spare engine

c)

a trained driver

d)

a petroleum supply

10.

A new company employee is an example of which kind of productive resouce?

a)

capital resource

b)

human resource

c)

natural resource

d)

entrepreneurial resource

11.

What is a capital resource?

a)

a good available after a production process.

b)

a supply of money to be spent of production

c)

a pool of labor capable of producing goods

d)

a good used as a means of production

12.

Economics is the study of....

a)

Finance

b)

Choice

c)

Business

d)

Purchases

13.

Which of the following IS NOT one of the essential questions of econ?

a)

What to produce

b)

When to produce

c)

How to produce

d)

For whom to produce

14.

What best describes this shift?

a)

Increase in supply

b)

Decrease in supply

c)

Increase in demand

d)

Decrease in demand

15.

Land, labor, and capital are examples of what?

a)

Scarcity of Resources

b)

Opportunity Cost 

c)

Macroeconomics

d)

Factors of Production

16.

An opportunity cost of Sharon’s decision to study hard to pass her Economics test would be –

a)

Sharon making her teacher proud 

b)

time spent chatting with her friends 

c)

receiving an A o the Economics test

d)

Sharon raises her grade in the course

17.

Which of the following would be an accurate conclusion that could be drawn from the image about a free enterprise system?

a)

Multiple businesses give fewer product options.

b)

The government limits economic freedoms and choice. 

c)

Competition leads to increased choices for consumers.

d)

All franchises have the same property rights as others

18.

Point X on the production possibilities curve above represents - 

a)

over utilization 

b)

equilibrium

c)

efficiency 

d)

under utilization

19.

Economic recovery begins-

a)

above the trend line

b)

at the end of a recession (trough)

c)

at the "boom" period

d)

below the trend line

20.

Which option presents the business cycle in the correct order

a)

trough, contraction, peak, recovery

b)

trough, expansion, peak, contraction

c)

peak, expansion, trough, recovery

d)

peak, contraction, recovery, trough

21.

An example of a Command Economy would be...

a)

the government has assumed varying degrees of control over the economy in socialist countries

b)

the government controls the economy. The state decides how to use and distribute resources. The government regulates prices and wages

c)

economic decisions are made by individuals

d)

Many economic decisions are made in the market by individuals. But the government also plays a role in the allocation and distribution of resources

22.

An example of a Mixed Economy is...

a)

combines elements of the market and command economy. Many economic decisions are made in the market by individuals. But the government also plays a role in the allocation and distribution of resources.

b)

economic decisions are made by individuals.

c)

a type of command economic system. The government has assumed varying degrees of control over the economy. In some, only major industries have been subjected to government management

d)

the government controls the economy. The state decides how to use and distribute resources.

23.

What type of economy has both command and market characteristics?

a)

Command

b)

Traditional

c)

Mixed

d)

Market

24.

a student who just graduated from college and is waiting to start their new job is...

a)

frictionally unemployed

b)

structurally unemployed

c)

technologically unemployed

d)

cyclically unemployed

e)

seasonally unemployed

25.

a woman who lost her job due to a decrease in sales during a recession in the economy is...

a)

frictionally unemployed

b)

structurally unemployed

c)

technologically unemployed

d)

cyclically unemployed

e)

seasonally unemployed

26.

Farm helpers are unemployed when the cropping season is over.

a)

frictional

b)

cyclical

c)

structural

d)

seasonal

27.

Which type of advantage allows one to specialize?

a)

Absolute advantage

b)

Comparative advantage

28.

The U.S. Federal Reserve System was established to

a)

serve as a source of loans for farmers

b)

provide the nation a safer, flexible, and more stable monetary system

29.

What is the opposite of a surplus?

a)

Excess

b)

Quantity

c)

Quality

d)

Shortage

30.

A Monopoly is

a)

can enter and leave the market as they want

b)

perfect balance of power in a market

c)

companies have issues to enter the market

d)

one company holds all the industry

31.
The unemployment rate equals the number of persons:
a)
unemployed divided by the number employed.
b)
unemployed divided by the number in the labor force.
c)
unemployed divided by the population age 16 and over.
d)
not working divided by the population age 16 and over.
32.

What is Economics?

a)

The study of how people manage scarce resources

b)

The study of money

c)

The study of how money works

d)

The study of the stock market

33.

What is an owner of a share of company called?

a)

Bondholder

b)

Fundholder

c)

Stockholder

d)

Board of Director

34.

The total value of all final goods and services produced in a country in a given year.

a)

Gross Domestic Product

b)

Consumer Price Index

c)

Inflation

d)

Unemployment

35.

Opportunity cost refers to

a)

the dollar amount attached to a good or service

b)

the value of the next best alternative

c)

the cost of not expanding production

d)

the cost of labor when production is expanded or changed

36.

Which is not an economic system?

a)

Capitalism

b)

Mutualism

c)

Communism

d)

Socialism

37.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
38.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
39.
In which market structure is there the MOST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
40.
Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
41.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
42.
"The Fed" refers to the....
a)
Federal Bureau of Investigation
b)
Federal Government
c)
Federal Reserve System
d)
Federal Income Tax
43.
The primary role of the Federal Reserve Bank is to steer the economy by
a)
controlling the budget
b)
setting spending levels.
c)
controlling the money supply.
d)
loaning out money.
44.

Fiscal Policy is controlled by...

a)

The Government

b)

The Federal Reserve System

c)

The states

d)

The Department of Commerce

45.

What are the four main parts of the circular flow diagram?

a)

Product Market, Stock Market, Factor Market, Fish Market

b)

Product Market, House Market, Factor Market, Good Market

c)

Factor Market, Product Market, Households, Firms

d)

Factor Market, households, Stock Market, super market

46.

The exchange of money for goods/services to consumers is represented in which part of the circular flow diagram?

a)

1 and 2

b)

3 and 4

c)

5 and 6

d)

7 and 8

47.

The delivery of finished products for sale in exchange for revenue is represented in which arrows?

a)

1 and 2

b)

3 and 4

c)

5 and 6

d)

7 and 8

48.

Point B represents

a)

Product Market

b)

Factor Market

c)

Individuals

d)

Businesses

49.

Hint what to you earn from a business?

a)

Taxes

b)

Income

c)

Savings

d)

Investment

50.

Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?

a)

Product Market

b)

Factor Market

c)

Firms

d)

Individuals

51.
What is the equilibrium quantity in this graph?
a)
$1.50
b)
$1.00
c)
600
d)
800
52.

Are you ready for the exam?

a)

yes😥

b)

absolutely yes!😎

53.

A review of the jargon: Is rent control a “price ceiling” or a “price floor?”

a)

price ceiling

b)

price floor

54.

A review of the jargon: Is the minimum wage a “price ceiling” or a “price floor?

a)

price ceiling

b)

price floor

55.

Which river is this?

a)

Huang He River

b)

Nile River

c)

Tigris River

d)

Indus River

56.

Which river is this?

a)

Huang He River

b)

Nile River

c)

Euphrates River

d)

Indus River

57.

Which river is this?

a)

Huang He River

b)

Nile River

c)

Tigris River

d)

Euphrates River

58.

Which rivers are these?

a)

Nile and Euphrates

b)

Tigris and Huang He

c)

Tigris and Euphrates

d)

Indus and Huang He

59.

Which ancient civilization was located along this river?

a)

Mesopotamia

b)

India

c)

China

d)

Egypt

60.

Which ancient civilization was located along this river?

a)

Mesopotamia

b)

Indus

c)

China

d)

Egypt

61.

Which ancient civilization was located along this river?

a)

Mesopotamia

b)

Indus

c)

China

d)

Egypt

62.

Which ancient civilization was started between these two rivers?

a)

Mesopotamia

b)

Indus

c)

China

d)

Egypt

63.

Pharaoh was the title given to the leader of which civilization?

a)

Mesopotamia

b)

Indus

c)

China

d)

Egypt

64.

What form of writing was used by Ancient Egyptians?

a)

sanskrit

b)

oracle bones

c)

cuneiform

d)

hieroglyphics

65.

Which civilization first used plumbing, first to make cloth, and had the cities of Harappa and Mohenjo Daro?

a)

Mesopotamia

b)

Indus

c)

China

d)

Egypt

66.

What was the first published set of laws?

a)

Code of Hammurabi

b)

Code of the Pharaoh

c)

The Ten Commandments

d)

Code of the Oracle Bones

67.

What is this an example of?

a)

sanskrit

b)

hieroglyphics

c)

cuneiform

d)

oracle bones

68.

What is this a picture of?

a)

Egyptian Pyramid

b)

ziggurat

c)

cuneiform

d)

sanskrit

69.

What is this an example of?

a)

Sanskrit

b)

cuneiform

c)

hieroglyphics

d)

oracle bones.

70.

What was a pharaoh know for?

a)

Creating gold towers

b)

Living god and ruler of Egypt,

c)

Fighting wars against the Swedish.

d)

Discovery of the Americas.

71.

A belief in many gods is known as...

a)

Polytheism

b)

Monotheism

c)

Plagiarism

d)

Theocracy

72.

Which ancient civilization was isolated by mountains and desert and was home of the Yellow and Yangzte Rivers.

a)

China

b)

Mesopotamia

c)

Rome

d)

India

73.

Which ancient civilization was home to the major cities of Harappa and Mohenjo-daro, as well as the Indus River

a)

China

b)

India

c)

Egypt

d)

Aztecs

74.

Mesopotamia, India, China, and Egypt all depended on which of the following.

a)

The belief in only one god.

b)

Earthquakes

c)

The flooding of their local rivers.

d)

Strong winds known as Monsoons

75.

Cuneiform, Papyrus, and Sanskrit all deal with what?

a)

Writing

b)

Trade

c)

Transportation

d)

Economics

76.

Which group of people were at the bottom of the social structure in ancient Egypt?

a)

Farmers

b)

Pharaohs

c)

gods

d)

Slaves

77.

The first written code of laws was written by which ruler of ancient Mesopotamia?

a)

Abraham

b)

Darius

c)

Confucius

d)

Hammurabi

78.
Indus civilization placed restrictions on marriage and employment which were based on social class.  What were Indus social classes called?
a)
Feudal System
b)
Castes
c)
Hierarchy
d)
Patriarchy
79.
What was the largest trade item in ancient China?
a)
silk
b)
cattle
c)
metal
d)
coal
80.
What does Huang He translate to?
a)
red river
b)
blue river
c)
white river
d)
yellow river
81.

A traditional economy mainly appears in ______countries.

a)

rich

b)

poor

c)

any country in the world

82.

In a traditional economy, the goods and services are traded with other countries.

a)

true

b)

false

83.

A combination of all the types of economies

a)

subsistence economy

b)

mixed economy

c)

capitalist economy

d)

traditional economy

84.

Here, the government takes control of the whole economy.

a)

mixed economy

b)

traditional economy

c)

command econmy

d)

capitalist economy

85.

In this type of economy, the freedom of the individual in terms of choices of products, services and prices is given importance.

a)

subsistence economy

b)

command economy

c)

market economy

d)

mixed economy

86.

Economic system based on private ownership of industries and businesses

a)

Free market economy

b)

Mixed Economy

c)

Command Economy

87.

The role of the government is to not restrict/control the economy 

a)

Free market economy

b)

Mixed Economy

c)

Command Economy

88.

The government makes all economic decisions about investment, prices, wages, and production levels.  

a)

Free market economy

b)

Mixed Economy

c)

Command Economy

89.

All industries/ businesses are owned by the government

a)

Free market economy

b)

Mixed Economy

c)

Command Economy

90.

An economy that includes both government owned and privatized industries. 

a)

Free market economy

b)

Mixed Economy

c)

Command Economy

91.

In my country my job is the same one that my family has done over the past 200 years.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

92.

In my country, the government makes all the economic decisions.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

93.

,In my country, the government tells me where to work.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

94.

In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

95.
In a command economy, who holds power over the economy?
a)
The people
b)
The government 
c)

Your Teacher

d)

No One

96.
If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
97.
If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?
a)
Mixed
b)
Traditional
c)
Market 
d)
Command
98.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
99.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
Market
b)
Socilaism 
c)
Mixed 
d)
Command 
100.

The country of North Korea has a dictator that makes almost all of the economic decisions. What type of economy is this?

a)

Traditional

b)

Market

c)

Command

d)

Centrally Planned

101.

The resources used to make all goods & services are called

a)

Natural Resources

b)

Factors of Production

c)

Goods & Services

d)

Renewable Resources

102.

A natural resource is:

a)

Gifts of nature. What the earth makes naturally

b)

Human workers

c)

Man made things that help make a good or service

d)

A person who risks their time and money to start a business

103.

A capital resource is:

a)

Gifts of nature

b)

A person who risks their own time and money to start a business

c)

Money that is left over after paying operating costs

d)

Human-made things that help make a good or service

104.

What is an Entrepreneur?

a)

A person who risks their own time and money to start a business

b)

The money a business makes from selling their goods and services

c)

Revenue

d)

Profit

105.
The creation of any kind of good or service is known as:
a)
Input
b)
Resources
c)
Production
d)
Entrepreneurship
106.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
107.
An individual's knowledge or skills that make production of a good/service more efficient
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
108.

What is an economic want?

a)

Things people need in order to survive.

b)

Goods/services that people would like to have.

c)

Things people don't want anymore.

d)

Tangible goods that people must have.

109.

Scarcity is defined as a limited supply of resources and...

a)

limited wants for those resources

b)

unlimited resources

c)

limited resources

d)

unlimited wants for available resources

110.

What are all societies forced to do because of scarcity?

a)

Make production decisions

b)

Conserve resources

c)

Limit resource use

d)

Charge large amount of money for available resources

111.

What is the condition that exists when Shoprite runs out of 2% milk?

a)

Scarcity

b)

Shortage

c)

Trouble

d)

Protests by milk-loving shoppers

112.

An action that one provides for someone else is a.... (hint: haircuts, counseling, or babysitting)

a)

Job

b)

Good

c)

Service

d)

Factor of Production

113.

Because of scarcity, people are forced to make _________ about how to use resources.

a)

Choices

b)

Opportunities

c)

Analyses

d)

Investments

114.

A Trade-off is

a)

a purchase in a marketplace.

b)

any/all alternative(s) that we sacrifice when we make a decision.

c)

any good or service a consumer needs.

d)

a factor of production.

115.

What name is given to the value of the next best alternative that you give up when you make a decision? We have referred to this as the "cost of choosing."

a)

Trade-offs

b)

Opportunity cost

c)

Lost opportunities

d)

Options

116.

Which of the following correctly identifies the four Factors of Production?

a)

Food, Shelter, Water, Clothing

b)

Love, Life, Happiness, Success

c)

Land, Labor, Capital, Entrepreneurship

d)

People, Goods, Services, Scarcity

117.

Which of the following best describes "Land" as a factor of production?

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

118.

Which of the following best describes "Capital"?

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

119.

Which of the following best describes "labor"?

a)

people devoting their efforts, knowledge, abilities, and skills to complete a task.

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

120.

Which best describes an entrepreneur?

a)

people with all their efforts and abilities

b)

A "risk taker" who combines land, labor, & capital to create new jobs markets, products, and/or services

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

121.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
122.
________ is the most basic or fundamental economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
123.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 
a)
desire
b)
demand
c)
supply
d)
scarcity
124.

Economics seeks the answer to the basic question of how to deal with ______.

a)

money

b)

hunger

c)

demand

d)

scarcity

125.
My name is Heraldo Esterez. I have lived in Cuba all of my life. I wanted to become a teacher. However, I work for a large sugar producer that is owned by the government. The government decides when I work, where I work, and how much money I receive. What economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
126.
My name is Curt Jones and I have always had a passion for delicious ice cream. I discovered a way to freeze ice cream into small dots. I patented the process for making ice cream and built a plant to make enough ice cream to sell it internationally. Which economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
127.
I am a basket maker in India.  The people in my village make beautiful baskets.  My grandmother and my mother made baskets.  What type of economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
128.
  My name is Whitney Smith.  I own a toy factory.  My employees use many sharp instruments to make the toys.  A federal agency called O.S.H.A. (Occupational Health and Safety Administration) visits my factory often to make sure my employees have the safe equipment to use.  Which economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
129.
  My name is Morgan Taylor.  I went shopping for a new pair of jeans.  I refused to buy the jeans because they were too expensive.  Which economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
130.
Which of the following is NOT a basic question of Economics?
a)
What will be produced?
b)
For whom will it be produced?
c)
What will be supplied?
d)
Who will produce it?
131.

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

a)

Change in cost of production

b)

Changes in number of producers

c)

Changes in expectations

132.

Graph shows which of the following?

(actually use this graph to answer the question)

a)

a decrease in demand (shift) and a decrease in quantity supplied

b)

a decrease in demand (shift) and a decrease in supply

c)

a decrease in quantity demanded and a decrease in quantity supplied

d)

a decrease in quantity demanded and a decrease in supply (shift)

133.

Assume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market?

a)

Pesticides on apples linked to mouth cancer.

b)

Storms destroy apple orchards.

c)

An apple a day really does keep the doctor away.

d)

New genetic strain leads to apple trees that produce twice as many apples.

134.

Which of the following is NOT a determinant of the supply of peanut butter?

a)

The price of peanuts

b)

The wages of peanut butter factory workers

c)

The income of peanut butter consumers

d)

Existing peanut butter making technology

135.

Which of the following will cause an increase in demand for snowboards?

a)

More costly production methods

b)

A decrease in the price of lift tickets at resorts in Colorado

c)

A decrease in consumer income

d)

A decrease in the population

136.

What does a “surplus” (extra amount) of goods in a market imply?

a)

Prices are too high

b)

Prices are too low

c)

Supply is too low

d)

Demand is too high

137.

Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?

a)

Demand for gasoline will decrease

b)

Demand for gasoline will increase

c)

Demand for gasoline will stay the same

138.

In an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?

a)

Supply for gasoline will decrease

b)

Supply for gasoline will increase

c)

Supply for gasoline will stay the same

139.

Which of the following defines "Complementary Goods?"

a)

Goods that can be used to replace the purchase of similar goods when prices rise

b)

Goods that are commonly used with other goods

c)

Goods that are independent of other markets

140.

If only the price for a good or service changes, does the demand curve shift? Why or why not?

a)

Yes, Price shifts the demand curve to the right because less people are being goods

b)

Yes, Price shifts the demand curve to the left because more people are buying goods

c)

No, Because price does not shift the curve. Price stays on the line

d)

No, because price does not impact the points on the curve

e)

Yes and No. The price shifts the curve sometimes, but not always

141.

Which arrows on this diagram would represent the transaction between Joe who rents his office to Homework Inc., a company that provides tutoring services?

a)

2,3

b)

4,7

c)

1,2

d)

5,6

142.

What is being represented by the "red flow line"

a)

The flow of money

b)

The flow of goods and services

c)

Taxes

d)

Productive resources

143.

In the circular flow model, what do individuals sell to the factor market

a)

Services

b)

Money

c)

Productive Resources

d)

goods

144.

The circular flow model of a market economy shows

a)

how profits are made

b)

what inputs are required for what outputs

c)

how many firms can support the needs of how many households

d)

the interactions between households and firms in the free market

145.

In the circular flow model, the product market describes _____.

a)

stores that sell goods and services to households

b)

the government paying for public goods

c)

households selling their labor to businesses

d)

households receive income from businesses

146.
In perfect competition, the product is differentiated
a)
True
b)
False
147.
In monopolistic competition there are many buyers and sellers
a)
True
b)
False
148.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
149.
In which market structure is there the MOST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
150.
Which type of market structures has many many producers(companies) that sell identical products and has no control over price?
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
151.
Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
152.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
153.
Which scenario is an example of a monopoly? 
a)
A local water company is the sole provider of water for a small town.
b)
A dry cleaner specializes in environmentally friendly cleaning methods.  
c)
A farmer produces green beans for sale at a farmer's market.
d)
A small number of cereal companies produce most of the cereal on the market.
154.
In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of
a)
A monopoly
b)
Monopolistic Competition
c)
Perfect Competition
d)
Oligopoly
155.
This market structure has 3-4 firms who dominate 70-80% of the industry. 
a)
Monopoly
b)
Monopolistic Competitio
c)
Perfect Competitio
d)
Oligopoly 
156.
List the four market structures in order from least competitive to most competitive.
a)
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
b)
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
c)
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
d)
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
157.
What is not part of perfect competition?
a)
buyer/ seller are well informed
b)
sellers cannot enter/ exit market easily
c)
low prices
d)
few barriers of entry
158.
When a major car company lowers its prices, other car makers will probably 
a)
maintain existing prices.
b)
raise their prices.
c)
go out of business.
d)
lower their prices.
159.
Perfect competition is characterized by
a)
a large number of sellers and buyers.
b)
diverse products.
c)
sellers acting together to set prices.
d)
uninformed buyers and sellers.
160.
ABC, CBS, FOX and NBC are a great example of this market structure
a)
Perfect Competition
b)
Imperfect Competition
c)
Oligopoly
d)
Monopoly
161.
How many firms are there in a perfect competition?
a)
1
b)
2-5
c)
Many
162.
Factors that make it difficult for new firms to enter a market are called
a)
Barriers to entry
b)
Factors of production
c)
Limited supply
d)
Monopolistic Outlook
163.
How many firms are there in a monopoly?
a)
1
b)
2-5
c)
Many
164.

Which of the following industries is an example of a monopoly?

a)

utilities/water

b)

department stores

c)

auto industry

d)

commercial airlines

165.

Firms in this kind of market produce goods that are very close substitutes.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

166.

Which of the following is NOT a Market Structure?

a)

Perfect Competition

b)

Oligopoly

c)

Monopoly

d)

Corporation

167.

Using the pizza store graphic, what market structure best fits the pizza industry?

a)

Monopoly

b)

Oligopoly

c)

Perfect competition

d)

Monopolistic competition

168.

Differentiation is _________________.

a)

having identical products.

b)

copying another business.

c)

small differences that make your product unique.

d)

having control of the market value.

169.

Fast food restaurants are an example of _______________. (2 answers)

a)

differentiation.

b)

monopolistic competition.

c)

pure / perfect competition.

d)

monopolies.

170.

The farmers' market is an example of _______________.

a)

a monopoly.

b)

a purely/perfectly competitive market.

c)

an oligopoly.

d)

a monopolistic competition.

171.

Airlines are examples of _________________.

a)

purely / perfectly competitive markets.

b)

monopolies.

c)

oligopolies.

d)

monopolistic competition.

Similar Resources on Wayground

History Bowl

170 questions

History Bowl

quiz

Worksheet

•

9th Grade

Ancient Rome review gr 9

168 questions

Ancient Rome review gr 9

quiz

Worksheet

•

9th Grade

DNA Replication Quiz

172 questions

DNA Replication Quiz

quiz

Worksheet

•

9th Grade