Quick-Check Questions
Understanding Market Economies Quiz
Test your knowledge about market economies, free markets, and competition with this engaging quiz! Designed for students, educators, and anyone interested in economics, this quiz will challenge your understanding of key concepts related to market dynamics.
- 5 multiple-choice questions
- Instant feedback on your answers
- Learn about economic principles in a fun way
If Drake is playing to a sold-out concert this Friday night but tickets are still in high demand, concert-goers are likely to buy tickets from ‘scalpers’ at prices considerably higher than the original price. This situation can be described as a:
Shortage; in which quantity demanded exceeds quantity supplied.
Surplus; in which quantity demanded exceeds quantity supplied.
Shortage; in which quantity supplied exceeds quantity demanded.
Surplus; in which quantity supplied exceeds quantity demanded.
The political basis for the free market economy is called ____________ which allows private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive.
Marxism
Capitalism
Consumerism
Socialism
The most important difference between command economies and market economies is______.
Access to human rights
Who controls the factors of production
The government in power
Freedom of the press
The markets for laundry detergents, soft drinks and cars are all dominated by just a few producers. In terms of competition these markets are described by the term:
Perfect competition
Monopoly
Oligopoly
Pure competition
Which of the following best describes the Canadian economic system?
Command system
Mixed market economy
Socialist system
Market economy
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