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economic systems and supply and demand - Day 3

Quiz by Amy Aldy

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8 questions
Show answers
  • Q1
    *Which of these BEST replaces the question mark?
    Question Image
    Traditional
    Market
    Mixed
    Command
    120s
  • Q2
    *Which of these BEST replaces the question mark?
    Question Image
    Command
    Mixed
    Traditional
    Market
    120s
  • Q3
    *A winter freeze destroys 25 percent of a country’s annual orange harvest. Which statement regarding the country’s orange juice market is MOST accurate?
    The price of orange juice will increase
    Consumers would be less likely to want to buy orange juice
    The price of orange juice will decrease
    There would be no change in the price of orange Juice
    120s
  • Q4
    *Which statement BEST describes the relationship between supply and demand?
    A product with low demand and low supply will experience an increase in price.
    A product with low demand and high supply will experience no change in price.
    A product with high demand and low supply will experience an increase in price.
    A product with high demand and high supply will experience a decrease in price.
    120s
  • Q5
    *In what system does the government control all of the means of production, including private property, and make all decisions on how resources are to be used?
    Traditional
    Mixed
    Market
    Command
    120s
  • Q6
    * In a pure free enterprise system, individuals either purchase health insurance or pay for any medical service needed. How would a socialist economic system (mixed system) be different?
    Companies would be unable to lower costs for employees’ health-care benefits.
    The government would be unable to provide incentives to companies providing health care.
    Individuals would choose from health-care options sponsored by the government.
    The military would receive government health care in an effort to promote stability.
    120s
  • Q7
    If there is more of a product or service than there is a demand for that product or service, there is said to be a ________
    surplus
    shortage
    120s
  • Q8
    If there is more demand for a product or service than there is product or service available, there is said to be a ______
    shortage
    surplus
    120s

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