What does “quantity demanded” mean?
  • The number of goods producers are willing to sell
  • The number of goods buyers are willing and able to buy at a given price
  • The cost of producing goods
  • The government’s spending on goods
What shape is a typical demand curve?
  • Upward sloping
  • Downward sloping
  • Vertical
  • Horizontal
What does the supply curve usually show?
  • As price rises, producers supply less
  • As price rises, producers supply more
  • As price rises, demand increases
  • As price falls, supply increases
The intersection of demand and supply is known as:
  • Disequilibrium
  • Surplus
  • Equilibrium
  • Shortage
What is the primary function of a market?
  • To provide education
  • To buy and sell goods and services
  • To offer loans
  • To promote traditions
What is one of the main problems with the barter system?
  • Double Coincidence of wants
  • High transportation costs
  • Lack of demand for goods
  • Limited goods to exchange
Which of the following is an example of an online market?
  • Haat
  • A local grocery store
  • An app for shopping
  • A farmer’s market
Which market is used for exchanging large quantities of goods?
  • Retail market
  • Online market
  • Wholesale market
  • Digital market
What term refers to the amount of goods and services that sellers are willing to offer at different prices?
  • Demand
  • Supply
  • Transaction
  • Price
Which of these products is commonly traded in domestic markets?
  • Aircraft
  • Gold
  • Fruits and vegetables
  • Electronics
What is the role of government in markets?
  • To ensure fair pricing and quality
  • To limit the supply of goods
  • To increase demand
  • To make all decisions for sellers
What is one of the benefits of a market for society?
  • It decreases competition among sellers
  • It encourages innovation and better products
  • It reduces the availability of goods
  • It promotes only local products
Which type of market allows goods to be bought from international sellers?
  • Domestic market
  • Wholesale market
  • International market
  • Retail market
Which of these is an example of a public good?
  • A private restaurant
  • A public park
  • A commercial store
  • A private gym
“Our product is quite similar to others in the market, but we highlighted the differences well, so it was easy to sell.”
  • Supplier markets
  • Internal markets
  • Recruitment markets
  • Customer markets
"We had links with people who liked our services, and word-of-mouth recommendations really increased our sales"
  • Internal markets
  • Referral markets
  • Recruitment markets
  • Supplier markets
“A whole range of people inside the organization have an effect on the success of our company.”
  • Referral markets
  • Influence markets
  • Recruitment markets
  • Internal markets
“Our staff are the main reason for our success. We are always careful about who we hire.”
  • Recruitment markets
  • Influence markets
  • Internal markets
  • Supplier markets
“Most of our contracts come from local governments, so it’s important we maintain good relationships with them.”
  • Recruitment markets
  • Customer markets
  • Influence markets
  • Internal markets
“It’s more important to keep our existing customers happy than to focus on finding new ones.”
  • Influence markets
  • Recruitment markets
  • Internal markets
  • Customer markets
A factor other than price that affects demand:
  • Determinant of supply
  • Income effect
  • Determinant of demand
  • Diminishing marginal utility
A product used instead of another when prices rise:
  • Complementary good
  • Substitute good
  • Related good
  • Substitution effect
When a small price change causes a big change in quantity demanded:
  • Inelastic demand
  • Elastic demand
  • Inelastic supply
  • Elastic supply
Government payment to fund public services:
  • Subsidy
  • Regulation
  • Salary
  • Tax
Government payment to businesses to encourage production:
  • Subsidy
  • Tax
  • Salary
  • Regulation
Additional output from adding one more unit of input:
  • Marginal product
  • Total product
  • Actual product
  • Total cost
Costs that do not change with production level:
  • Fixed costs
  • Variable costs
  • Total costs
  • Marginal costs
According to the law of supply, when price increases, producers will:
  • Supply more
  • Supply less
  • Lower the price
  • Stop production
When quantity supplied is more than quantity demanded:
  • Surplus
  • Shortage
  • Market failure
  • Market equilibrium
When quantity demanded exceeds quantity supplied:
  • Surplus
  • Shortage
  • Market failure
  • Market equilibrium
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