Which is not a basic principle of a market system
2.2 The role of markets in allocating resources

Quiz
•
Social Studies
•
10th Grade
•
Medium
Tianming Gao
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37 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
competition
voluntary exchange
socialism
self-interest
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following does not follow with the basic principles of market systems?
People are driven by their desire to make a profit
competition is discouraged
people feel best when they freely trade for what they want
innovation is encouraged
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a benefit of the market system?
Competition ensures choice for consumers.
Prices equal supply costs
Unemployment is kept to a minimum
Wage differentials are small
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an advantage of a market economy?
an absence of poverty
consumer sovereignty
full employment
firms have monopoly power
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market system, what encourages firms to keep their costs low?
competition
subsidies
taxation
rules and regulations
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What encourages firms to produce what consumers demand?
the desire to keep revenue low
the chance to make high profit
the chance to keep cost of production high
the desire to attract firms in the industry
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