A commodity can be defined as...
Unit 1 Economics

Quiz
•
Business
•
12th Grade
•
Medium

Heather Demers-Keller
Used 14+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something that producers are unable to sell to consumers
A resource that is available in unlimited quantities
An exchange between a producer and a consumer
Something of value that can be bought, sold, or traded
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When demand decreases the result can be that...
The supply is likely to increase
The demand is likely to be inelastic
The price is likely to increase
The price is likely to decrease
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumer belief in a product results in...
The demand becomes less elastic
The demand becomes more elastic
The supply decreases
The price decreases
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In capitalism, what does competition do for consumers?
It limits the number of choices consumers have
It keeps prices fair for consumers
It prevents consumers from being entrepreneurs
It lets consumers create monopolies
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A strong economy can be identified by
A shrinking economy
An increase in unemployment
An increase in GDP
A decrease in spending power
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market economy is regulated by the interactions of two things...
Producers and consumers
Product-based and service-based businesses
Public and private sectors
Goods and services
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Impact on demand by increasing competition results in
Make the demand less elastic
Decrease the demand
Make the demand more elastic
Increase the demand
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