What is the main idea behind a free market economy
Putting it into practice: Economics 1

Quiz
•
Social Studies
•
6th - 8th Grade
•
Medium
lorelei huang
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37 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Allows individuals to make choices about how to use resources to satisfy their needs
Companies can create markets to have control over consumers
Allows the government to oversea the economic state and protect the people from illegal trades
Producers have the freedom to set prices and make consumers buy them at the price
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What does this diagram represent?
Law of supply
Law of demand
supply and demand
the stock market
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What does this diagram represent?
Law of supply
Law of demand
supply and demand
the stock market
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If the equilibrium is $9.99 at what price will a shortage occur
$9.99
1.99
13.00
10.00
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If the equilibrium is $14.99 at what price will a surplus occur
9.99
8.99
26.00
14.99
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Mr. Rush goes to Starbucks and notices that the price of coffee has been raised by $2.00 because of the price he decides he no longer wants Starbucks. What item is best described in this scenario?
Law of supply
Elastic demand
Limited Liability
Collective bargaining
Price volatility
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Formed in the 1800's, workers created an association for the purpose of improving their economic status and working conditions
Communism
Labor Unions
Collective bargaining
Trust
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