
Applied Economics
Quiz
•
Other
•
12th Grade
•
Easy
Jessica santos
Used 1+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between nominal wage and real wage?
Nominal wage is money received, real wage is purchasing power
Nominal wage is higher real wage is always lower
Nominal wage is for part time jobs railways is for full time wage is for part time jobs railways is for full time jobs
Nominal wage is a fixed amount real wage is changes daily
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to a market when barriers to entry increase
The market becomes less competitive and harder to enter
The market allows more firms to compete freely
The prices of goods and services automatically decrease
The number of businesses in the market rapidly grows
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best explain why barriers to entry reduce market competition
They prevent new firms from entering limiting choices for consumers
They help small businesses grow and become industry leaders
They more businesses to start up quickly
They make it easier for all companies to complete fairly
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes monopolistic competition
A market structure where a single cell are dominates the market with no close substitutes
A market structure with many sellers offering differentiated products with some control over price
A market structure where a few firms dominate and pricing decisions are interdependent
A market structure with many firm suffering identical products with no barriers to entry
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A large telecommunications company is facing difficulty entering a new market dominated by a few films what type of market structure is the company trying to enter
Pure competition
Monopolistic competition
Oligopoly
Pure monopoly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does monopolistic competition differ from pure competition
Films in monopolistic competition sell identical products why pure competition has differentiated products
Pure competition has fewer barriers to enter the monopolistic competition
Films in monopolistic competition have some control over price due to product differentiation
Pure competition has a small number of sellers while monopolistic competition has only one seller
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do films in pure competition have no control over price
They produce differentiated goods that attract different consumers
They are only a few films competing in the market
The presence of many firm offering identical products force prices to be determined by supply and demand
Government regulations set fixed prices for all firms in pure competition
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