Applied Economics

Applied Economics

12th Grade

12 Qs

quiz-placeholder

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Applied Economics

Applied Economics

Assessment

Quiz

Other

12th Grade

Easy

Created by

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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