Market Forces and Price Mechanism Quiz

Market Forces and Price Mechanism Quiz

8th Grade

10 Qs

quiz-placeholder

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Market Forces and Price Mechanism Quiz

Market Forces and Price Mechanism Quiz

Assessment

Quiz

Social Studies

8th Grade

Medium

Created by

Tricia Gilbert

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are market forces?

Changes in supply and demand that affect how much people are willing to pay for or sell goods and services

The total number of products available in a market

The amount of money a government spends on goods

The number of stores in a city

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the price mechanism?

The way price can affect the supply and demand of goods and services

The process of making goods in a factory

The method of advertising products

The way consumers choose their favorite brands

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, what happens when the price of a good rises?

The quantity demanded decreases

The quantity demanded increases

The supply of the good decreases

The supply of the good increases

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are producers more willing to supply goods at higher prices?

Because higher prices mean greater profits

Because higher prices mean fewer customers

Because higher prices reduce production costs

Because higher prices increase demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A baker decides not to bake blueberry muffins if the selling price does not cover the cost of ingredients. Which economic concept does this illustrate?

Law of supply

Law of demand

Price mechanism

Market forces

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "market forces" refer to in economics?

The influence of government policies on prices

The actions of buyers and sellers that determine prices in a market

The physical location where goods are sold

The amount of money a business makes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

According to Source 4, how many blueberry muffins will a baker supply if the price is $2.5 each?

60

75

90

120

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