In which type of economy do prices change based on supply and demand?

Mock Test – BOP

Quiz
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Business
•
Professional Development
•
Hard
Varuni Kaushal
FREE Resource
32 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Government economy
Free market economy
Mixed economy
Planned economy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who decides what goods are made in a planned economy?
Business owners
The government
Consumers
Shopkeepers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do people have to make choices when buying things?
Because prices are too high
Because they don’t like shopping
Because there are limited resources and unlimited wants
Because shops are far away
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main goal of businesses in a free market?
Helping others
Making profit
Making laws
Protecting nature
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the PPF (Production Possibility Frontier) show?
What a factory looks like
The best way to use resources to make two goods
Prices in the market
Jobs available in a city
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is not a factor of production?
Land
Labour
Capital
Money
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is scarcity a problem in economics?
Because people save too much
Because the resources are limited and wants are unlimited
Because People love money
Because people want all good things
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