Why Do People Like Free Markets?
Interactive Video
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Business
•
11th Grade - University
•
Easy
Wayground Content
Used 3+ times
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the main benefits of economic growth mentioned in the tutorial?
Reduced competition
Increased incomes
Lower standard of living
Decreased innovation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Adam Smith, what keeps the marketplace functioning?
Monopolies
Public goods
Self-interest and competition
Government regulations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What metaphor did Adam Smith use to describe the self-regulating nature of free markets?
The hidden force
The visible hand
The guiding light
The invisible hand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an advantage of free market economies?
Consumer sovereignty
Natural monopolies
Innovation
Economic freedom
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a natural monopoly?
A market with government intervention
A market with no competition
A market with many sellers
A market dominated by a single seller due to high startup costs
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential negative outcome of free market economies mentioned in the tutorial?
Increased public goods
Positive externalities
Improved working conditions
Race to the bottom
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do societies attempt to address the disadvantages of free market economies?
By eliminating all regulations
By balancing free markets with government intervention
By promoting monopolies
By reducing consumer choice
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