Quiz

Question 1 (0.5 points)

Saved

A _______________ is almost always downward-sloping, reflecting the willingness of consumers to purchase more of the commodity at lower price levels.

Question 1 options:

	Supply curve
	Price Elasticity
	Demand curve
	Market equilibrium

Question 2 (0.5 points)

Saved

At a price of $2, more than 4,000 people would want to see the Lou's Crew show. If there are only 1,000 tickets, they will go to the people who get to the ticket window before the tickets are sold out. This method of allocation, called ____________________.

Question 2 options:

	Government decree
	Sellers' preference
	The market
	First come, first served

Question 3 (0.5 points)

Perhaps the people interested in seeing a show could put their names into a giant box and the first 1,000 names drawn would get the tickets is called _______________.

Question 3 options:

	Government decree
	First come, first served
	The lottery
	Sellers' preference

Question 4 (0.5 points)

___________________ means that, given the available inputs and technology, it's impossible to produce more of one good without decreasing the quantity of another good that's produced.

Question 4 options:

	Allocative Efficiency
	Comparative Advantage
	Market-oriented Efficiency
	Productivity Efficiency

Question 5 (0.5 points)

Under a ___________________, economic decisions such as what goods to produce, how much to produce, and its price are decided upon by central powers.

Question 5 options:

	Traditional Economic System
	Cooperation Economic System
	Command Economic System
	Market Economic System

Question 6 (0.5 points)

Under a ___________________, subsistence is the main driver for economic trades, whilst profit is not the main motive. Instead, this system relies on communities and the cohesion between them to provide and sustain each other.

Question 6 options:

	Cooperation Economic System
	Market Economic System
	Command Economic System
	Traditional Economic System

Question 7 (0.5 points)

Under a ___________________, production is owned and controlled by private enterprise rather than the government. Instead of government dictating what goods and services should be produced, these are driven by supply and demand mechanisms.

Question 7 options:

	Cooperation Economic System
	Command Economic System
	Traditional Economic System
	Market Economic System

Question 8 (0.5 points)

A __________________ is usually upward-sloping, reflecting the willingness of producers to sell more of the commodity they produce in a market with higher prices.

Question 8 options:

	Price Elasticity
	Market equilibrium
	Demand curve
	Supply curve

Question 9 (0.5 points)

__________________ means that the particular mix of goods a society produces represents the combination that society most desires.

Question 9 options:

	Comparative Advantage
	Market-oriented Efficiency
	Allocative Efficiency
	Productivity Efficiency

Question 10 (0.5 points)

Economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.

Question 10 options:

	True
	False