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Quiz 5-Eco g10

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Quiz 5-Eco g10

sumayyah June 18, 2024

The role of markets in allocating resources

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Question 1 of 4
1. Question
What are the three questions faced by all economies?
- A. What to produce, when to produce and who receives it?
- B. What to produce, how to produce and who receives it?
- C. Where to produce, how to produce and when to produce?
- D. Where to produce, when to produce and why to produce?
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Question 2 of 4
2. Question
What encourages firms to produce what consumers demand?
- A. The chance to earn a high profit
- B. The chance to experience unit high costs of production
- C. The desire to attract new firms into the industry
- D. The desire to keep revenue as low as possible
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Question 3 of 4
3. Question
How are resources allocated in a market economy?
- A. By directives
- B. By price mechanisms
- C. By directives or price mechanisms
- D. By directives and price mechanisms
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Question 4 of 4
4. Question
What is meant by market forces?
- A. The interaction of demand and supply
- B. The interaction of firms and government
- C. The power of producers
- D. The power of the state
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Quiz 5-Eco g10

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