An arrangment made for buyers and sellers to trade goods

Fabulous Economics Quiz Flashcards

1

What are the functions of a market system?

resource allyocation
Price determination
Price determimation
Reasource allocation

2

what is an inferior good?

A good that people get for free
an apple
A good where demand will fall if income rises
A good where demand rises if income rises

3

What is another term for Market system?

price determination
price mechinism
resource allocation
supply and demand

4

How good was this test?

YOUR SO LAME
9x10100,000
AMAZEBALLZ
YASSSSSSSS

5

calculate the opportunity cost from B to A

1 phone
10 cameras
10 phones
1 camera

6

what is the economic choice

the opportunity cost
the one you choose
the one you don't choose
the banana

7

Is X possible to achieve?

It's feasible
Yes
It's efficient
No

8

what are exporters

firms thats throw their supply in the sea
firms that sell overseas
firms that don't have any resources
firms that sell in local markets

9

Is weather a factor that affects demand?

No
Why?
Yes
Maybe

10

What is a substitute good

A good which completes the same function as each other
cola
pepsi
people that swap during a football match

11

Which of the following is not a factor affecting demand?

Population
Fashion
Food
Complements

12

True or False: Seller are responsible for demand

False
True

13

True or False: If demand rises supply will rise

True
False

14

economic problem= scarce ?+ Infinite wants

needs
wants
bulldozers
resources

15

What is a Market?

An arrangment made for buyers and sellers to trade goods
A place were sellers can negotiate with other sellers
A set of arrangments made for buyers to sell products
an arrangment whyere sellers buy products

Fabulous Economics Quiz

Questions 15

Fabulous Economics Quiz

Questions 15