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A vibrant illustration of a busy marketplace with diverse products and people engaging in commerce, showcasing concepts of supply and demand, and competition in market economies

Understanding Market Economies Quiz

Test your knowledge about market economies, free markets, and competition with this engaging quiz! Designed for students, educators, and anyone interested in economics, this quiz will challenge your understanding of key concepts related to market dynamics.

5 multiple-choice questions
Instant feedback on your answers
Learn about economic principles in a fun way

5 Questions1 MinutesCreated by ExploringEconomics101

If Drake is playing to a sold-out concert this Friday night but tickets are still in high demand, concert-goers are likely to buy tickets from ‘scalpers’ at prices considerably higher than the original price. This situation can be described as a:

Shortage; in which quantity demanded exceeds quantity supplied.

Surplus; in which quantity demanded exceeds quantity supplied.

Shortage; in which quantity supplied exceeds quantity demanded.

Surplus; in which quantity supplied exceeds quantity demanded.

The political basis for the free market economy is called ____________ which allows private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive.

Marxism

Capitalism

Consumerism

Socialism

The most important difference between command economies and market economies is______.

Access to human rights

Who controls the factors of production

The government in power

Freedom of the press

The markets for laundry detergents, soft drinks and cars are all dominated by just a few producers. In terms of competition these markets are described by the term:

Perfect competition

Monopoly

Oligopoly

Pure competition

Which of the following best describes the Canadian economic system?

Command system

Mixed market economy

Socialist system

Market economy

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