Other questions in this quiz

2. What is macro economics

  • a branch of economics that studies businesses
  • the branch of economics concerned with large scale or general economic factors, like interest rates
  • a branch of economics that studies the behavior of individuals and firms

3. Elasticity is

  • when the price of goods go up and demand goes down
  • when the price of goods down and demand goes up

4. What is a free market economy

  • an idealised market when prices for goods and services are determined by the consumers alone
  • an idealised market when prices for goods and services are determined by the open market and consumers
  • an idealised market when prices for goods and services are determined by the government

5. Why do demand curves shift

  • companies go bankrupt
  • when the price falls and quantity of a commodity rises and vice versa
  • the weather changes

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