7 Questions
What does the price system in a market economy provide signals about?
What goods and services should be produced
Which of the following is an example of an economic shortage?
Water shortage
Which of the following best describes a shortage?
When the quantity demanded of a good is greater than the quantity supplied
What are a few examples of common types of economic shortages?
Food shortages, power shortages, and labor shortages
Which of the following best describes a surplus?
When producers make too many goods but consumers don't have the capacity to buy them
What is a surplus?
An amount of goods that is more than is needed
When does a surplus occur?
When producers make too many goods and consumers have the capacity to buy them
Test your knowledge on the marketing price system and its role in a market economy. Learn about shortages and understand the concept of supply and demand. Take the quiz and discover how prices influence production and consumption decisions.
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