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B.Com General Economic Systems and Markets — practice questions

Explore 29 free Economic Systems and Markets questions in B.Com General Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Economic Systems and Markets questions and exercises with answers

Showing questions 1–29 of 29.

The study of how a society uses scarce resources to produce and distribute goods is:Read the answer and worked solution →The resources used to create goods and services are called the:Read the answer and worked solution →A branch of economics that looks at the whole economy rather than single households is:Read the answer and worked solution →The branch focusing on individual parts such as households or single firms is:Read the answer and worked solution →A system built on marketplace competition and private ownership of resources is:Read the answer and worked solution →A system where the government owns virtually all resources is:Read the answer and worked solution →A system where basic industries are state-owned or under strong state control is:Read the answer and worked solution →Economies that combine several systems, part private and part state, are:Read the answer and worked solution →The quantity of a good people are willing to buy at various prices is:Read the answer and worked solution →The point at which the quantity demanded equals the quantity supplied is:Read the answer and worked solution →The total market value of all final goods and services produced within a country is:Read the answer and worked solution →A situation in which the average of all prices is rising is:Read the answer and worked solution →The value of what money can actually buy is called:Read the answer and worked solution →The index tracking prices of a market basket of goods bought by households is the:Read the answer and worked solution →The government's use of taxation and spending to affect the economy is:Read the answer and worked solution →Government programmes controlling the amount of money circulating make up:Read the answer and worked solution →The amount of goods and services one worker can produce is:Read the answer and worked solution →A market where a single firm accounts for all sales and entry is blocked is a:Read the answer and worked solution →A market where a few firms produce most or all of the output is an:Read the answer and worked solution →Many firms selling close but not identical substitutes describes:Read the answer and worked solution →A country's output of goods and services that people can buy with their money is its:Read the answer and worked solution →Catch the market structuresRead the answer and worked solution →Pop the economic systemsRead the answer and worked solution →Run the economy gatesRead the answer and worked solution →Slice the economics wordsRead the answer and worked solution →Fiscal or monetaryRead the answer and worked solution →Sort the market typesRead the answer and worked solution →Type the numberRead the answer and worked solution →Economics bingoRead the answer and worked solution →

Worked practice questions

The study of how a society uses scarce resources to produce and distribute goods is:

  1. Economics
  2. Ergonomics
  3. Electronics
  4. Epidemics
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Correct answer: A. Economics

1. Resources are limited. 2. Choices must be made about their use. 3. This is economics. _Source: OpenStax Introduction to Business, Chapter 1, Understanding Economic Systems and Business._

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The resources used to create goods and services are called the:

  1. Factors of projection
  2. Factors of production
  3. Factors of protection
  4. Factors of promotion
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Correct answer: B. Factors of production

1. Land, labour and capital belong here. 2. They go into making the output. 3. They are the factors of production. _Source: OpenStax Introduction to Business, Chapter 1, Understanding Economic Systems and Business._

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A branch of economics that looks at the whole economy rather than single households is:

  1. Macroeconomics
  2. Microeconomics
  3. Metroeconomics
  4. Mixedeconomics
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Correct answer: A. Macroeconomics

1. Its view is the widest. 2. Single firms are studied elsewhere. 3. It is macroeconomics. _Source: OpenStax Introduction to Business, Chapter 1, Understanding Economic Systems and Business._

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