C3_Pre-Test

C3_Pre-Test - Pre-Test...

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Pre-Test (See related pages) 1 A market: A) is any place where goods are bought and sold. B) can be represented by an auction or a stock exchange. C) is where buyers and sellers interact. D) All of the above are true. 2 Why do we participate in exchanges? A) Because we are incapable of producing all that we desire. B) Because we have limited amounts of time, energy, and resources. C) Both of these statements are true. D) Neither of these statements is true. 3 Which side of a market is represented by demand? A) consumer or buyer B) producer or seller C) human D) None of the above is true. 4 Which of the following is not a determinant of demand? A) Tastes B) Income C) Expectations D) Number of sellers 5 Equilibrium occurs where: A) the quantity demanded equals the quantity supplied. B) the demand and supply curves cross. C) the market balances or clears. D) All of the above are true. 6 Whenever the market price is not at equilibrium, what will be the result? A)
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C3_Pre-Test - Pre-Test...

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