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ch04-3 - Chapter4 MULTIPLECHOICE 1 a priceandquantity b...

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Chapter 4 The Market Forces of Supply and Demand MULTIPLE CHOICE 1. The forces that make market economies work are a. price and quantity. b. demand and supply. c. the Senate and House of Representatives. d. the Constitution and the Bill of Rights. ANSWER: b. demand and supply. TYPE: M SECTION: 1 DIFFICULTY: 1 2. Which of the following are the words most commonly used by economists? 3. One result of a drought in the midwest could be an increase in 4. In a free market, who determines how much of a good will be sold and the price at which it is sold? 5. A market is a a. group of demanders and suppliers of a particular good or service. b. group of people with common desires. c. place where only sellers meet. d. place where only buyers come together. ANSWER: a. group of demanders and suppliers of a particular good or service. TYPE: M SECTION: 1 DIFFICULTY: 1 6. The behavior of people as they interact with one another in markets is referred to as 87
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88 Chapter 4/The Market Forces of Supply and Demand 7. Which of the following is true? 8. For each good produced in a market economy, demand and supply determine
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