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Year 11 Exam  >  Year 11 Tests  >  Economics for GCSE/IGCSE  >  Test: The Role of Markets in Allocating Resources - Year 11 MCQ

Test: The Role of Markets in Allocating Resources - Year 11 MCQ


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10 Questions MCQ Test Economics for GCSE/IGCSE - Test: The Role of Markets in Allocating Resources

Test: The Role of Markets in Allocating Resources for Year 11 2024 is part of Economics for GCSE/IGCSE preparation. The Test: The Role of Markets in Allocating Resources questions and answers have been prepared according to the Year 11 exam syllabus.The Test: The Role of Markets in Allocating Resources MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: The Role of Markets in Allocating Resources below.
Solutions of Test: The Role of Markets in Allocating Resources questions in English are available as part of our Economics for GCSE/IGCSE for Year 11 & Test: The Role of Markets in Allocating Resources solutions in Hindi for Economics for GCSE/IGCSE course. Download more important topics, notes, lectures and mock test series for Year 11 Exam by signing up for free. Attempt Test: The Role of Markets in Allocating Resources | 10 questions in 20 minutes | Mock test for Year 11 preparation | Free important questions MCQ to study Economics for GCSE/IGCSE for Year 11 Exam | Download free PDF with solutions
Test: The Role of Markets in Allocating Resources - Question 1
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What is the primary objective of any economic system?

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The primary objective of any economic system is to efficiently allocate limited resources to address the fundamental economic issue of scarcity.
Test: The Role of Markets in Allocating Resources - Question 2
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Which economic system relies solely on the dynamics of demand and supply to allocate resources?

Detailed Solution for Test: The Role of Markets in Allocating Resources - Question 2
The market system (or free market system) relies on the price mechanism driven by demand and supply to allocate resources.
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Test: The Role of Markets in Allocating Resources - Question 3
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What role do prices play in a market system?

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Prices in a market system influence resource allocation by signaling where resources are needed (higher prices) or not (lower prices).
Test: The Role of Markets in Allocating Resources - Question 4
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Market equilibrium occurs when:
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Market equilibrium occurs when quantity demanded equals quantity supplied, establishing the market clearing price.
Test: The Role of Markets in Allocating Resources - Question 5
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What does disequilibrium in a market system indicate?
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Disequilibrium in a market system indicates either excess demand (shortage) or excess supply (surplus) of goods or services.

Test: The Role of Markets in Allocating Resources - Question 6
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In a market system, who determines the prices of goods and services?
Detailed Solution for Test: The Role of Markets in Allocating Resources - Question 6
Prices of goods and services in a market system are determined by the interaction of supply and demand.
Test: The Role of Markets in Allocating Resources - Question 7
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What economic questions does a market system address?
Detailed Solution for Test: The Role of Markets in Allocating Resources - Question 7
A market system addresses all economic questions: what to produce, how to produce, and for whom to produce.
Test: The Role of Markets in Allocating Resources - Question 8
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What does the price mechanism in a market system communicate to producers?
Detailed Solution for Test: The Role of Markets in Allocating Resources - Question 8
The price mechanism communicates to producers where resources are needed (higher prices) or not (lower prices) in the market system.
Test: The Role of Markets in Allocating Resources - Question 9
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Which economic system allows for government intervention to correct market failures?
Detailed Solution for Test: The Role of Markets in Allocating Resources - Question 9
A mixed economy allows for government intervention to correct market failures while still relying on market mechanisms for resource allocation.
Test: The Role of Markets in Allocating Resources - Question 10
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What is the market clearing price in a market system?
Detailed Solution for Test: The Role of Markets in Allocating Resources - Question 10
The market clearing price in a market system is the price at which sellers can sell their goods or services at a satisfactory pace, achieving market equilibrium.
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