SHS Economics · Year 1
Market practice questions
The meaning of a market and the different forms and types of markets, with examples drawn from Ghana.
10 questions in this topic: 4 recall, 4 applying skills and concepts, 1 strategic thinking and 1 extended thinking. Every one carries a written explanation.
Sample questions
3 of 10 questions in this topic. Sign up to answer them and see the explanations.
- Question 1Skills & concepts
A hair salon offering haircuts and a consulting firm offering business advice both belong to which type of market?
- aService market, where services rather than physical goods are exchanged
- bProduct market, since customers pay money for what they receive
- cVirtual market, since these businesses may have websites
- dLabour market, since employees work at these businesses
- Question 2Skills & concepts
One benefit of an online market to buyers, according to the section, is that
- athey do not have to travel from home to buy goods, since items are delivered to their door
- bprices are always guaranteed to be lower than in a physical market
- cbuyers can only purchase from sellers in their own city
- dthere is no need to pay for the goods being purchased
- Question 3Recall
The sale of counterfeit goods and illegal drugs, outside official government channels, is an example of
- aa black market
- ba virtual market
- ca labour market
- da service market
Answer these and 7 more on Market
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Start practising freeMore Economics Year 1 topics
- Economic Systems and Macroeconomic Variables
- Introduction to Economics
- Market and Demand
- Money and Financial Institutions
- Price
- Production
- Supply
- Utility