1) Which of the following statements best defines a market? a) place where only buyers of goods meet. b) An arrangement where buyers and sellers of a good or service meet. c) A digital platform for selling stocks. d) A place where only sellers of goods meet. 2) What does ceteris paribus mean in economics? a) Changing all factors simultaneously. b) Holding all other factors constant while one factor changes. c) Increasing demand with decreasing supply. d) None of the above. 3) Which of the following is an example of a public good? a) Books b) clothes c) street lights d) medical care 4) The law of demand states that: a) As price increases, quantity demanded increases. b) As price increases, quantity demanded decreases. c) Price and quantity demanded have a positive relationship. d) Price has no effect on quantity demanded 5) Which of the following causes a shift in the demand curve? a) Change in the price of the good. b) Change in consumer income. c) Change in the cost of production. d) Change in technology. 6) What happens to the quantity demanded of chicken if the price of chicken decreases? a) It remains constant. b) It decreases. c) It increases. d) It fluctuates. 7) Which of the following factors does not affect the supply curve? a) Technological advancements. b) Consumer tastes. c) Government policies. d) Cost of production. 8) The relationship between the quantity of a product demanded by a single individual and its price is known as: a)  Market demand. b) Individual demand. c) Aggregate demand. d) Collective demand. 9) An upward movement along the supply curve indicates: a) Increase in quantity supplied. b) Decrease in quantity supplied. c) Decrease in supply. d) Increase in demand.

Topic 2 (Part 1)

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