AsterQuiz Markets and ConsumptionOnline version Come on! by Cinthia Gaspar 1 Which statement best describes the concept of a market? a A market is any arrangement that allows buyers and sellers to exchange goods and services, whether physical or digital. b A market is only a physical place where people buy and sell products, such as a store or a shopping mall. c A market is a government institution that fixes prices and controls the quantity of goods produced. 2 What is the main difference between supply and quantity supplied? a Supply changes only when the price changes, while quantity supplied changes when production costs change. b Supply is the amount consumers want to buy, while quantity supplied is the amount producers want to sell. c Supply refers to the entire relationship between price and quantity that producers are willing to sell, while quantity supplied is the amount offered at a specific price. 3 Which of the following best explains the law of demand? a When the price of a good rises, the demand for that good tends to rise, because people expect higher prices in the future. b When the price of a good rises, the quantity demanded of that good tends to fall, ceteris paribus. c When the price of a good rises, the quantity demanded remains the same, but the demand curve shifts to the right. 4 What is the main purpose of a geo-economic analysis? a To analyze how geography, economics, politics, and society shape production and consumption b To study stock market investments exclusively c To calculate the shipping cost of local products 5 Which factor is essential for a country to move physical goods efficiently into the global market? a Social media advertising b High inflation rates c Robust infrastructure (ports, highways, and logistics) 6 What is a direct effect of Nearshoring in a host country like Mexico? a Total elimination of international trade b Increase in Foreign Direct Investment (FDI) and job creation c Higher transportation costs to target markets 7 In the smartphone case study, why is assembly often located in countries like China or India? a Because smartphones are only consumed in Asian markets b Because of specialized labor forces, infrastructure scale, and manufacturing clusters c Because design and software development strictly happen there 8 What Nahuatl word gave us the term "tianguis"? a Tianquiztli b Tonatiuh c Quetzalcoatl 9 What year ended Spain's port trade monopoly with New Spain? a 1787 b 1788 c 1778 10 What term describes companies relocating supply chains closer to the U.S.? a Offshoring b Nearshoring c Globalization 11 Who described the Tlatelolco market in his letters to the King of Spain? a Cortés b Cortez c Cortes 12 According to the law of demand, what happens when the price of a good increases? a Consumers usually buy less of that good. b Consumers usually buy more of that good. c The quantity demanded does not change.
