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Applied Economics Quiz 1 (20 MCQs)

Quiz Instructions

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1. Written estimate of anticipated government revenues and expenditures during a specific period of time.
2. The supply curve shows an upward slope
3. In monopolistic competition there are many buyers and sellers
4. The market structure that involves the most competition.
5. A list of the amounts of a product that a buyer would purchase at different prices
6. It is important that you know your competitors and be ready for them.
7. In 2008, who was the 39th richest man in the Philippines?
8. Most of the workers in a certain company are not well trained. This is a .....
9. If the cross-price elasticity between soap bar and liquid soap commodities is 1.5,
10. The rivalry among various sellers in the market. It exists in all types of markets, in a competitive market producers reduce their production costs to gain more profits. Competition motivates producers to improve the quality of goods and services and selling it all the lowest possible prices
11. GDP declines during a(an)
12. Price floor is the legally imposed ..... price on the market.
13. Minimum wage refers to the highest wage paid to workers under the legislation and government policies.
14. When a price of an elastic product increases, the quantity demanded for that product will decrease on a higher rate.
15. Economics is derived from Greek word "oikanomia" meaning?
16. Quantity supplied may change even if there is no change in price.
17. In a business plan, it is NOT important to describe the industry in which you will operate.
18. What will happen if there is a price change in demand
19. It refers to all physical and mental efforts that people make available forproduction.
20. It is a table that summarizes the quantitysupplied for every price level.
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