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Applied Economics Quiz 12 (20 MCQs)

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1. It refers to the product created as a result of the combination of input in the production process.
2. What is another term for Households?
3. It deals with the behavior of economy as a whole with the view to understand theinteraction between economic aggregates such as employment, inflation andnational income.
4. Are the firm's total revenues from sales of its output, minus the firm's explicit costs.
5. Goods that are bought and used together are a) unrelated goodsb) substitute goodsc) complementary goodd) income goods. Goods that are bought and used together are a) unrelated goodsb) substitute goodsc) complementary goodd) income goods. Goods that are bought and used together are
6. Goods that are bought and used together.
7. To answer the "for whom" question, what does it imply?
8. This refers to the total income of all residents of a nation, including income from factors of production, used abroad the total expenditure a nation's output of goods and services.
9. It is the term used for satisfaction derived from consuming a good / service.
10. Which of the following is true about the impact of a business on households?I. New businesses mean employment opportunities for the Filipinos.II. Businesses become instruments for society to have a better place to live in.III. Suppliers will produce more tools and they will need to hire more workers.IV. The government gets to impose taxes on the incomes earned by the businesses.
11. A decrease in the average incomes of consumers will result in which of the following?
12. Represents the inverse relationship between price and quantity demanded.
13. Estate Tax is a tax levied by the local government on properties.
14. It is usually defined as a quantifiable summation of satisfaction or happiness obtained from consuming multiple units of a particular good or services.
15. Equilibrium quantity is attained where:Qd = Qs
16. The Spanish introduced coins to the Philippines when they colonized the country in 1561.
17. What is the interaction of supply (quantity producers are willing to sell) and demand (quantity consumers are willing to buy) that determines prices in markets?
18. Occurs when individual workers focus on single tasks, enabling each worker to become more efficient and productive
19. A supply curve illustrates the relationship between
20. The inflation has been above 5% per year for the last 5 years. The statement above is considered as a .....
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