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Applied Economics Quiz 29 (20 MCQs)

Quiz Instructions

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1. What good is commonly substitute for Margarine?
2. An increase in the price of electricity bill will force you to:
3. Minimum Wage is the ..... rate per hour that a worker may be paid, as required by law.
4. The quantity supplied does not change even if there is a change in the price of the product.
5. A person who buys goods and services
6. Some businessmen go to nearby countries to buy their goods or raw materials there.
7. A ..... must name a board of directors that will make the major policy and financial decisions for the business.
8. Once the SWOT is completed what must you do to ensure your gain the benefit from it?
9. Due to COVID19, developers see an opportunity with the rising need for apps that can cater to online learning. What important environment force can be observed?
10. Defined as:an organized money system.
11. A situation which two sides of the market balance each other.
12. These are business firms engaged in offering goods and services directly toconsumers.
13. Which of the following is not an external factors of SWOT analysis?
14. The production of goods or services needs effective methods and processes.
15. You are conducting a SWOT analysis and find out that a new competitor is opening within 5 miles of your store. This would be considered a .....
16. If the real income of a consumer decreases and, as a result, his demand for product X increases, it can be concluded that product X is an .....
17. TRUE OR FALSE:Time is important to supply because suppliers must react quickly to a change in demand or price.
18. ..... is known as the manmade resources used to produce goods and services
19. Amount of a given good or service that all consumers are willing and able to buy at different prices at a given time.
20. Jessica wanted to become flight attendant however, her parents want her to become a public attorney. Jessica never fails to obey her parents and now after getting a degree in law, she then allowed by her parents to pursue her dream. What did Jessica practice in this situation?
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