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Applied Economics Quiz 32 (20 MCQs)

Quiz Instructions

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1. WHAT DO YOU CALL THE CONDITION IN W/C OUR WANTS ARE GREATER THAN OUR LIMITED RESOURCES
2. Is felt when a change in the price of a good changes demand due to alternative consumption of substitute goods.
3. Those goods for which the demand rises as consumer income rises.
4. Which does not belong to the group of market structures?
5. Soil, minerals, air, water and coal are all examples of
6. This type of good exhibits an increase in demand more than the proportionate increase in income.
7. It created during the time required to bring together labor suppliers and demanders.
8. The Dow Jones industrial average swept past 12, 000 for the first time. Investors are increasingly optimistic about corporate earnings and the economy. This achievement MOST likely involved which type of business organization?
9. A retailer is an example of a(n) .....
10. What does an economist use to solve different economic problems in society?
11. ..... is a legal entity that is separate from its owner, the shareholders
12. It focuses on the behavior of a country and how its policies impact the economy as a whole.
13. It refers to the process of transferring goods and services to a person in return for something present medium of exchange.
14. A business that has offices all over the world is called a
15. Identify the type of economic system described in each statement.What to produce, how to produce and for whom to produce are based on demand and supply.
16. Can you provide an example from your own life or a recent news story where applied economics played a crucial role in decision-making or policy formulation?
17. Competition is ..... for consumers because it leads to ..... prices and ..... choices for them. In addition, competition also results in ..... quality products. This is not the case with a ....., where one seller controls the market. Complete the sentence. Choose the correct order.a. monopolyb. lowerc. greaterd. highere. beneficial
18. Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change?
19. Price ceiling on the other hand is the legally imposed ..... price on the market.
20. WHEN YOUR WANTS ARE GREATER THAN YOUR RESOURCES
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