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Applied Economics Quiz 45 (20 MCQs)

Quiz Instructions

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1. A study of economics can describe all aspects of:
2. Ceteris Paribus is a Latin phrase that generally means "all other things being equal" .
3. ..... Customers must choose among several alternatives if scarcity exists.
4. It is a finished product which is used to produce other goods:
5. The basic economic question that tells you the quantity of a good or service to be produced.
6. It refers to the quantity of goods that a seller is willing to offer for sale.
7. Typhoon Odette shuts down the power supply of the Siargao Region.
8. .... states that as the price goes up, quantity supplied goes up too and as the price goes down, the quantity supplied goes down too, considering other things are constant.
9. Economics is also an applied science. It is a field of study that is used to improve people's lives.
10. It refers to the ability of the economy to produce goods and services at alower opportunity cost compared to trade partners.
11. Taxes imposed on the income of the business
12. What do we call the platform in which the agents/stakeholders interact?
13. Major classification of market structure
14. Taxes are paid to the government to support the provision of ..... goods and services.
15. The law of supply and demand explains the interaction between the sellers of a product and the buyers.
16. While consumer wants and needs are unlimited, this is subject to their capacity to pay for these goods and services. The budget and income are used interchangeably.
17. Social factors can not hinder the viability of one's business.
18. What are some challenges that decision-makers face when applying economic principles to real-world situations?
19. Economic is important so that we may be able to:
20. These business owners may have trouble raising capital.
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