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Applied Economics Quiz 5 (20 MCQs)

Quiz Instructions

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1. Which of the following is the best example of a perfectly competitive market?
2. Every business performs ALL of the following activities EXCEPT
3. The making, buying and selling of goods and services
4. A type of Underemployment wherein there is a transitional employment due to people moving between jobs.
5. What is the foundational model in economics that explores how prices are determined in markets through the interaction of sellers (supply) and buyers (demand)?
6. Firms sell their resources to Households, and in exchange they are paid an income
7. Which of the following market types has only a few competing firms?
8. It is the exchange of information or business transactions using any formof electronic communication.
9. The word economics derived from the Greek word ..... meaning household management.
10. Legal maximum that can be charged for a good.
11. Solve the following:QD = 220-5P ; QS =-20 + 3PWhat is the Equilibrium and and Quantity Demanded and Supplied?
12. It is generally illegal to require a customer to buy a less desired product in order to buy a more desired one.
13. SWOT stands for;
14. The universal objective of every economy.
15. Industry rivalry among companies of the same or related industry is called .....
16. It represents the cost of using or borrowing money.
17. Economics is a ..... because it studies human behavior just like psychology and sociology.
18. One of the requirements for a monopoly is that
19. Which type of market structures has many many producers(companies) that sell identical products and has no control over price?
20. The number of labor-hours that the employer is willing to hire based on the various exogenous (externally determined) variables it is faced with, such as the wage rate, the unit cost of capital, the market-determined selling price of its output, etc.
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