Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Applied Economics Quiz 56 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Land, labor, and capital are the factors for production
2. Decreasing marginal utility is the consumers lose satisfaction in a product the more they consume it
3. What term is defined as an enterprise that produces goods or services, usually to make a profit?
4. Which of the following cause/s the limitation of the natural resources?
5. Which of the following is NOT a factor of production?
6. The maximum amount that sellers may charge for a good or service is called a
7. Sally works in a private company that has to follow government rules for public safety.
8. These are the limits on price that governments set so that prices do not go above or below a certain level.
9. What does it mean?% change in Qd = % change in P
10. In perfect competition, the product is differentiated
11. Which of the following is the study of the aggregate economy studied as a whole?
12. In this economic system the production of goods is dependent on the producers.
13. Steel Beam Inc. is looking to purchase a new steel-processing machine and factory. In the circular flow diagram, this transaction will take place in the
14. Government activities towards taxation, borrowings and expenditures
15. Refers to the estimated value a customer uses for measuring the level of happiness or satisfaction derived from the consumption of a specific product or service.
16. If the percentage change in quantity demanded is-3% and the percentage change in price is 6%, what is the price elasticity of demand?
17. The government is giving every individual 18 and above an extra $ 1, 000.00 this year. What determinant of demand does this likely fall under?
18. One of the focuses of this field of Economics is Aggregate Demand. What field of Economics is this?
19. The amount of a product/service that suppliers are willing to supply at a given price?
20. Oil, natural gas, and coal are .....
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books