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Applied Economics Quiz 63 (20 MCQs)

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1. What do we call the Competitive Forces Model that has the inidication of ease with which new firms can enter the market of a particular industry?
2. What is the state in which market supply and demand balance each other, and as a result prices become stable?
3. The process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications.
4. When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ..... question.
5. It is the study of how society manages its resources.
6. Food is to the body nourishment process; savings is to .....
7. You can always make more money but you cannot make more time. What does it implies?
8. Income inequality is the gap in income that exists between the rich and the poor customers willing to buy the same products.
9. Time is important to supply because suppliers must react quickly toa change in demand or price.
10. What is the analysis in PEST analysis that incorporates factors such as advancements and development that changes the operation of a bussiness?
11. It exists where there is only one firm in the market.
12. It's also known as factors of production, the resources used to produce goods and services
13. The most democratic form of economic system.
14. The THREAT section is mainly areas that:
15. It refers to natural resource, including actual land, but also trees, plants, livestock, wind, sun, water, etc.
16. Elastic Price Change and Total Revenue Total revenue moves in what direction of a price change when consumers react strongly or elastically.
17. Economic market structures can be grouped into four categories:perfect competition, monopolistic competition, oligopoly, and monopoly.
18. What is Imperfect Competition
19. Product planning tells you to:
20. If the percentage change in quantity demanded is 8% and the percentage change in price is-12%, what is the price elasticity of demand?
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