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Applied Economics Quiz 64 (20 MCQs)

Quiz Instructions

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1. Use ..... to speed up workflow.
2. Which best describes Market equilibrium?
3. Identify the type of market that matches each itemDividends
4. In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
5. An asset or item that is purchased with the hope that it will generate income or appreciate in the future.
6. Normally exist for a life of 50 years, which is renewable for another 50 years.
7. Gross National Product refers to the total monetary or market value of all finished goods and services produced within a country's borders in a specific period.
8. Man's mental and physical efforts exerted in production:
9. The willingness of a consumer to buy a commodity at a given price is called .....
10. The price elasticity of demand for a certain good tends to be:
11. Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of .....
12. Prices of apples and grapes tend to increase during the Christmas season.
13. Input market include the following except one.
14. What kind of currency was established during the Commonwealth period?
15. In a socialist economy, the wealth is distributed evenly among citizens.
16. Refers to the value of the best foregone alternative
17. Applied Economics is the study of how society allocates scarce resources
18. Which of the following key factor to be considered in analyzing your industry identified by the SBTDC that area-identity the are whether local, regional, nationwide, or international.
19. Goods that are bought and used together are
20. This type of marketsystem adopts a laissez-faire approach or the idea that the government should notinterfere with industries or businesses.
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