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Applied Economics Quiz 75 (20 MCQs)

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1. Which of the following is NOT a factor that contributes to scarcity?
2. What is the field of economics that studies Economics as a whole?
3. One imperfectly competitive market is MONOPOLISTIC COMPETITION wherein products are differentiated and entry and exit are easy.
4. The processed materials, equipment, and buildings used in production
5. The following are weaknesses of a business except;
6. This was enforced to lower the Personal Income Tax, simplify the Estate and Donor's Tax, Increase the Excise Tax of Petroleum Products, and tax on Sugar.
7. This is the basis for deciding on what goods and services to produce?
8. The equilibrium price is where Qs = Qd.
9. Means doing the best with one's given resources
10. A market is said to be in equilibrium when
11. You express demand for a product when you
12. Refers to the use of goods and services to satisfy human wants.
13. It is the value of the other products that the resources used in production could have produced at their next best alternative?
14. He developed the Porter's Five Forces Analysis.
15. Relates to the analyzing and separating different component from a single material.
16. It is the financial instrument that partakes some characteristics of debt and some characteristics of equity.
17. It states that food expenditure as part of household income decreases as income rises.
18. It is an economic activity which refers to the delivery of goods and services to market outlets or direct end users.
19. If the market price is below the equilibrium value, current demand is greater than supply resulting to an excess demand or shortage.
20. It is the quantity offered for sale will vary directly with prices
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