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Applied Economics Quiz 86 (20 MCQs)

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1. What is the result if market demand is greater than market supply?
2. An allocation mechanism where changes in the market price can address the problem of scarcity and answer the basic economic problems of production and distribution.
3. ABSOLUTE SCARCITY explains why there are some products that are very expensive in the Philippines.
4. Are those companies or persons who invest their money as a funding or capital to one's business?
5. It is an amount charged by lender on cost borrowed.
6. What does public policy encompass?
7. A process that occurs between companies and suppliers in order to distribute products to end users.
8. Persons or company who supplies goods and services.
9. A differentiated product has
10. How does an increase in consumer income affect demand for normal goods?
11. This is the small portion of industry.
12. Which refers to expenditure or capital spending?
13. Are those that cannot be readily changed during the time period under consideration except a very great expense.
14. Which of the following SWOT elements are internal factors for a business?
15. Identify which resource is referred to by the following words. Lawyers
16. Products commonly consumed such as rice and paddy are examples of
17. It is a process of identifying the internal and external elements that affectthe organization's performance.
18. Products that have many alternatives or substitutes are examples of
19. This force examines how easy or difficult it is for competition to join in theindustry being examined.
20. Give one example of trade-offs when scarce resources are used.
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