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Applied Economics Quiz 11 (30 MCQs)

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1. The exchange of goods and services.
2. All of the following are examples of complements EXCEPT
3. It is a study of the ways that individuals and societies allocate their limited resources to satisfy their unlimited wants.
4. A supplier in a business is someone who acts as an intermediary between the manufacturer and retailer, ensuring that communication is forthcoming and stock is of sufficient quality.
5. THE ESSENTIALS OF LIFE
6. Which of the following is not an economic agent in your locality?
7. Identify the type of market that matches each itemJobs Fair
8. Which of the following describes economic situation when there is a very high demand for land for rent?
9. The VAT (Value Added Tax) is under which classification of taxes?
10. In this economic system decisions are based on traditions years and passed on and practices upheld over the from generation to generation.
11. Defined as:things that are made or grown and then sold
12. Allocation of resources means:
13. Which government agency is responsible for the following?OFW remittances
14. What is market equilibrium?
15. This type of allocation mechanism uses culture, social norms, to temper wants, and encourages producers to expand production in the light of the problem of scarcity. This system is made through the formation of simple of human wants which are shaped by social norms and values.
16. .... is a means of identifying the internal and external forces that may affect the business.
17. It is measures the responsiveness of the demand for a good to the change in the price of a substitute good or a complement
18. It refers to factors that have the potential to harm an organization.
19. Workers without any paid employee-an individual who works for himself/herself instead of working for an employer.
20. Which of the following is the correct formula for Supply Function?
21. Under the microeconomic concept, which represents the income constraint of consumers.
22. When price goes down, Demand goes down
23. The desire for a particular good backed up by sufficient purchasing power.
24. It focuses on the studies of behavior of individuals and how they react to the different economic issues like the problem of scarcity.
25. Consumers demand more of this type of good when their income rises.
26. Many choices are about whether to do a little more or a little less of something and not about "all or nothing"
27. What is not required for manufacturing?
28. Why do changes in consumer preferences affect market demand?
29. What refers to the state or condition in which people do not have minimum standard of life deemed accepted by the society?
30. It is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes.
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