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Applied Economics Quiz 13 (30 MCQs)

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1. New business means employment opportunities for Filipinos
2. A market situation wherein the firms cooperate with each other in determining products, outputs or both
3. The capacity for innovation, investment and expansion in new markets, products and techniques.
4. Bridges are example of:
5. Corporate Social Responsibility
6. Households sell goods and services to Firms
7. It is the value which the existence of land and natural resources adds to the goods and services made because these where produced on the land itself.
8. Teachers produce:
9. San Miguel, Jollibee, Procter and Gamble are examples of what business organization?
10. Corporation normally can exist for a life of 50 years.
11. A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy?
12. If the government decides on what goods should be produced, what economic system is this?
13. It reflects the desire of the consumer for a commodity.
14. What refers to the use of economic resources to create goods and services that will be used to satisfy human wants?
15. The highest point following an expansion is called the .....
16. The supply of nickel, gold and other types of minerals that are usually difficult and the mining process is long belongs to
17. Money entering the circular flow of economic activity is .....
18. It is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants?
19. The quantity of a commodity that is in the market and available for purchase at particular price. Or the amount of goods and services available for sale at given prices in a given period of time and place.
20. The formula for calculating elasticity of demand is:
21. Identify the type of market that matches each itemFinal Goods
22. It is the use of the insights gained from economic theory and research to make better decisions and solve real-world problems.
23. If we pay more Ph peso for one US dollar, it means the peso
24. "There is a steady supply of meals in the market" is an example of .....
25. If the price is below the equilibrium point, the quantity demanded is lesser than the quantity supplied.
26. If an increase in the price of good X results in a decrease in the demand for good Y (and vice versa), the goods are .....
27. Which of the following is an example of a trade-off?
28. It refers to the specific amount of the product that buyers are willing to buy at a given price?
29. When does an increase in consumer income typically affect market demand?
30. Car manufacturing firms, airlines company and telecommunication companies are an example of .....
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