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Applied Economics Quiz 14 (30 MCQs)

Quiz Instructions

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1. In monopolistic competition, each firm supplies a small part of the market. This occurs because
2. Refers to the product created as a result of the combination of inputs in the production process.
3. Which of the following product used as a replacement for other productthat performs the same function?
4. .... includes a look at the population size, location of thebusiness, land distribution, climate and global warming situation, whether or not the area is prone to flood or earthquake.
5. It is a division of economics that is concerned with the overall performance of the entire economy.
6. The Greek translation of the word economics
7. It is the income needed to purchase these minimum nutritional requirements and other necessities for daily survival.
8. Defined as the people who are willing and able to work. Consists of the employed and the unemployed 15 years old and over.
9. What is the Significance of Market structure
10. Defined as:to bring in a product or service from another country.
11. Concerned with the behavior of individual entities such as the consumer, the producer, and the resources owner. It is more concerned on how goods flow from the business firm to the consumer and how resources move from the resource owner to the business firm.
12. Which best describes economics as a social and an applied science?
13. It is the expansion of human needs:
14. It is where workers offer services and look for jobs, and where employers look for workers to hire.
15. In a planned economy, the State provides the strategic planning guide that will dictate the product and services that would be made available to the communities. The statement above is .....
16. In a market equilibrium, a higher price will result to:
17. The law of demand states; there is an INVERSE relationship between price and quantity demanded. Which of the following is not a true statement?
18. The efficient allocation of available resources.
19. Refers to the marketing of goods and services to different economic outlets for allocation to individual consumers. In monetary terms, this is the allocation of income among persons or household.
20. . A business which has its own identity and is distinct from the owners is called .....
21. The following are some of the problems of our country, EXCEPT:
22. A change in a determinant will lead to a proportionately lesser change in demand or supply.
23. What does Macroeconomics primarily study?
24. Aside from the actual monetary / resource cost, what other cost is incurred when decisions are made?
25. What field of Economics does study the markets of goods and services?
26. A person who sells a merchandise or renders a service.
27. This implies the use of money in particular associating it to exchange, scarcity and choice.
28. OIKOS-means Management
29. Deals with wealth focuses and it was being used by individuals and society at large for material survival, stability and development.
30. A table that shows the quantity demanded of a good or service at different price levels.
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