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Applied Economics Quiz 15 (30 MCQs)

Quiz Instructions

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1. In the world of ..... competition, each individual seller would accept that price.
2. What do you call the small portion of an industry?
3. Land:Oceans while Capital .....
4. It is an allocation mechanism in which the state or an agency of the government maybe in charge in the allocation of resources by using its political power in answering the basic economic problems of production and distribution.
5. It is an act of maximizing the benefits from the use of scarce resources.
6. Which government agency is responsible for the following?minimum wage policy
7. A monetary remuneration computed on hourly, daily, weekly, or piece work basis paid by an employer to an employee in exchange for work done
8. People are seldom satisfied with one trip to the shops and always want to consume more
9. In a command economy, economic decisions are made by the
10. Which of the following statements about factors of production is false?
11. Agreement is drawn up and profits are divided among the partners according to the terms of agreement.
12. We have a competition standard swimming pool; although it has no wave machines or additional equipment as do competing local facilities.
13. It measures the strength of the domestic currency.
14. These are the knowledge and skills workers acquire through education and training that enables them to produce.
15. Which structure uses differentiation to make its products unique?
16. What notion of viability states that the business is growing when it is continually having profits?
17. What is the Characteristics of Perfect Competition
18. Mr Coyote goes to the ticket booth to buy tickets for a Spurs game. Mr. Coyote is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?
19. A general increase in prices.
20. Deals with what is things that are actually happening such as the current inflation rate.
21. Shortage could be solved by:
22. In this economic system profit can be a motive to sell products at a higher amount.
23. The demand for vitamin C increases so the price .....
24. This is the study of economics in relation to real world situations, as opposed to the theory of economics. It is the application of economic principles and theories to real situations and trying to predict what the outcomes might be.
25. Which of the following implies the meaning of the component concept in the word management ( man-age-men-time)?
26. It is came from the nature that are used in production including land, raw materials and natural process.
27. Which of following economic resources is physical and human effort exerted in production?
28. The agents interact among themselves in a specific and/or cultural framework that determines their relationships.
29. Place where buyers and sellers meet to exchange goods and services for money.
30. What will happen if there is a decrease in supply
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