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Applied Economics Quiz 18 (30 MCQs)

Quiz Instructions

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1. Economics as a term has originated in the 9th century BC from Ancient Greek word .....
2. A decrease in the price of a complementary good will
3. The application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes.
4. Reishi-0. 53Lion's Mane-0. 78Turkey Tail-0. 21Cordyceps-1. 20Based on these elasticity estimates, which medicinal mushroom has the most elastic demand?
5. Which among the following explains the income as a factor affecting demand?
6. The process of transferring goods and services to a person or persons in return for something. At present, the medium of exchange used in the market is money. This means, we can exchange our money with goods and services.
7. It is the agents/stakeholders that maximize the utility. What it is?
8. ..... are taxes on goods and services that consumers purchase such as the Value Added Tax (VAT).
9. Which brand of drinks may be a very good substitute for Coca-Cola?
10. Monetary assistance by the government in support of target industries or sectors of the economy
11. Analyzes total employment in the economy.
12. Because of the Covid-19 Pandemic, the Philippines reached around 9% unemployment rate in 2021. Pre-pandemic unemployment levels (2019) were around 5%-6%. A lot of Filipinos are experiencing long periods of unemployment due to the Covid-19 Pandemic-this is known as seasonal unemployment.
13. Where do economic principles play a role in sustainable development?
14. If quantity demanded responds only slightly to a change in price it is said to be:
15. Where is cebu located?
16. Which function refers to a table, graph, or equation showing the maximum output rate of the product that can be achieved from any specified set of usage rates of inputs?
17. Each point on a supply curve represents
18. Where does the Nature and Scope of Economics depend
19. Telecommunications Company
20. Directly and proportionately related to productivity and the latter shares the same relationship with efficiency
21. What best describes a want?
22. States that, holding all nonprice factors constant, as a product's price increases, the quantity of the product decreases, and as a product's price decreases, the quantity increases
23. Find the amount after the simple interest given the following:P = 42, 500R = 5% T = 1 year
24. Shortage may cause price to .....
25. Fixed-income investments are for risk-tolerant individuals.
26. It is one of the basic economic problems of the country which caused by low productivity and unequal distribution of income and wealth.
27. It refers to the relationship between the price of good and service and the quantity or number of units all consumers in a market would choose to buy during a given period of time
28. What is a Lorenz Curve?
29. What is the applicability of the Theories of Economics?
30. Unlimited wants means?
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