Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Applied Economics Quiz 19 (30 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. When the given resources insufficient to meet the population's needs and wants. There is a .....
2. What do we call the impact on the industries that refers to trends among people?
3. This part of the market determines SUPPLY.
4. Describes how consumers make decisions on what to buy.
5. The downward slope of the demand curve illustrates the law ofsupply-the inverse relationship between prices and quantity demanded.
6. It is the idea that it is consumers who influence production decisions.
7. Why does market disequilibrium occur?
8. Seller has a government patent, the right to exclusively manufacture an invention for a specified number of years is called:
9. This system is characterized by the heavy involvement of the government in managing the economy.
10. When counting change back to a customer, you should always give the ..... amount of coins possible.
11. When economists say that resources are scarce, it means that they are what?
12. A new competitor (a business selling similar products) has opened nearby
13. Industries can be classified on the basis of
14. Microeconomics or MacroeconomicsTotal Philippine exports.
15. What good is commonly substitute for Margarine?
16. An increase in the price of electricity bill will force you to:
17. Minimum Wage is the ..... rate per hour that a worker may be paid, as required by law.
18. The quantity supplied does not change even if there is a change in the price of the product.
19. A person who buys goods and services
20. Some businessmen go to nearby countries to buy their goods or raw materials there.
21. A ..... must name a board of directors that will make the major policy and financial decisions for the business.
22. Once the SWOT is completed what must you do to ensure your gain the benefit from it?
23. Due to COVID19, developers see an opportunity with the rising need for apps that can cater to online learning. What important environment force can be observed?
24. Defined as:an organized money system.
25. A situation which two sides of the market balance each other.
26. These are business firms engaged in offering goods and services directly toconsumers.
27. Which of the following is not an external factors of SWOT analysis?
28. The production of goods or services needs effective methods and processes.
29. You are conducting a SWOT analysis and find out that a new competitor is opening within 5 miles of your store. This would be considered a .....
30. If the real income of a consumer decreases and, as a result, his demand for product X increases, it can be concluded that product X is an .....
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books