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Applied Economics Quiz 20 (30 MCQs)

Quiz Instructions

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1. TRUE OR FALSE:Time is important to supply because suppliers must react quickly to a change in demand or price.
2. ..... is known as the manmade resources used to produce goods and services
3. Amount of a given good or service that all consumers are willing and able to buy at different prices at a given time.
4. Jessica wanted to become flight attendant however, her parents want her to become a public attorney. Jessica never fails to obey her parents and now after getting a degree in law, she then allowed by her parents to pursue her dream. What did Jessica practice in this situation?
5. It states that as additional units of a good are consumed, the additional utility derived from each additional unit tends to diminish.
6. Studying Economics helps people specially students to use and manage scarce resources wisely
7. In a SWOT analysis, which two elements are part of the internal environment?
8. What happened to a supply curve when supply goes down?
9. This factor includes the stability and strength of the government and good leadership.
10. If there is an inadequate land, insufficient funds, unskilled workers and the like, then there is what we call?
11. It includes all internal and external factors that affect the performance ofthe company.
12. The process by which one or two or more persons engage in commercial activity for profit.
13. Raw materials that comes from the ground
14. Household supply their savings, for interest or for claim to future profits
15. These are undesirable impacts of external factors because they can potentially impair theprofitability of firms in an industry.
16. Perfect competition is characterized by all of the following except
17. It is the set of all quantities supplied at different price levels at a given time period.
18. Defined as:the goods and services produced in one country and purchased by residents of another country
19. Resources are limited in nature, but human wants and needs are unlimited.
20. Total output produced by a firm
21. Listed here are three fundamental economic questions EXCEPT:
22. Oligopoly sellers producing similar and differentiated products. This characterizes that the products are .....
23. What is the subject your taking up?
24. A supply curve differs from a supply schedule because a supply curve.
25. A situation in which the quantity supplied is greater than the quantity demanded.
26. Most other soft drinks are close competitors of Coca-Cola, but Pepsi would beclassified as ..... competitor.
27. What is the fundamental economic problem arising from the limited availability of resources relative to unlimited human wants?
28. Refers to the process of producing or creating goods needed by the households to satisfy their needs. The factors of production are called inputs and the goods and services that have been created are called outputs of production.
29. Which of the following example is an example of capital resources?
30. What do you call the form of business organization that the legal entity is separated from its owners, the shareholders?
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