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Applied Economics Quiz 21 (30 MCQs)

Quiz Instructions

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1. The amount of money we pay for a good or service
2. A company is viable if it's expected to make profit one day.
3. Economic system where government controls everything.
4. The state of limited availability of resources to support needs.
5. When does the supply curve shift to the right?
6. Which of the following gives the best meaning of the term gross domestic product?
7. What term describes the tools and technology used to make a product?
8. ..... is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
9. According to ....., Economics is the science of choice. It studies how people choose to use scarce resources to produce various commodities.
10. Perfect competition exists in a market containing a large number of firms and meets the ..... conditions that define the market structure.
11. On a hot summer afternoon, I went to the store with P20 in my pocket. I was so thirsty, I wanted to buy both soda and ice cream but each of them costs P20. Finally, I made up my mind and bought the soda. Which of the following statement is true?
12. What is the concept that when resources are limited, choosing one option often involves sacrificing another?
13. Is the market value of goods and services produced by all citizens of a country-both domestically and abroad.
14. WHAT DO YOU CALL THE CONDITION IN W/C OUR WANTS ARE GREATER THAN OUR LIMITED RESOURCES
15. Is felt when a change in the price of a good changes demand due to alternative consumption of substitute goods.
16. Those goods for which the demand rises as consumer income rises.
17. Which does not belong to the group of market structures?
18. Soil, minerals, air, water and coal are all examples of
19. This type of good exhibits an increase in demand more than the proportionate increase in income.
20. It created during the time required to bring together labor suppliers and demanders.
21. The Dow Jones industrial average swept past 12, 000 for the first time. Investors are increasingly optimistic about corporate earnings and the economy. This achievement MOST likely involved which type of business organization?
22. A retailer is an example of a(n) .....
23. What does an economist use to solve different economic problems in society?
24. ..... is a legal entity that is separate from its owner, the shareholders
25. It focuses on the behavior of a country and how its policies impact the economy as a whole.
26. It refers to the process of transferring goods and services to a person in return for something present medium of exchange.
27. A business that has offices all over the world is called a
28. Identify the type of economic system described in each statement.What to produce, how to produce and for whom to produce are based on demand and supply.
29. Can you provide an example from your own life or a recent news story where applied economics played a crucial role in decision-making or policy formulation?
30. Competition is ..... for consumers because it leads to ..... prices and ..... choices for them. In addition, competition also results in ..... quality products. This is not the case with a ....., where one seller controls the market. Complete the sentence. Choose the correct order.a. monopolyb. lowerc. greaterd. highere. beneficial
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