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Applied Economics Quiz 22 (30 MCQs)

Quiz Instructions

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1. Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change?
2. Price ceiling on the other hand is the legally imposed ..... price on the market.
3. WHEN YOUR WANTS ARE GREATER THAN YOUR RESOURCES
4. What is the fundamental economic problem arising from the limited availability of resources relative to unlimited human wants, which necessitates choices and trade-offs?
5. It is necessary for a business to have such, the more you have it, the more opportunity it is for your business to run smoothly.
6. When is demand considered elastic in terms of price?
7. There are five key stages in the lifecycle of any product or service EXCEPT .....
8. If there is an increase in demand, the line will shift to the
9. The people of a country are very important as a resource used in the production of goods and services.
10. Mrs. Deeh Mangutang borrowed from an organization an amount that is twice of her share. She is a member of a .....
11. These are your needs to increase your market share
12. The main disadvantage of a ..... is that each person is fully responsible for the acts of all other persons.
13. Refer to the internal factors of a business
14. When the economy produces more smart phones and fewer television sets, it answers the question .....
15. It is the willingness of a consumer to buy a commodity at a given price.
16. Perfume, cakes, chocolates, expensive cars are examples of what goods?
17. Withholding taxes on compensation.
18. In this market structure, where one single firm dominates a market for a particular product
19. If an increase in the price of good X results in a decrease in the demand for good Y, the goods are .....
20. What is the central economic problem?
21. Who makes or grows goods or offers services?
22. Those industries which do not produce physical goods but create utility services and sell them for a price.
23. A situation where there are not enough resources to satisfy our wants.
24. It is the insufficiency of resources to meet the wants of consumers and insufficiency of resources for production that hamper enough production of goods and services.
25. What do you call to the workers who work 40 hours or more?
26. An increase in GDP signifies growth or ....., while a decline signifies .....
27. Which decision-making tool includes using a chart to list factors associated with the decision and the possible options so that each factor can be compared for each decision?
28. It is one of the economic problems in the Philippines that require applied economics in order to propose solutions.
29. Disadvantages for this type of business include:owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
30. This will be the cheapest source since there is no middle men involved.
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