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Applied Economics Quiz 26 (30 MCQs)

Quiz Instructions

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1. Is the sector of the economy concerned with the production of goods and services.
2. What is an important concept which relates opportunity cost and trade?
3. What type of business structure is owned by many people?
4. A market structure with many sellers and many buyers that heavily advertise and with product innovation
5. This is the central problem of our economic life?
6. This is where buyers and sellers meet to exchange goods and services.
7. When resources are added, a system's capacity to extend its totalperformance under increased workload signifies to ..... ?
8. What is the point at which the quantity supplied equals the quantity demanded, resulting in a stable market price?
9. This is a type of good that if a certain good's price, its demand also would decrease, however, another good that is similar to that good would increase the demand.
10. Who benefits from understanding the relationship between Economics and Psychology?
11. Simplest way to set up a business
12. Hairdressers, freelance writers or artists, financial planners, small retail businesses, handymen are examples of .....
13. What is the role of economic analysis in guiding public policy decisions, tax policies, and resource allocation?
14. Employment and unemployment rate can be identified and study in economics.
15. Which is especially useful when starting a new business or when entering a new industry sector.
16. Changes in investments can be triggered by large changes in household income.
17. If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied.
18. The President of the Philippines is known with his arrogant statement to our allies especially America. Does it affects the relation of the Philippines to international trade over other country?
19. You notice that the price of your favourite brand of cereal has risen. Which of the following might be a cause of the price rise?
20. To get the best from you SWOT analysis you must first identify what?
21. Which refers to products that are made more attractive or with additional featurescompared to similar products in the market?
22. What is a major advantage of a business that is a partnership rather than a sole proprietorship?
23. It is Christmas season. Which of the following statements is true?
24. The difference of housing from other commodities is that
25. Define minimum wage
26. This means all other related variables, except those that are being studied at the moment, are held constant.
27. The equilibrium point where labor demand and supply meet at a certain wage and quantity of labor.
28. A system of exchange in which products are traded directly for other products.
29. What is the implication when quantity demanded equals quantity supplied?
30. What does the French word "laissez-faire" means?
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