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Applied Economics Quiz 35 (30 MCQs)

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1. To address the unlimited needs and wants of the people with the limited resources is one of the significant concerns in economics.
2. A market is not only a place. It is a state when the players in the market agree to transact on the purchase of the commodity.
3. Which of the following could be a strength?
4. How many factors affect the demand of the buyer?
5. Economics is a science because:
6. Identify which resource is referred to by the following words. Technology
7. Which of the following could be an opportunity?
8. What could be the reason in the slowdown in remittances as stated by the WorldBank?
9. This refers to the lowest wage per hour that a worker may be paid, as mandated by law.
10. It refers to the stock of capital assets such as factories, machines, tools & equipment, raw material, transport vehicles, etc
11. How much is the VAT on equivalent sale transaction?
12. The country that was most at risk from drought in 2020 was Somalia, with an index score of five out of a possible five.-Drought risk score worldwide 2020, by country*https://www.statista.com/statistics/1099051/drought-risk-by-country/
13. What is the other term of Equilibrium price?
14. Refers to the average contribution per unit of input and is equal to TP/i.
15. .... It refers to goods that can be used in place of another.
16. The study of society and how people behave and influence the world around them.
17. It is the application of economic theory to determine the likely outcomes associated with various possible courses of action in the real world. By better understanding the likely consequences of choices made by individuals, businesses, and policy makers, we can help them make better choices
18. It is the most common type of market because it is where we buy consumers good.
19. It is the work done by people-education, skills, and motivation and productivity
20. Refers to the product created as a result of the combination of input in the production process.
21. It is inputs used in the production of goods and services to make a profit:land, economic capital, labor, and entrepreneurship; also called "factors of production"
22. What type of SWOT analysis is entry of competitors?
23. Which formula is used to calculate price elasticity of demand?
24. McDonald's, Burger King, and Pizza Hut are examples of .....
25. A social science that deals with the allocation of scare resources to meet the increasing human wants.
26. Human capital is
27. True or False:Assets that a company intends to hold for 2 years is a short term investment.
28. Which of the following is not part of the three strands in the development of the definition of Economics?
29. An interaction between the buyers and sellers of trading or exchange.
30. It is described as the study of various modes and aspects of human interactions in a group of people.
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