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Applied Economics Quiz 36 (30 MCQs)

Quiz Instructions

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1. Goods are physical objects such as tables, laptops, and housewares.
2. Political climate, economic shifts, laws and regulations, technology, industry trends, and competition are all examples of:
3. The following are characteristics of what economic system. private property, systems of market and prices, freedom of choice, competition, and motive of self-interest.
4. An exclusive right granted for an invention, which is a product or a process that provides a new way of doing something, which could lead to Monopolies cerated.
5. How many monkey?
6. It is the most democratic form of economic system.
7. How does interest rates affect entrepreneurs?
8. It indicates that two variables are negatively related; when one variable increases, the other decreases, and when one variable decreases, the other increases.
9. Any person who can create something new or something different has already acquired a competitive advantage.
10. Situations in which they have to choose between two things that cannot be had at the same time.
11. Restaurants, hair salons, clothing, and consumer electronics are examples under this market structure.
12. It is the condition where there are insufficient resources to satisfy all the needs and wants of a population
13. SWOT Analysis was created in the 1960s by business gurus.
14. In which market do businesses sell?
15. What is the role of incentives in economics?
16. An advantage occurs when business is able to offers same products at a lower price.
17. If the price of a good declines from $ 5.00 per unit to $ 4.00 per unit, and you continue to purchase 5 units of this good, as you had in the past, your real income has
18. What does consumer behavior refer to?
19. The essentials of life such as food and water.
20. I. FACT (True) or BLUFF (False) (1-5)1. Choice is the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options.
21. Which government agency is responsible for the following?number of condominium units
22. The main problem of the Philippine economy despite improvements reported by the National Statistics office.
23. The coefficient of the elasticity is less than 1; when an increase in price causes a smaller % fall in demand
24. Karen is the procurement officer of ABC Company. She bought 10 boxes of bond paper for office consumption. Which of the following market best matches to the given example?
25. Airlines are examples of .....
26. Refers to the nature and degree of competition in the market for goods and services?
27. What socio economic indicator served as basis in determining minimum wage?
28. Partnerships allow owners bring more capital to the business.
29. It indicates that two variables are positively related; when one variable increases, so does the other, and when one variable decreases, the other also decreases.
30. Which classification of business has a total assets of P 15, 000, 001 to P 60, 000, 000?
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