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Applied Economics Quiz 37 (30 MCQs)

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1. It is a division of economics that concerned with the overall performance of the entire economy.
2. It is the combined production of several units of a given set of inputs.
3. It refers to the marketing of goods and services to different economic outlets.
4. The biggest buyer and seller of the resources.
5. What market structure is Netflix?
6. True or false:There is a variety of goods present in a monopoly.
7. What is Elasticity
8. .... is a significant tool or a guide for assessing and evaluating the competitive strength and position of a business organization.
9. Nominal interest is also known as fixed interest.
10. He must be a man of action.
11. It is the science that involves the use of scarce resources to satisfy unlimited wants.
12. Land, labor, and capital are the factors for production
13. Decreasing marginal utility is the consumers lose satisfaction in a product the more they consume it
14. What term is defined as an enterprise that produces goods or services, usually to make a profit?
15. Which of the following cause/s the limitation of the natural resources?
16. Which of the following is NOT a factor of production?
17. The maximum amount that sellers may charge for a good or service is called a
18. Sally works in a private company that has to follow government rules for public safety.
19. These are the limits on price that governments set so that prices do not go above or below a certain level.
20. What does it mean?% change in Qd = % change in P
21. In perfect competition, the product is differentiated
22. Which of the following is the study of the aggregate economy studied as a whole?
23. In this economic system the production of goods is dependent on the producers.
24. Steel Beam Inc. is looking to purchase a new steel-processing machine and factory. In the circular flow diagram, this transaction will take place in the
25. Government activities towards taxation, borrowings and expenditures
26. Refers to the estimated value a customer uses for measuring the level of happiness or satisfaction derived from the consumption of a specific product or service.
27. If the percentage change in quantity demanded is-3% and the percentage change in price is 6%, what is the price elasticity of demand?
28. The government is giving every individual 18 and above an extra $ 1, 000.00 this year. What determinant of demand does this likely fall under?
29. One of the focuses of this field of Economics is Aggregate Demand. What field of Economics is this?
30. The amount of a product/service that suppliers are willing to supply at a given price?
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