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Applied Economics Quiz 43 (30 MCQs)

Quiz Instructions

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1. The price elasticity of demand for a certain good tends to be:
2. Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of .....
3. Prices of apples and grapes tend to increase during the Christmas season.
4. Input market include the following except one.
5. What kind of currency was established during the Commonwealth period?
6. In a socialist economy, the wealth is distributed evenly among citizens.
7. Refers to the value of the best foregone alternative
8. Applied Economics is the study of how society allocates scarce resources
9. Which of the following key factor to be considered in analyzing your industry identified by the SBTDC that area-identity the are whether local, regional, nationwide, or international.
10. Goods that are bought and used together are
11. This type of marketsystem adopts a laissez-faire approach or the idea that the government should notinterfere with industries or businesses.
12. Which of the following is not a macroeconomic goal?
13. .... is the aggregation of the different businesses engaged in the same line of undertaking.
14. New products or services are available to the buyers it gives them more choices
15. A hammer used to build a wooden box
16. Identify the type of market that matches each itemDomestic Helpers
17. One important advantage of forming a partnership is that this form of business organization give each owner sole control over the business
18. Economics is important because this will save us all in heaven
19. What type of economic system is based on customs and beliefs?
20. Philippine congress passed the Value Added tax law to strengthen the Philippines tax system.
21. Policy allowing foreign investment and goods to freely enter the country by removing trade restrictions.
22. Which of the following best refers to the market equilibrium price?
23. It is a condition characterized by severe deprivation of basic human needs, such as food, safe drinking water, health, and education.
24. It is the amount of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period.
25. Creating goods/services for the consumer a) productionb) distributionc) surplus.
26. Allocation and scarcity is a problem because people have unlimited .....
27. What term refers to a company whose primary goal is to make money?
28. The following are tools in evaluating a business except for;
29. These are example of human wants except:
30. DEMAND is the willingness of a consumer to buy a commodity at a given price.
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