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Applied Economics Quiz 44 (30 MCQs)

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1. .... states that as the price goes up, the quantity demanded goes down and vice versa, considering other things is constant
2. The total value of goods and services produced in a country in a year, divided by number in the population
3. Is much like pure competition in that there are many suppliers and the barriers to entry are low.
4. .... is a means to evaluate the possible or probable effects of external forces and conditions on the survival and growth of the business.
5. Mario was looking around the gadget store. He wanted to buy a laptop and a smartphone. When he saw the price of the products, he realized he can only afford one. He decided to buy the laptop afterwards. The one that is given up-the smartphone-is called .....
6. What is the law of supply?
7. The two major questions answered by wealth utilization are:
8. Labor, human capital, entrepreneurship, natural resources and capital are all examples of .....
9. The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
10. The four types of economic systems are:
11. If the percentage change in quantity demanded is-10% and the percentage change in price is 5%, what is the price elasticity of demand?
12. An investor is any person or other entity (such as a firm or mutual fund) who commits capital with the expectation of receiving financial returns.
13. The author of the book "General Theory of Employment, Interests and Money" is
14. It is the graphical representation of thesupply schedule.
15. Type of Economy that is half command and half market
16. Which way does a supply curve slope?
17. Which of the following is NOT included in a country's GDP?
18. What market structure does not require advertisement or innovation?
19. If the population increases, the price of housing becomes
20. The processing of raw materials into more valuable products falls under the category of
21. How can a tariff be considered a barrier?
22. What does it mean? PED = 0
23. It is the graphical representation ofthe demand schedule.
24. If the income elasticity of market demand is negative, most consumers view the good as:
25. It is imperfectly competitive market where in products are differentiated and entry and exit are easy
26. Savings is setting aside current income for ..... use.
27. The benefit you give up because you choose to take one action in favor of another.
28. The excessive use of our natural resources may compromise its ability to provide income and other benefits in the future. Which of the following should be adopted and strictly implemented to protect our environment?
29. What do Governments give to both businesses and households?
30. These services are not profiting motive but as a social cause.
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