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Applied Economics Quiz 47 (30 MCQs)

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1. This is needed in every business. Without this, business operations will stagnate.
2. The business cycle rises above the trendline during-
3. If there is a marked down or a sale, consumers will respond by buying more goods and services.
4. Which of the following is NOT a feature of a monopolistic competition?
5. How does a small industry start?
6. It is the promotion of goods and services that are available for retail sale.
7. Tax imposed on a manufactured good
8. What measure shows how well the economy is doing over time?
9. Conditions and events in other countries that can encourage or pull an individual to remain or stay.
10. What do people respond to in predictable ways?
11. Which includes the stock market where securities of corporations are traded.
12. What is an industry?
13. A strong response to a price change; occurs when the percentage change in the quantity demanded or supplied is greater than the percentage change in price
14. True or False:A perfect competition assumes that all firms sell the same product for different prices.
15. Economics is the social science that involves the use of scarce resources to satisfy unlimited wants.
16. Labor costs are rising through the roof! Minimum wages are now at $ 25 an hour. This means even the basic item will need to cost more to keep up with rising costs. What determinant of supply does this most relate to?
17. Refers to the microeconomic approach devised in neoclassical economics that every firm operates in order to make profits.
18. It deals with anything that's manufactured in order to be used in the production of goods and services.
19. It refers to the quantity of a good that is desired by buyers?
20. It refers to a transaction in which no physical goods are transferred from the seller to the buyer.
21. The simplest application of mathematics for economic analysis is found in this field because It explains the relationships:
22. When producers offer more of a good as its price increases and less as its price falls, this defines the
23. The application of economic theory and econometrics in specific settings with the goal of analyzing potential outcome.
24. It's a social science which deals with the allocation of scarce resources to satisfy the unlimited human wants
25. This is a condition where are insufficient resources to satisfy all the needs and want of a population.
26. The relationship between Households and Firms is best described as .....
27. It is something one desires to have over a period of time.
28. How many agents/stakeholders does Economics have?
29. It is the simplest notion of viability that a business is viable if it makes a profit.
30. To allocate money in the expectation of some benefit in the future.
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