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Applied Economics Quiz 5 (30 MCQs)

Quiz Instructions

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1. It is something that encourages someone to act or to behave in a certain way, such as a reward.
2. Which of the following are examples of human needs?
3. Which of the following is referring to the impact of a business on suppliers and investors?
4. Microeconomics or MacroeconomicsManufacturers operating expenses.
5. Your business is selling a larger number of flat-screen TVs each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these TVs over the next few months?
6. It is the flow of activities of household and firms in a circular direction.
7. The Build Build Build Program by the government aims to help improve the infrastructure projects and other programs of the country.
8. Which of the following example is an example of labor?
9. This is refer to what should be.
10. Levi's jeans are example of .....
11. SWOT stand for.....
12. SSS and Philhealth are an examples of .....
13. A factor in PESTLE Analysis that includes the government laws on competition in the marketplace.
14. Identify the type of economic system described in each statement.The economy that makes use of the invisible hand
15. In SWOT, these are internal characteristics of firms or industry that can contribute directly to theprofitability of firms and the industry.
16. It relies heavily on individuals and doesn't usually show a significant degree of specialization and division of labor.
17. There is scarcity of resources because:
18. A 10 percent increase in income causes the quantity of apple juice demanded to increase from 18, 800 to 21, 200 gallons. The income elasticity of demand for apple juice is
19. Finding out what possible business ideas you can pick up from what already exists:
20. What is the law of demand? I. As price increases consumers will purchase less of the specific commodity. II. As price increases consumers will purchase more of the specific commodity. III. As price decreases consumers will purchase more of the specific commodity. IV. As price decreases consumers will purchase less of the specific commodity.
21. A change in price creates an equal change in quantity demanded.
22. In this market structure, one competitor doesn't have an edge over the others since all sellers are equal
23. Seller make the product available at introductory prices lower than the other market
24. Foreign currency inflow less outflow payments
25. The theory of production explains the principles by which a business firm decides how much of each commodity that it will produce.
26. What is cost-benefit analysis used for?
27. The kind of market structure with a lesser degree of market concentration but still with asignificant market power is observed since few sellers are colluding or forming a cartel to set theprice that would give the maximum profit for the industry.
28. A legal entity that is separate and distinct from its owners
29. What is the significance of applied economics?
30. Economic concept that measures the ability of parties in negotiation to influence each other
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