Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Applied Economics Quiz 50 (30 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Which of the following is NOT a factor that contributes to scarcity?
2. What is the field of economics that studies Economics as a whole?
3. One imperfectly competitive market is MONOPOLISTIC COMPETITION wherein products are differentiated and entry and exit are easy.
4. The processed materials, equipment, and buildings used in production
5. The following are weaknesses of a business except;
6. This was enforced to lower the Personal Income Tax, simplify the Estate and Donor's Tax, Increase the Excise Tax of Petroleum Products, and tax on Sugar.
7. This is the basis for deciding on what goods and services to produce?
8. The equilibrium price is where Qs = Qd.
9. Means doing the best with one's given resources
10. A market is said to be in equilibrium when
11. You express demand for a product when you
12. Refers to the use of goods and services to satisfy human wants.
13. It is the value of the other products that the resources used in production could have produced at their next best alternative?
14. He developed the Porter's Five Forces Analysis.
15. Relates to the analyzing and separating different component from a single material.
16. It is the financial instrument that partakes some characteristics of debt and some characteristics of equity.
17. It states that food expenditure as part of household income decreases as income rises.
18. It is an economic activity which refers to the delivery of goods and services to market outlets or direct end users.
19. If the market price is below the equilibrium value, current demand is greater than supply resulting to an excess demand or shortage.
20. It is the quantity offered for sale will vary directly with prices
21. It is the natural resources that are found in nature (not man-made).
22. Refers to your target market.
23. What is the meaning of supply curve
24. It is one of the most important assumption that economics makes. They act consistently to get what they want or what is best for them.
25. Which type of market structure is being described in the following quote?"To make matters worse, health care consolidation has led to the absence of any choice at all for consumers. Another study by Harvard University on hospital markets found that between 2007-2017, 11.2 million Americans were served by just a single hospital system."
26. The problem of having unlimited wants, but limited resources to satisfy them.
27. It is rivalry among various sellers in the market.
28. Who is your teacher/professor in the exam that your taking in?
29. Suppliers will normally offer more for sale at high prices and less for sale at lower prices
30. The following are great impact of a new business except;
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books