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Applied Economics Quiz 52 (30 MCQs)

Quiz Instructions

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1. Refers to the average contribution per unit of input
2. Economics that deals with what is happening such as the current inflation rate, the number of employed laborers, what is the papulation rate, etc.
3. How would you explain the role of economics in decision-making to someone unfamiliar with the field?
4. The word economics originated from the Greek word OIKONOMIKOS
5. It is the study of production, distribution and consumption of goods and services within a society
6. A persistent problem in the Philippines because of increase in population.
7. .... as social science has something to do with our everyday lives.
8. It is the study of how people decide to spend their money based on their individual preferences and budget constraints.
9. They are the wholesalers or brokers who buy in big quantities from manufacturers.
10. Who buys goods or services?
11. Cooperative Members have an equal say in decision-making with one vote per members.
12. It is characterized by the upward and downward trend of the GDP observed over a period of time
13. Identify which resource is referred to by the following words. Forests
14. An increase in the tax on gasoline would
15. The quantity demanded of a good or service changes at all price levels best describes the concept of
16. It is the ability of someone (an entrepreneur) to recognize a profit opportunity, organize the other factors of production, and accept risk.
17. It is similar to product demand and follows the law of demand.
18. It is a commodity or service in short supply relative to its demand, which implies a constant availability of commodity or economic resource, relative to the demand of them.
19. What is demand schedule
20. Each of the following is a condition necessary for the existence of perfect competition except:
21. It implies an ideal situation for the buyers and sellers
22. If one monopolistic competitor raises the price too much, most customers will buy another brand, or substitute, of the same good, that's why competitive ..... is especially important in monopolistic competition.
23. This is value of elasticity is computed by choosing two points on the demand curve and comparing the percentage changes in the quantity and the price on those two points.
24. It provides a visual representation of the relationship between two or more economic variables.
25. ..... is known as the natural resources used to produce goods and services
26. Floating rate does not depend on the CPI or Philippine Stocks Exchange for its rate of interest
27. What does the market demand curve illustrate?
28. Through information and technology improvements, there is substantial lowered cost of producing cell phones. There is a possibility that the supply will:
29. Scarcity is the same as shortage.
30. What is the example of shifters of supply
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