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Applied Economics Quiz 53 (30 MCQs)

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1. Which of the following do economists use to classify markets?
2. The biggest source of government funds.
3. If the price elasticity of supply of cup noodles is 0.60 and the price increase by3 percent, then the quantity supplied for cup noodles increases by how by?
4. Mr. Lim experience an increase loss in his business due to recession. If you were Mr. Ching what is the best action you should do?
5. Shortage will exist if the price is below the equilibrium point
6. The Law of Demand "works" because of a combination of what two effects?
7. .... as applied science applies economic theories to predict or provide solutions to the problems faced by the economy.
8. Markets dominated by a few (more than two) large firms. Firms offered identical or differentiated products. There's a mutual interdependence among sellers with regards to price.
9. Where does the study of Economics impact society most directly?
10. TRUE OR FALSE:E-Commerce accounts for USD 3 trillion of the world's economy.
11. Porter's Five Forces
12. ..... IS JUST A SMALL PORTION OF AN INDUSTRY. IT IS AN UNDERTAKING BY A PERSON OR A GROUP OF PERSONS WHO ARE PARTNERS OR OF STOCKHOLDERS who own a juridical entity known as a corporation
13. A strategy that businesses often use marketing and some ads are against the competitors.
14. Characterized by many firms selling similar but not identical products like clothing, shoes, laundry, soap, books, among others. Firms have limited control over product prices. Firms give more emphasis on advertising and sales promotion
15. This is responsible for the rapid technological change and high living standards during the 1980's.
16. According to the article a SWOT team must be made up of employees, representing different business units and job function.
17. Which is not an economic system?
18. As an entrepreneur, you need to ask yourself, "is your capital enough for you to launch your own business?" What factor in evaluating business does this include?
19. In a global setting, what industry experience uncontrollable nature (typhoons, drought, etc., lacks technology, market competition and credit enabling efficiency to be at least self-sufficient in food?
20. The following are Divisions of Economics, EXCEPT .....
21. A business owned by only one person.
22. The economy isn't doing very well due to a recession. Lots of people have been laid off and no one is buying anything because they don't have the money. If Congress and the President want to stimulate the economy, which policy should they choose?
23. It is the amount that will cover the expenses to be able to acquireor get what you need to survive over time.
24. Which of the following is an Economic resource?
25. Which of the following Socio-Economic Impact of a Business that If a construction company is set up, then this opens up opportunities for the other businesses that will supply them their needs like; tools, wood, cement, steel, paints, nails, screws and etc?
26. It is the set of all quantities the buyeris willing to purchase at different price levels at a given time period.
27. Which statement that explains interaction of supply and demand?
28. Economics is best defined as the study of how people, business, governments, and society. Which is the best answer in the choices given?
29. Perfectly competitive firms are price takers because
30. In 2004, which among these countries has the highest cost of electricity and real estate acquisition?
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