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Applied Economics Quiz 55 (30 MCQs)

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1. French phrase literally translates to "leave alone"
2. Brainstorming is not important in SWOT Analysis because it promotes different ideas.
3. When income goes up, consumers buy more
4. A compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
5. It is an individual who are said to make calculated decisions when shopping, purchasing products that bring them the greatest benefit, otherwise known as maximum utility in economic terms.
6. The efforts of the people involved in production, including labor and entrepreneurship.
7. When the quantity supplied exceeds the quantity demanded, or when the product's price is above the equilibrium price.
8. Weak infrastructure
9. What is Oligopoly
10. They say that economics is the science of .....
11. Which of the following is the reason firms have little price control in a perfectly competitive market?
12. Why is it important for the business to evaluate managerial decisions using a SWOT analysis? (UND)
13. It is the power to satisfy but is a subjective notion and a specific product will vary from one person to another.
14. What do you call the commonly accepted measure of market concentration?
15. Varying degrees of competition in the market
16. The willingness of a consumer to buy a commodity at a given price.
17. Which type of market structures has very few producers(companies) that control the majority of the market?Hint:think of the soda market
18. Scarcity refers to a condition where there are sufficient resources to satisfy all the needs and wants of a population.
19. Which of the following is NOT a characteristic of a perfectly competitive market?
20. It is a man-made resource of production used to produce further wealth.
21. The significance of production theory in business is to minimize output within limited quantities of output available.
22. This is to measures the degree of elasticity on a single point on the demand curve.
23. If the ABM firm sells homogenous products in a market, with a single seller and many buyers, for which there are no close substitutes to the products, it is a/an
24. What does it mean?Ed = 0
25. Mr. Dennis Elecanal purchased new car as a gift for his father's birthday. Thisgood is
26. The amount of product producers are willing to bring to the market at any price.
27. Economics is a social science because it studies human behavior just like Psychology and Sociology.
28. It is the branch of economics that focuses on actions of particular agents within the economy, like households, workers, and businesses. We learn about the theory of consumer behavior and the theory of the firm.
29. Scarcity and ..... go hand in hand?
30. It was developed in 1979 by Michael E. Porter of Harvard Business School as a framework or a guide for assessing and evaluating the competitive strength and position of a business organization.
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