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Applied Economics Quiz 6 (30 MCQs)

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1. Many firms, freedom of entry, homogeneous products, normal profit.
2. Is Economics is also a Social Science?
3. What notion of viability states that a portion of the profit will be distributed as taxes and interest on debts like bank loans.
4. Which one of the following is a supply side policy which the government could use to help meet its economic objectives?
5. This is an economic model that illustrates the flow of factors of production in the economy.
6. The demand curve is always downward sloping due to the law of diminishing marginal utility.
7. What is the branch of economics that focuses on the practical application of economic theories and principles to analyze and address real-world issues and challenges?
8. Determined by the willingness and ability of producers to sell a product (a good or a service) at different prices.
9. For the law of demand, as price rises, what happens to quantity demanded?
10. Mrs Nenita De Jesus purchased basic goods like vegetables and groceries forthe consumption of her family. These goods are:
11. They purchase goods either from the wholesaler or directly from the manufacturer. From there they will sell those goods in small quantities to end users.
12. Unemployment rate has dropped because of the increase in the number of OFW's.
13. There may be an acknowledge market leader which informally sets prices to which other producers respond.
14. If Toyota firm is producing a car faster than people want to buy, there is
15. The great ideas, concepts and drive of the production managers to producesomething new describe which factor of production?
16. Reishi-0. 53Lion's Mane-0. 78Turkey Tail-0. 21Cordyceps-1. 20Based on these elasticity estimates, which medicinal mushroom is most inelastically demanded?
17. A person who purchases a merchandise or acquiring a service.
18. As a citizen of Manila, determine which is NOT TRUE of the economic activitiesthat have been observed in your locality:
19. These are problems arising from inefficiencies in the allocation of resources.
20. The decline of purchasing power of a given currency over time
21. A price-taking firm
22. When price goes up, Demand goes down
23. What happens to the price of a good with perfectly elastic demand if the quantity demanded increases?
24. When does Economics intersect with Political Science?
25. The place where goods and services are exchange.
26. What does cross elasticity measure?
27. What business organization is organized by people with similar needs to provide themselves with goods and services or to jointly use available resources to improve their income?
28. Plants and equipment are ..... needed to increase production.
29. Which of the following is not the source of supply?
30. What is opportunity cost
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