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Applied Economics Quiz 60 (30 MCQs)

Quiz Instructions

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1. Organizes the production process so that each worker specializes in a separate task.
2. Indicate which economic resource does the following term belongs to. MINERALS
3. Is the point where quantitysupplied is equal to quantitydemanded.
4. Identify the type of economic system described in each statement.Everything is based on what is popularly known or accepted.
5. It states that as the price of a good goes up, the quantity demanded of that good goes down, all other things remaining constant.
6. .... is the one who developed Porter's Five Forces Competitive Position Analysis.
7. At a given price, the amount by which quantity demanded exceeds quantity supplied; a shortage usually forces the price up
8. If a monopolistically competitive seller can convince buyers that its product is of better quality and value than products sold by rival firms,
9. Businesses have responded to incentives for ethical behavior by doing ALL except
10. It refers to the different ways of managing a nation's available resources to answer the economic questions.
11. It refers to a person that allocates capital with the expectations of a future financial return or to gain an advantage.
12. A type of Underemployment wherein there are regular changes in employment or labor demand.
13. The market value of final products, both sold and unsold, produced by the resources of the economy in a given period.
14. Why are the Branches of Economics important to study?
15. Which of the statement is TRUE for Inferior Goods?
16. One of the basic economic problems is:What ..... to produce?
17. This refers to sellers or companies experiencing cost advantage, where anincrease in production decreases per unit cost.
18. What measure shows the rate at which the money supply is increasing relative to the number of people using it?
19. Which of the following economic resources are found in nature and are not man made.
20. Which of the following describes monopoly market structure?
21. What is one of the contemporary issues faced by investors that is considered as the lifeblood of the economy?
22. Identify the correct determinant of supply. Example:If airlines expect prices for airline tickets to fall in September when families are less likely to travel due the school calendar, they will supply more during the summer months when they can charge higher fares.
23. He coined the term "market equilibrium" .
24. He popularized the law of comparative advantage.
25. Individuals who come up with a new idea for a good or service, then they make it a reality
26. It is when a good is scarce compared to its demand.
27. Labor Market is where we buy consumers goods.
28. MACRO ECONOMICS studies the behavior of individual on dealing with scarce resources
29. Fundamental economic concept that describes the total amount of a specific good or service that is available to consumers
30. Which of the following has NOT observed in the community during the ECQ inthe same locality?
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