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Applied Economics Quiz 67 (30 MCQs)

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1. It is an assumption used by economist to simplify the analysis of complex economic phenomenon which means all other things held constant.
2. Products use as replacements to other products that gives the same purpose.
3. This means an evaluation of the possible or probable effects of external forces and conditions on the survival and growth of the business.
4. The type of market that is dominated by a few firms that have higher prices and lower output.
5. It occurs when the economy has relatively low unemployment.
6. It is a strategic tool to identify the external and internal environment.
7. Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
8. It is a game-changer that will transform the industry.
9. Person or business that provides goods and services is called ..... ?a. Consumer c. Governmentb. Creditors d. Suppliers
10. It is the processing of raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing.
11. In economics willingness to buy goods and services should be accompanied by the ability to buy (purchasing power) and is referred to as effective .....
12. All buyers and sellers have sufficient information to maximize self-interest.
13. These services are engaged in commercial activities that provide needs toindividuals.
14. In the housing market, what tends to happen when there's high demand for homes but limited supply?
15. For which of the following type of business, do you think a sole proprietorship form of organisation would be more suitable?
16. What is the year does Economics evolved?
17. Which of the following best describes Gross National Product or GNP?
18. .... What will happen if a new business is booming?
19. The law of supply states that .....
20. It is a theory in economics that predicts when the optimal level of capacity is reached, adding a factor of production will actually result a smaller increase in output.
21. Refers to the combined utility derived from consuming certain units of a good.
22. A partnership agreement sets out the conditions of the partnership in order to protect the owners.
23. These are the agents/stakeholders that maximize the well-being of society. What agents/stakeholders is it?
24. Microeconomics stands back from individual parts of an economy and takes an overall view of the economy.
25. A decrease in the general price level of goods in services that can be negative in the long run by driving down the GDP and raising unemployment.
26. External Environment is consists of Macro and Micro environment.
27. I am a resturant owner and i need to buy supplies for my business.which industry would i buy from?
28. Are the resources used in the production of goods & services.
29. .... includes a look at the population size, location of the business, land distribution, climate and global warming situation, whether or not the area is prone to flood or earthquake.
30. Not only an economic problem but also a social problem of a country. Increase in population, increase in the cost of living, unemployment, inequality in the distribution of income
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