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Applied Economics Quiz 72 (21 MCQs)

Quiz Instructions

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1. I am the science, art and business for cultivting soil, producing crops and rising livestock, farming.
2. The top gainer in the Philippine Exports in June 2020.
3. Consumers demand less of this type of good when their income rises.
4. It is a strategic planning technique to assess the internal and externalfactors as well as current and future potential.
5. Opportunity cost is referred to as "the one that got away" .
6. Sole proprietorship
7. The field of Economics which study how households and firms make decisions and how they interact in markets. It deals with the economic behavior of individual units such as consumers, firms, and the owners of the factors of production.
8. Refers to the proper utilization of economic goods.
9. When human are faced with scarce resources they are forced to make .....
10. In savings the most important thing or necessary is .....
11. Law of Demand states that "as the price increases, the quantity demanded for that product decreases."
12. A principle in which everything must work together from employee to president or from equipment to resources.
13. How does the law of supply apply to changes in price?
14. The following are characteristics of a Command Economy, EXCEPT .....
15. What do you call to the payment for the use of land?
16. In this type of economy, the consumers exercise virtual autonomy on what they will buy and at what quantities they will buy and at what price.
17. Internal factors that are favorable for achieving your organization's objective.
18. What does it mean? PED > 1
19. The Philippine economy grew at the rate of 5.8% in 2013.
20. Which of the following Internal Factor that consisting of employees?
21. Demand for the goods provided by the suppliers will increase
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