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SS12

QUIZ#3
1. Labor intensive technology is (demand)
called _____.
11. What is the governments role in
(intermediate technology)
capitalism?
2. One thing that should not be (none)
forgotten with the general rule
that goods and services must be 12. Modern technology: expensive;
produced in the most efficient primitive technology: _________.
way. (cheap)
(quality)
13. It means more labor and fewer
machines.
3. This provides that buyers are
(labor intensive technology)
willing and able to purchase
more goods at a lower price.
(law of demand)
14. What is the basis in determining
the best economic system?
4. This provides that producers are
(economic status)
willing and able to offer more
goods at a higher price.
15. What is the best economic
(law of supply)
system?
(none)
5. Most public utilities enjoy
natural monopolies.
16. What brings change in demand?
(True)
(determinant)
6. In long run all are _______.
17. What brings change in quantity
(variable)
supplied?
(time)
7. Normal profit is a part of the
total cost while pure profit is an
18. The direct relationship between
____ of the total cost.
price and quantity supplied.
(excess)
(law of supply)
8. What is the reason why a certain 19. The law of supply is correct only
point, further production of more if there is the assumption of the
units of goods increases _________.
average costs? (ceteris paribus)
(law of diminishing marginal return)
20. Supply which is equals to
9. What is the final determinant in demand is considered as
the number of goods to be ____________ .
produced by the plant? (equilibrium)
(time)

10. What is the purpose of a survey


in poor countries?