Вы находитесь на странице: 1из 26

APPLIED ECONOMICS BY KYUT

QUIZ 1
A condition where there are insufficient resources to satisfy needs and wants of a
population.

Answer: Scarcity

Defined as the market value of final products produced within the country

Answer: Gross Domestic Products

What is the study of economic behavior and decision making of small units, such as
individuals, families, and businesses called?

Answer:MICROECONOMICS

This is the authoritative system wherein decision-making is centralized in the government or


a planning committee. This kind of economy holds true in dictatorial, socialist, and
communist nations

Answer:DEMAND ECONOMY

The study of how society manages its scarce resources.

Answer:ECONOMICS

QUIZ 2
A field that applies of economic theories and principles to real-world situations with the
desired aim of predicting potential outcomes.

Answer:APPLIED ECONOMICS

A field that applies of economic theories and principles to real-world situations with the
desired aim of predicting potential outcomes.

Answer:SOCIAL SCIENCE
__________________ are the producing units in the economy.

Answer:HOUSEHOLD

What can happen in a planned economy that does not happen in a market

economy?

Answer: The allocation of resources can take account of the total effects on society.

Which of the following is a factor of production?

Answer: The skill of the managers of a business

QUIZ 3
The supply curve always slopes in what direction?

Answer: UP

The Law of Supply states:

Answer: as price increases, supply increases

When graphing supply and demand, price is always on which axis

Answer: Vertical

Which of the following is not a component of demand?

Answer: Surplus

Which of the following is not a component of Demand?

Answer: Surplus

QUIZ 4
The state of balance when demand is equal to supply.
Answer: Equilibrium

Which one of the following is the best explanation of market equilibrium?

Answer: Where market supply equals market demand

A table showing how much of a good or service consumers will want to buy at different prices

Answer: Demand Schedule

shortages occur when the quantity demanded exceeds the quantity supplied. When the
market price is held below the equilibrium price.

Answer: Shortage

The actual amount of a good or service people are willing to sell at some specific price.

Answer: Quantity Supplied

LONG QUIZ
It is the measure of how much buyers and sellers respond to changes in market conditions.

Answer: Elasticity

If you slow down buying because of a price increase, your demand is

Answer: Elastic

If you spend a very small proportion of your income on a product, then

Answer: The demand for that product will tend to be price inelastic.

When the percentage change in the price exceeds the percentage change in quantity
demanded, then demand is

Answer: Inelastic.

Which of the following is an example of a good with inelastic demand?

Answer: Life-Saving Medicine

If a good has a lot of substitutes, then its demand will tend to be


Answer: Elastic

Mercedes makes a luxury car called the Maybach which sells for approximately
$490,000. base price. One would expect the demand for this product to be...

Answer: Elastic

If billionaire Bill Gates decides he has to have a Maybach, for him it has demand that

Answer: Inelastic

Total revenue is defined as

Answer: The total amount of money a company takes in for selling its goods

A graph that shows a product with elastic demand will tend to be...

Answer: Flatter

QUIZ 5
In a Market structure called 'Monopoly' there will:

Answer: One firm

Monopoly and Monopolistic Competition mean the same:

Answer: False

Tick the boxes that belong to Imperfect competition:

Answer: Monopoly/ Monopolistic/ Monopsony

The main difference between Oligopoly and duopoly is

Answer: No. of Firms

Given the type of business or industry below, identify what kind of market structure it
belongs to.
Ice Cream in the Philippines.
Oligopoly
QUIZ 6
What kind of business is BEST described by these statements?

I am the only owner of my business.


I take all the risks of doing business.
I keep all the profits.
Answer: Sole Propreitorship

A form of business organization that is authorized to act as a legal entity regardless of the
number of owners.

Answer: Corporation

A person who takes a risk to produce goods and services in search of profit

Answer: Entrepreneur

What type of business consists of two or more people?

Answer: Partnership

What type of business structure is owned by many people?

Answer: Corporation

FIRST QUARTERLY EXAMINATION


What is a payment made by an employer to an employee?
Select one:

d. Wage

Feedback
Your answer is correct.

Question 2
Correct

Mark 1.00 out of 1.00


Flag question

Question text
A form of business organization that is authorized to act as a legal entity regardless of the
number of owners.

Select one:

d. Corporation

Feedback
Your answer is correct.

Question 3
Correct

Mark 1.00 out of 1.00

Flag question

Question text
What is it called when you have limited quantities of resources used to meet unlimited
wants?
Select one:

d. Scarcity

Feedback
Your answer is correct.

Question 4
Correct

Mark 1.00 out of 1.00

Flag question
Question text
Measure of the way in which the quantity supplied responds to a change in
price. → Elasticity of Demand
Select one:

False

Question 5
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Human-made goods that are used to produce other goods and services
Capital
Answer:

Question 6
Correct

Mark 1.00 out of 1.00

Flag question

Question text
An analysis limited to statements that are verifiable
Select one:

c. Positive Economics

Feedback
Your answer is correct.

Question 7
Correct

Mark 1.00 out of 1.00

Flag question
Question text
The study of how society chooses to allocate its scarce resources to the production of
goods and services in order ot satisfy unlimited wants → Microeconomics
Select one:

False

Question 8
Correct

Mark 1.00 out of 1.00

Flag question

Question text
The branch of economics that studies, decision making by a single individual, household,
firm, industry, or level of government → Macroeconomics
Select one:

False

Question 9
Correct

Mark 1.00 out of 1.00

Flag question

Question text
What are the four factors of production?
Select one:

c. Land, capital, labor, entrepreneurs

Feedback
Your answer is correct.
Question 10
Correct

Mark 1.00 out of 1.00

Flag question

Question text
What is the study of economic behavior and decision makings of small units, such as
individuals, families, and businesses called?
Select one:

b. Microeconomics

Feedback
Your answer is correct.

Question 11
Correct

Mark 1.00 out of 1.00

Flag question

Question text
The creative ability of individuals to seek profits by taking risk and combining resources to
produce innovative products.
Entrepreneurship
Answer:

Question 12
Correct

Mark 1.00 out of 1.00


Flag question

Question text
What type of business structure is owned by many people?
Select one:

a. Corporation

Feedback
Your answer is correct.

Question 13
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Provides a means to clearly show economic relationships in two-dimensional space.
Economic analysis is often concerned with two variables confined to the upper-right
(northeast) quadrant of the coordinate number system.
Graphs
Answer:

Question 14
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Amount that producers bring to the market at at any given price.
Quantity Supplied
Answer:
Question 15
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Extra revenue from the production of one additional unit.
Marginal Revenue
Answer:

Question 16
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Law of supply: suppliers will offer more for sale at _____ prices and less for sale at _____
prices.
Select one:

c. high, low

Feedback
Your answer is correct.

Question 17
Correct

Mark 1.00 out of 1.00


Flag question

Question text
The main difference between Oligopoly and duopoly is
Select one:

d. No. of Firms

Feedback
Your answer is correct.

Question 18
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Decision making based on extra benefit/cost of an action.
Marginal Analysis
Answer:

Question 19
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Supply curve that shows the quantities offered at various prices BY ALL FIRMS that sell
product in a given market. → Cost of Production
Select one:

False

Question 20
Correct

Mark 1.00 out of 1.00

Flag question

Question text
A Latin phrase that means while certain variables change, "all other things remain
unchanged."

Select one:

c. Ceteris Paribus

Feedback
Your answer is correct.

Question 21
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Listing showing the quantity demanded at all possible prices that might prevail in the
market at any given time.
Demand Schedule
Answer:

Question 22
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Lowest legal price that can be paid for a good or service.
Select one:

a. Price Floor

Feedback
Your answer is correct.

Question 23
Correct

Mark 1.00 out of 1.00

Flag question

Question text
The mental and physical capacity of workers to produce goods and services
Labor
Answer:

Question 24
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Combination of desire, ability, and willingness to buy a product. → Demand
Select one:

True

Question 25
Correct

Mark 1.00 out of 1.00

Flag question

Question text
The basic categories of inputs used to produce goods and services.
Resources
Answer:

Question 26
Correct

Mark 1.00 out of 1.00

Flag question

Question text
List the four market structures in order from least competitive to most competitive.
Select one:

d. Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Feedback
Your answer is correct.

Question 27
Correct

Mark 1.00 out of 1.00


Flag question

Question text
Corporations are in business for what?
Select one:

b. Profit

Feedback
Your answer is correct.

Question 28
Correct

Mark 1.00 out of 1.00

Flag question

Question text
What type of business consists of two or more people?
Select one:

a. Partnership

Feedback
Your answer is correct.

Question 29
Correct

Mark 1.00 out of 1.00


Flag question

Question text
Occurs when two variables are unrelated → Independent relationship
Select one:

True

Question 30
Correct

Mark 1.00 out of 1.00

Flag question

Question text
A person who takes a risk to produce goods and services in search of profit

Select one:

d. Entrepreneur

Feedback
Your answer is correct.

Question 31
Correct

Mark 1.00 out of 1.00

Flag question
Question text
Amount of money, resources, raw materials, labor, and production it takes to make a good,
item, or service.
Select one:

c. Cost of Production

Feedback
Your answer is correct.

Question 32
Correct

Mark 1.00 out of 1.00

Flag question

Question text
What kind of business is BEST described by these statements?
I am the only owner of my business.
I take all the risks of doing business.
I keep all the profits.

Select one:

c. Sole Proprietorship

Feedback
Your answer is correct.

Question 33
Correct

Mark 1.00 out of 1.00


Flag question

Question text
What are the three basic economic questions?
Select one:

b. What?, How?, Whom?

Feedback
Your answer is correct.

Question 34
Correct

Mark 1.00 out of 1.00

Flag question

Question text
What is the measure of how consumers react to a change in price?
Select one:

d. Elasticity

Feedback
Your answer is correct.

Question 35
Correct

Mark 1.00 out of 1.00


Flag question

Question text
In a Market structure called 'Monopoly' there will:
Select one:

c. One Firm

Feedback
Your answer is correct.

Question 36
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Changes in price cause a LARGE change in quantity demanded.
Elastic Demand
Answer:

Question 37
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Graph showing the quantities supplied at each and every possible price in the marker.
Select one:
c. Supply Curve

Feedback
Your answer is correct.

Question 38
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Variable plus fixed costs, all costs associated with production.
Total Costs
Answer:

Question 39
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Demand: shift left=______ in demand.
Select one:

d. Decrease

Feedback
Your answer is correct.

Question 40
Correct

Mark 1.00 out of 1.00


Flag question

Question text
Any natural resource provided by nature that is used to produce goods and services
Land
Answer:

Question 41
Correct

Mark 1.00 out of 1.00

Flag question

Question text
An analysis based on value judgments or opinions and use words such as good, bad, ought
to, and should.
Select one:

b. Normative Economics

Feedback
Your answer is correct.

Question 42
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Changes in price cause a SMALL change in quantity demanded. -INELASTIC DEMAND
Select one:

True

Question 43
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Satisfaction or usefulness obtained from acquiring one more unit of a product.
Select one:

c. Marginal Utility

Feedback
Your answer is correct.

Question 44
Correct

Mark 1.00 out of 1.00

Flag question

Question text
3 Factors Affecting Elasticity of Demand → Necessity, substituitability, income
Select one:

True

Question 45
Correct

Mark 1.00 out of 1.00


Flag question

Question text
The condition in which human wants are forever greater than the available supply of time,
goods, and resources.
Scarcity
Answer:

Question 46
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Monopoly and Monopolistic Competition mean the same:
Select one:

False

Question 47
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Principle that more will be offered for sale at higher and prices and less at lower
prices. → Law of Supply
Select one:
True

Question 48
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Economic policies for determining the amount of money supply, rates of interest &
exchange rates → Monetary Policy
Select one:

True

Question 49
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Amount demanded at any given price.
Quantity Demanded
Answer:

Question 50
Correct

Mark 1.00 out of 1.00


Flag question

Question text
The branch of economics that studies decision making for the economy as a
whole → Microeconomics
Select one:

False