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
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Question 2
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A form of business organization that is authorized to act as a legal entity regardless of the
number of owners.
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d. Corporation
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Question 3
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What is it called when you have limited quantities of resources used to meet unlimited
wants?
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d. Scarcity
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Question 4
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Measure of the way in which the quantity supplied responds to a change in
price. → Elasticity of Demand
Select one:
False
Question 5
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Human-made goods that are used to produce other goods and services
Answer:
Capital
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An analysis limited to statements that are verifiable
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c. Positive Economics
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Question 7
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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
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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
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What are the four factors of production?
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c. Land, capital, labor, entrepreneurs
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Question 10
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What is the study of economic behavior and decision makings of small units, such as
individuals, families, and businesses called?
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b. Microeconomics
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Question 11
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The creative ability of individuals to seek profits by taking risk and combining resources to
produce innovative products.
Answer:
Entrepreneurship
Question 12
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What type of business structure is owned by many people?
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a. Corporation
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Question 13
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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.
Answer:
Graphs
Question 14
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Amount that producers bring to the market at at any given price.
Answer:
Quantity Supplied
Question 15
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Extra revenue from the production of one additional unit.
Answer:
Marginal Revenue
Question 16
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Law of supply: suppliers will offer more for sale at _____ prices and less for sale at _____
prices.
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c. high, low
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Question 17
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The main difference between Oligopoly and duopoly is
Select one:
d. No. of Firms
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Question 18
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Decision making based on extra benefit/cost of an action.
Answer:
Marginal Analysis
Question 19
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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
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A Latin phrase that means while certain variables change, "all other things remain
unchanged."
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c. Ceteris Paribus
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Question 21
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Listing showing the quantity demanded at all possible prices that might prevail in the
market at any given time.
Answer:
Question 22
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Demand Schedule
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Lowest legal price that can be paid for a good or service.
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a. Price Floor
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Question 23
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The mental and physical capacity of workers to produce goods and services
Answer:
Labor
Question 24
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Combination of desire, ability, and willingness to buy a product. → Demand
Select one:
True
Question 25
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The basic categories of inputs used to produce goods and services.
Answer:
Resources
Question 26
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List the four market structures in order from least competitive to most competitive.
Select one:
d. Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
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Question 27
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Corporations are in business for what?
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b. Profit
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Question 28
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What type of business consists of two or more people?
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a. Partnership
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Question 29
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Occurs when two variables are unrelated → Independent relationship
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True
Question 30
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A person who takes a risk to produce goods and services in search of profit
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d. Entrepreneur
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Question 31
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Amount of money, resources, raw materials, labor, and production it takes to make a good,
item, or service.
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c. Cost of Production
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Question 32
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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
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Question 33
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What are the three basic economic questions?
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b. What?, How?, Whom?
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Question 34
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What is the measure of how consumers react to a change in price?
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d. Elasticity
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Question 35
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In a Market structure called 'Monopoly' there will:
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c. One Firm
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Question 36
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Changes in price cause a LARGE change in quantity demanded.
Answer:
Elastic Demand
Question 37
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Graph showing the quantities supplied at each and every possible price in the marker.
Select one:
c. Supply Curve
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Question 38
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Variable plus fixed costs, all costs associated with production.
Answer:
Total Costs
Question 39
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Demand: shift left=______ in demand.
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d. Decrease
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Question 40
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Any natural resource provided by nature that is used to produce goods and services
Answer:
Land
Question 41
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An analysis based on value judgments or opinions and use words such as good, bad, ought
to, and should.
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b. Normative Economics
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Question 42
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Changes in price cause a SMALL change in quantity demanded. -INELASTIC DEMAND
Select one:
True
Question 43
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Satisfaction or usefulness obtained from acquiring one more unit of a product.
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c. Marginal Utility
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Question 44
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3 Factors Affecting Elasticity of Demand → Necessity, substituitability, income
Select one:
True
Question 45
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The condition in which human wants are forever greater than the available supply of time,
goods, and resources.
Answer:
Scarcity
Question 46
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Monopoly and Monopolistic Competition mean the same:
Select one:
False
Question 47
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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
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Economic policies for determining the amount of money supply, rates of interest &
exchange rates → Monetary Policy
Select one:
True
Question 49
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Amount demanded at any given price.
Answer:
Quantity Demanded
Question 50
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The branch of economics that studies decision making for the economy as a
whole → Microeconomics
Select one:
False