Applied Economics Take Home Quiz

What is the financial gain made in transactions?

• Profit

• Resource

• Scarcity

• Wage

What is it called when you have limited quantities of resources used to meet unlimited wants?

• Profit

• Specialization

• Cartel

• Scarcity

What is a legal entity owned by individual stockholders?

• Capital

• Free Enterprise

• Corporation

• Specialization

What is the desire to own something and the ability to pay for it called?

• Supply

• Demand

• Allocation

• Capital

What is the point at which the quantity demanded and the quantity supplied are equal called?

• Elasticity

• Efficiency

• Equilibrium price

• Production possibilities

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

• Macroeconomics

• Microeconomics

• Economics

• Economic statistics

What is a market structure in which many companies sell products that are similar but not identical?

• Monopoly

• Perfect Competition

• Monopolistic Competition

• Oligopoly

Corporations are in business for what?

• Profit

• Non-profit

• Stockholders

• Bondholders

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

• Economics

• Applied Economics

• Economic Theory

The study of how society manages its scarce resources.

• Economics

• Applied Economics

• Allocation

• Scarcity