APPLIED ECONOMICS (1ST PERIODICAL TEST)

It is the natural resources that are found in nature (not man-made).

• A. Labor

• B. Land

• C. Capital

• D. Investment

The most democratic form of economic system.

• A. Market Economy

• B. Command Economy

• C. Traditional Economy

• D. Authoritative Economy

The most common type of market.

• A. Good market

• B. Financial market

• C. Labor market

• D. Market

The absolute value of the coefficient of elasticity is greater than 1.

• A. Unitary

• B. Elastic

• C. Inelastic

• D. Elasticity

It is a state of balance when demand is equal to supply.

• A. Market

• B. Equilibrium

• C. Demand

• D. Supply

Also known as the labor force.

• A. Land supply

• B. Goods

• C. Services

• D. Labor Supply

Refers to the competitive environment in which buyers and sellers operate.

• A. Market

• B. Structure

• C. Economy

• D. Market Structure

This is the small portion of industry.

• A. Medium Business

• B. Corporation

• C. Cooperative

• D. Business

SWOT analysis which stands for Strengths, Weaknesses,

Opportunities, and _____________________.

• A. Targets

• B. Template

• C. Threats

• D. Table

What do you call to the workers who work 40 hours or more?

• A. Labor Supply

• B. Full- Time Workers

• C. Part- time Workers

• D. Population