Applied Economics Pre Test - 2nd Quarter

This is where buyers and sellers meet to exchange goods and services.

• Demand

• Supply

• Market

• Market Systems

This type of market

system adopts a laissez-faire approach or the idea that the government should not

interfere with industries or businesses.

• Command economy

• Communism

• Free market economy

• Socialism

In this system, the government owns most properties and resources, and economic decisions are made through a central economic plan.

• Socialism

• Communism

• Free Market Economy

• Command Economy

It states that as the price of goods increases, quantity demanded

decreases.

• Demand

• Supply

• Law of Demand

• Law of Supply

Which of the following is the correct formula for demand function?

• Qd = a+b(P)

• Qd = a-b(P)

• Qd = a/b(P)

• Qd = a(b)(P)

Which of the following is the correct formula for Supply Function?

• Qs = a(b)(P)

• Qs = a/b(P)

• Qs = a-b(P)

• Qs = a+b(P)

It is the set of all quantities the buyer

is willing to purchase at different price levels at a given time period.

• Demand

• Supply

• Quantity Demanded

• Quantity Supplied

It is a table

that summarizes the quantity demanded for every price level.

• Demand Table

• Demand Schedule

• Demand Curve

• Demand

It is the graphical representation of

the demand schedule.

• Demand

• Demand Schedule

• Demand Curve

• Quantity Demanded

It is the set of all quantities supplied at different price levels at a given time period.

• Supply

• Quantity Supplied

• Supply Schedule

• Supply Curve