Terms and definition of Applied Economics
Authored by Kisune Takeno
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12th Grade
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15 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes.
Applied economics
Law of demand
Economics
Economic system
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
This reflects the quantities of goods and services demanded at different prices.
Law of demand
Law of supply
Economic resources
Demand schedule
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It's a social science which deals with the allocation of scarce resources to satisfy the unlimited human wants
Economic system
Equilibrium price
Economics
Monopoly
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It's also known as factors of production, the resources used to produce goods and services
Economic resources
Economic system
Economics
Microeconomics
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It is the framework in which a society decides on its economic problems
Economics
Macroeconomics
Scarcity
Economic system
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It is the condition of balance or equality
Perfect competition
Equilibrium price
Law of supply
Oligopoly
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It is the quantity of a commodity which buyers will buy at a given time and place will vary inversely with the price
Law of supply
Monopolistic competition
Law of demand
Monopoly
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