Engineering Economics - Elements (Exercise 1)

What is defines as the analysis and evaluation of the monetary consequences by using the theories and principles of economics to engineering applications. designs and projects?

• Economic Analysis

• Engineering cost analysis

• Engineering economy

• Design cost analysis

What is considered as the standard unit which forms the basis of a country's domestic money supply?

• Monetary unit

• Currency

• Foreign exchange

• Cash or check

What is defined as any tangible economic product that contributes directly or indirectly to the satisfaction of human want?

• Services

• Goods

• Commodities

• Goods or commodities

What is defined as any tangible economic activity that contributes directly or indirectly to the satisfaction of human want?

• Services

• Goods

• Commodities

• Goods or commodities

What are the two classifications of goods and services?

• Local and imported

• Raw and finished

• Consumer and producer

• Ready-made and made-to-order

What refers to the goods and services that are required to support human life, needs and activities?

• Producer products

• Consumer products

• Luxury

• Necessity

What refers to the goods and services that are desired by human and will be acquired only after all the needs have been satisfied?

• Producer products

• Consumer products

• Luxury

• Necessity

What refers to the exchange mechanism that brings together the sellers and the buyers of a product, factor of production or financial security?

• Mall

• Market

• Store

• Office

What is considered as the basic consuming or demanding unit of a commodity?

• Seller

• Manufacturer

• Producer

• Buyer or consumer

What is defined as an entity which makes product, good or services available to buyer or consumer in exchange of monetary consideration?

• Seller

• Manufacturer

• Producer

• Buyer or consumer