Engineering Economy # 1

Engineering Economy # 1

University

25 Qs

quiz-placeholder

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Engineering Economy # 1

Engineering Economy # 1

Assessment

Quiz

Mathematics

University

Hard

Created by

Coco Butter

Used 2+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This occurs in a situation where a commodity or service is supplied by a number of vendors and there is nothing to prevent additional vendors from entering the market.

Elastic Demand

Perfect Competition

Monopoly

Oligopoly

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The reduction in the level of national income and output, usually accompanied by a fall in general price level.

Devaluation

Inflation

Depletion

Deflation

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The total cost of importing products. This includes the purchase price, transport, insurance, and associated taxes.

Sunk Cost

Franchise

Direct Cost

Landed Cost

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An organization that aims to block the entry of a new corner.

Monopoly

Cartel

Competitor

Proprietor

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When free competition exists, the price of a product will be that value where supply is equal to the demand.

Law of Supply and Demand

Law of Supply

Law of Demand

Law of Diminishing Returns

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The amount which a willing buyer will pay to a willing seller for a property when neither one is under compulsion to buy or sell.

Book Value

Market Value

Fair Value

Salvage Value

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Exclusive right granted by the government for the manufacture, use and sale of a specific product.

Patent

Franchise

Monopoly

Monopsony

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