Applied Eco Review Q1

It is concerned about the behavior of the individual units of the economic system.

• MICROECONOMICS

• MACROECONOMICS

•  A place where parties can gather to facilitate the exchange of goods and services. 

• BGC

• Kyusi

• Market

Economics is a social science that deals with how to allocate scarce resources to satisfy man’s unlimited needs and wants

• TRUE

• FALSE

It is the willingness of a consumer to buy a certain commodity at a given price.

• Supply

• Demand

• Impulsiveness

Refers to the human effort exerted in production which includes manual workers and professionals

• LAND

• LABOR

• CAPITAL

• ENTREPRENEURSHIP

Qd = Qs is the equation used for Market Equilibrium

• True

• False

it is the application of economic theory and quantitative tools to analyze specific economic problems ......

• POSITIVE ECONOMICS

• NORMATIVE ECONOMICS

• MIXED ECONOMY

• APPLIED ECONOMICS

It states that there is an DIRECT RELATIONSHIP between Price and quantity supplied.

• Law of Demand

• Law of Supply

• Market Equilibrium

Branch of economics that deals with the overall performance of national and international economies.

• MICROECONOMICS

• MACROECONOMICS

If there is an Increase of demand the Demand curve will shift to the ________ .

• Left

• Right