Engineering Economy Quiz

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?

• A. Economic Analysis

• B. Engineering cost analysis

• C. Engineering economy

• D. Design cost analysis

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

• A. Monetary unit

• B. Currency

• C. Foreign exchange

• D. Cash or check

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

• A. Services

• B. Goods

• C. Commodities

• D. Goods or commodities

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

• A. Services

• B. Goods

• C. Commodities

• D. Goods or commodities

What are the two classifications of goods and services?

• A. Local and imported

• B. Raw and finished

• C. Consumer and producer

• D. Ready-made and made-to-order

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

• A. Producer products

• B. Consumer products

• C. Luxury

• D. 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?

• A. Producer products

• B. Consumer products

• C. Luxury

• D. Necessity

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

• A. Mall

• B. Market

• C. Store

• D. Office

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

• A. Seller

• B. Manufacturer

• C. Producer

• D. 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?

• A. Seller

• B. Manufacturer

• C. Producer

• D. Buyer or consumer