Construction Economics Quiz

What is the study of individual decision making by both individuals and firms in the field of construction economics?

• Macroeconomics

• Microeconomics

• Monopolistic Competition

• Oligopoly

What is the term used to describe the total value of new work, repairs, and maintenance in the construction industry?

• Gross National Income (GNI)

• Gross Domestic Product (GDP)

• Gross Output

• Market Structure

In which market structure does a single seller dominate the market?

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

What is the term used to describe the number of firms within a market?

• Seller Concentration

• Product Differentiation

• Entry Conditions

• Buyer Concentration

What is the characteristic of a perfectly competitive firm?

• High barriers to entry

• Price-taker

• Price-maker

• Low product differentiation

What is the term used to describe a market with few buyers?

• Monopsony

• Monopoly

• Perfect Competition

• Oligopsony

What is the effect of a high market demand on the costs of factors of production in the construction industry?

• Decrease

• Fluctuate

• Remain unchanged

• Increase

What is the primary objective for most governments in terms of the economy?

• Sustained economy growth

• Positive trade balance

• Effective protection of the environment

• Stable prices

What is the study of economy-wide phenomena resulting from group decision-making in entire markets?

• Microeconomics

• Oligopoly

• Macroeconomics

• Monopolistic Competition

What is the characteristic of a monopoly market structure?

• Unique product

• Homogeneous product

• Many sellers

• Easy entry