Micro and Macro Economics in Construction

Micro and Macro Economics in Construction

6th Grade

20 Qs

quiz-placeholder

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Micro and Macro Economics in Construction

Micro and Macro Economics in Construction

Assessment

Quiz

Business

6th Grade

Easy

Created by

MAYAMIN YUHANIZ

Used 2+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the meaning of scarcity in construction economics?

Resources are always sufficient

No competition for resources

Resources are limited but wants are unlimited

Unlimited resources for all projects

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does opportunity cost refer to in construction projects?

The value of the next best alternative forgone

The cost of unused materials

The profit of a project

The total cost of construction

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of the tendering process in construction?

To complete the project on time

To determine the market price for raw materials

To bid for a project and secure contracts

To design the building

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a key feature of monopolistic competition in construction?

A single firm dominates the market

Firms differentiate their products to compete

All firms produce the same products

No competition exists in the market

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which factor most directly affects demand for owner-occupied housing?

Weather conditions

Cost of borrowing

Color of the house

Availability of machinery

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the main goal of efficient resource management in construction?

To eliminate subcontractors from the process

To delay project timelines for better quality

To increase the complexity of construction projects

To reduce project costs and ensure timely completion

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What happens at market equilibrium in the construction industry?

Supply is greater than demand

The market stops operating

Demand equals supply, and prices stabilize

Demand is greater than supply

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