What is defined as the analysis and evaluation of the monetary consequences by using the theories and principles of economics to engineering appications, designs and projects?
AEconomic analysis
BEngineering cost analysis
CEngineering economy
DDesign cost analysis
#2
What is considered as the standard unit which forms the basis of a country's domestic money supply?
AMonetary unit
BCurrency
CForeign exchange
DCash or check
#3
What is defined as any tangible economic product that contributes directly or indirectly to the satisfaction of human want?
AServices
BGoods
CCommodities
DGoods or commodities
#4
What is defined as any tangible economic activity that contributes directly or indirectly to the satisfaction of human want?
AServices
BGoods
CCommodities
DGoods or commodities
#5
What are the two classifications of goods and services?
ALocal and imported
BRaw and finished
CConsumer and Producer
DReady-made and made-to-order
#6
What refers to the goods and services that are required to support human life, needs and activities?
AProducer products
BConsumer products
CLuxury
DNecessity
#7
What is considered as the basic consuming or demanding unit of a commodity?
ASeller
BManufacturer
CProducer
DBuyer or consumer
#8
What is defined as an entity which makes a product, good, or services available to buyer or consumer in exchange of monetary consideration?
ASeller
BManufacturer
CProducer
DBuyer or consumer
#9
What is a market situation where there is only one buyer of an item for which there is no goods substitute?
AMonopsony
BMonopoly
COligopoly
DOligopsony
#10
What market situation exists when there are few sellers and few buyers?
AOligopoly
BOligopsony
CBilateral oligopoly
DBilateral oligopsony
#11
What market situation exists where there is only one buyer and only one seller?
AMonopsony
BMonopoly
CBilateral monopsony
DBilateral monopoly
#12
What is the market situation exists when there are many buyers and many sellers?
APerfect competition
BOligopoly
COligopsony
DMonopoly
#13
If there is only one seller and many buyers, the market situation is _________
ADuopsony
BOligopoly
COligopsony
DMonopoly
#14
If there are many sellers and few buyers, the market situation is _________
ADuopsony
BOligopoly
COligopsony
DMonopoly
#15
Oligopoly exists when there is/are:
Afew sellers and few buyers
Bfew sellers and many buyers
Cmany sellers and few buyers
Done seller and few buyers
#16
Duopsony exists when there is/are:
Afew sellers and two buyers
Btwo sellers and many buyers
Cmany sellers and two buyers
Done seller and two buyers
#17
Duopsoly exists when there is/are:
Afew sellers and two buyers
Btwo sellers and many buyers
Cmany sellers and two buyers
Done seller and two buyers
#18
What is another term for "perfect competition"?
AAtomistic competition
BNo-limit competition
CFree-for-all competition
DHeterogeneous market
#19
What refers to the market situation in which any given product is supplied by a very large number of vendors and there is no restriction against additional vendors from entering the market?
APerfect competition
BOligopoly
COligopsony
DMonopoly
#20
Aside from many sellers and many buyers, which one is a characteristic of perfect competition?
Ahomogenous product
Bfree market entry and exit
Cperfect information and absence of all economic friction
