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Engineering Economics Quiz | Engineering Economics Multiple Choice Questions and Answers

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Questions
1 What is another term for “perfect competition”?
A Atomistic competition
B No-limit competition
C Free-for-all competition
D Heterogeneous market

Answer: Atomistic competition
2 Duopoly is a market situation where there is/are:
A Few sellers and few buyers
B Few sellers and many buyers
C Many sellers and few buyers
D One seller and few buyers

Answer: Few sellers and many buyers
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3 Duopsony is a market situation where there is/are:
A Few sellers and few buyers
B Few sellers and many buyers
C Many sellers and few buyers
D One seller and few buyers

Answer: Many sellers and few buyers
4 Oligopoly exists when there is/are:
A Few sellers and few buyers
B Few sellers and many buyers
C Many sellers and few buyers
D One seller and few buyers

Answer: Few sellers and many buyers
5 If there are many sellers and few buyers, the market situation is _________ .
A Duopsony
B Oligopoly
C Oligopsony
D Monopoly

Answer: Oligopsony
6 If there is only one seller and many buyers, the market situation is ________ .
A Duopsony
B Oligopoly
C Oligopsony
D Monopoly

Answer: Monopoly
7 What is the market situation exist when there are many buyers and many sellers?
A Perfect competition
B Oligopoly
C Oligopsony
D Monopoly

Answer: Perfect competition
8 What market situation exists where there is only one buyer and only one seller?
A Monopsony
B Monopoly
C Bilateral monopsony
D Bilateral monopoly

Answer: Bilateral monopoly
9 What market situation exists where there are few sellers and few buyers?
A Oligopoly
B Oligopsony
C Bilateral oligopoly
D Bilateral Oligopsony

Answer: Bilateral oligopoly
10 What is a market situation whereby there is only one buyer of an item for which there is no goods substitute?
A Monopsony
B Monopoly
C Oligopoly
D Oligopsony

Answer: Monopsony
11 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

Answer: Producer
12 What is considered as the basic consuming or demanding unit of a commodity?
A Seller
B Manufacturer
C Producer
D Buyer or consumer

Answer: Buyer or consumer
13 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

Answer: Market
14 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

Answer: Necessity
15 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

Answer: Necessity
16 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

Answer: Consumer and producer
17 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

Answer: Services
18 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

Answer: Goods or commodities
19 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

Answer: Foreign exchange
20 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

Answer: Economic Analysis
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