NAME: MIRAFLOR DANTES APPLIED ECONOMICS QUIZ 1

I Identify the following questions with the correct answer. Write your answer on the blank before the
number.
DEMAND______1. It is the quantity of a good that a person will buy at a given time, given the price of that
good.
DEMAND CURVE______2. Is a graphical illustration of the demand schedule, with price measured on the
vertical axis Y and the quantity demanded measured on the horizontal axis X.
_MARKET SUPPLY_____3. Is obtained by adding together the individual supplies of all the firms in the
economy.
_THE LAW OF SUPPLY_____4. As the price increases (decreases), the quantity supplied of that product increases
(decreases).

_MARKET STRUCTURE_____5. Refers to how industries are classified and differentiated based on their degree and
nature of competition for goods and services.

COMPETITION______6. Also known as competitive which refers to free competition.

PERFECT COMPETITION______7. Is a form of market structure of imperfect competition, mainly characterized by the

existence of a sole seller and many buyers.

MONOPOLISTIC COMPETITION______8. Is a market structure in which many firms can freely enter and exit the market
but sell products that are differentiated.

_SOLE PROPRIETORSHIP_____9. A form of business organization which is owned by an individual who is singly
responsible for running the business and is accountable for all debts and obligations related to the business.

AGRIBUSINESS_____10. A business that earns most or all of its revenues from agriculture.

II 11-15 Classification of Industry

11. QUINARY SECTOR

12. QUATERNARY ECONOMY

13. TERTIARY ACTIVITIES

14. SECONDARY INDUSTRIES

15. PRIMARY SECTOR

16-20 Name at least Five Agribusiness

16. CROP PRODUCTION

17. ANIMAL PRODUCTION

18. FORESTRY AND LOGGING

19. FISHERY

20. AGRI-SUPPORT SERVICES AND MANUFACTURING