This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not the source of supply? A) A. distributor. B) B. import. C) C. customers. D) Manufacturers. Show Answer Correct Answer: C) C. customers. 2. What is opportunity cost A) A trade off. B) The most desirable alternative give up as the result of a decision. C) Society. D) The most desirable give up as a result of force. Show Answer Correct Answer: B) The most desirable alternative give up as the result of a decision. 3. Innovate the product, come up with new features A) Impact on the Consumers. B) Impact on Suppliers. C) Impact on the Government. D) Impact on the Household. Show Answer Correct Answer: A) Impact on the Consumers. 4. The people who make the major policy and financial decisions in a corporation are the ..... A) Investors. B) Board of directors. C) Managers. D) Owners. Show Answer Correct Answer: B) Board of directors. 5. Which of the following best describes a perfectly competitive market? A) A market that sells a variety of goods and services. B) A market such that several firms are competing fiercely. C) A market with many sellers and buyers. D) A market such that the government controls the market price. Show Answer Correct Answer: C) A market with many sellers and buyers. 6. According to the basic economic principles, what creates wealth? A) Voluntary Work. B) Voluntary Trade. C) Business Transactions. D) Business Management. Show Answer Correct Answer: B) Voluntary Trade. 7. The price at which a good is bought and sold in a market equilibrium is called A) Retail price. B) Equilibrium price. C) Discount price. D) Base price. Show Answer Correct Answer: B) Equilibrium price. 8. A factor in PESTLE Analysis that tackles the overall population, level of education, religious beliefs, and etc. A) Political Factors. B) Economic Factors. C) Social Factors. D) Technological Factors. Show Answer Correct Answer: C) Social Factors. 9. Involves a look at economic factors such as income of the people, specifically the target market, economic conditions A) Competition. B) Physical Environment. C) Political Forces. D) Economic Forces. Show Answer Correct Answer: D) Economic Forces. 10. It is the meaning of the negative value of the slope. A) Direct relationship. B) Neutral relationship. C) Inverse relationship. D) None of the above. Show Answer Correct Answer: C) Inverse relationship. 11. This economic system is not open to changes. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. 12. What is the primary focus of Economics in relation to ethics? A) To encourage unethical behavior. B) To explore the ethical dimensions of economic choices. C) To completely disregard ethics. D) To promote ethics at all costs. Show Answer Correct Answer: B) To explore the ethical dimensions of economic choices. 13. What's my name A) Tabasa. B) John. C) James Isaac. D) Hamoy. Show Answer Correct Answer: C) James Isaac. 14. Wants are ..... A) Desires for things that may or may not be necessities. B) Desires that can only be obtained by spending money. C) Are only tangible goods. D) Are only intangible goods. Show Answer Correct Answer: A) Desires for things that may or may not be necessities. 15. Which of the following would NOT be a determinant of demand? A) The price of related goods. B) Income. C) Tastes. D) The prices of the inputs used to produce the good. Show Answer Correct Answer: D) The prices of the inputs used to produce the good. 16. Products like pencils, books, and other school stationaries are easy to store in a warehouse. If a firm producing such goods and has a good warehousing facilities and can supply more when prices are rising, then supply will be A) Inelastic. B) Unitary elasticity. C) Elastic. D) None of the above. Show Answer Correct Answer: C) Elastic. 17. An advantage that occurs when a business is able to offer the same quality product as its competitors, but at a lower price. A) Differentiation. B) Cost leadership. C) Alliance. D) Defensive strategy. Show Answer Correct Answer: B) Cost leadership. 18. In the past year, Coca-Cola was named the fastest selling product in the market. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 19. Economics is important so that we may be able to: A) Understand problems facing the citizens and families. B) Help the government promote growth and improve the quality of life of people. C) Analyze the fascinating patterns of human behavior. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. If a business conducts a SWOT analysis to decide whether or not to expand, which of the following would be categorized as an "O" ? A) Money is available for the expansion. B) There is a potential for increased profits. C) New competition could enter the market. D) Company expenses have increased. Show Answer Correct Answer: B) There is a potential for increased profits. ← PreviousNext →Related QuizzesEconomics QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 3Applied Economics Quiz 4Applied Economics Quiz 5Applied Economics Quiz 6Applied Economics Quiz 7Applied Economics Quiz 8Applied Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books