Applied Economics Quiz 100 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. What is the act of choosing between alternative courses of action?

Correct Answer: B) Decision-Making.

2. If E = 0, it is perfectly elastic.

Correct Answer: B) FALSE.

3. What will happen if there is an Increase in supply

Correct Answer: B) Increase in supply shifts the supply curve to the right.

4. What do we call the lines that intersect to have a fair and balance in the demand, supply, and price of any product?

Correct Answer: D) Equilibrium Point.

5. It is the overall market value of the goods and services produced domestically by a country.

Correct Answer: A) GDP.

6. If the cost of product of pork increases, supply will:

Correct Answer: B) Increase.

7. Viability of the business depends also in the work force of the organization.

Correct Answer: A) True.

8. This economic problem has something to do with the allocation of goods and services among the members of society.

Correct Answer: C) For whom shall the goods and services be produced?.

9. It is a framework or a guide for assessing and evaluating the competitivestrength and position of a business organization.

Correct Answer: C) Porter's Five Forces Analysis.

10. Market equilibrium exists when quantity supplied is ..... than/to the quantity demanded

Correct Answer: B) Equal.

11. Refers to a basic, marketable good or service that is produced to meet a demand, whether that be a want or a need.

Correct Answer: D) Commodity.

12. A change in a determinant will lead to a proportionately equal change in demand or supply.

Correct Answer: D) Unitary Elastic.

13. The most economic problem is

Correct Answer: D) Scarcity.

14. Soil and natural resources that are found in nature and are not manmade.

Correct Answer: A) Land.

15. It is an assumption used by economist to simplify the analysis of complex economic phenomenon which means all other things held constant.

Correct Answer: C) Ceteris Paribus.

16. Products use as replacements to other products that gives the same purpose.

Correct Answer: B) Substitutes.

17. This means an evaluation of the possible or probable effects of external forces and conditions on the survival and growth of the business.

Correct Answer: B) Environmental Analysis.

18. The type of market that is dominated by a few firms that have higher prices and lower output.

Correct Answer: B) Oligopoly.

19. It occurs when the economy has relatively low unemployment.

Correct Answer: B) Full Employment.

20. It is a strategic tool to identify the external and internal environment.

Correct Answer: A) Environmental Analysis.