This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 101 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 101 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Advantages of this business type are that the owner is their own boss and gets to keep all the profits. A) Partnership. B) Sole Proprietorship. C) Corporation. D) Franchise. Show Answer Correct Answer: B) Sole Proprietorship. 2. It is a game-changer that will transform the industry. A) Opportunity. B) Revolutionary Impact. C) Screening. D) Technological. Show Answer Correct Answer: B) Revolutionary Impact. 3. Person or business that provides goods and services is called ..... ?a. Consumer c. Governmentb. Creditors d. Suppliers A) Consumer. B) Creditors. C) Government. D) Suppliers. Show Answer Correct Answer: D) Suppliers. 4. It is the processing of raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing. A) Manufacture. B) Manufacturing. C) Manufacturer. D) Manufacturation. Show Answer Correct Answer: B) Manufacturing. 5. In economics willingness to buy goods and services should be accompanied by the ability to buy (purchasing power) and is referred to as effective ..... A) Demand. B) Supply. C) Market. D) Equilibrium. Show Answer Correct Answer: A) Demand. 6. All buyers and sellers have sufficient information to maximize self-interest. A) Perfect Competition. B) Monopolistic Competition. C) Pure Monopoly. D) Oligopoly. Show Answer Correct Answer: A) Perfect Competition. 7. These services are engaged in commercial activities that provide needs toindividuals. A) Business Services. B) Personal Services. C) Social Services. D) None of the above. Show Answer Correct Answer: A) Business Services. 8. In the housing market, what tends to happen when there's high demand for homes but limited supply? A) Prices rise. B) Demand decreases. C) Prices fall. D) No change in prices. Show Answer Correct Answer: A) Prices rise. 9. For which of the following type of business, do you think a sole proprietorship form of organisation would be more suitable? A) Legal consultancy. B) Grocery store. C) Internet cafe. D) Craft centre. Show Answer Correct Answer: B) Grocery store. 10. What is the year does Economics evolved? A) 20th Century. B) 21st Century. C) 19th Century. D) 18th Century. Show Answer Correct Answer: C) 19th Century. 11. Which of the following best describes Gross National Product or GNP? A) Foreign residents. B) Made by Filipinos. C) Made in the Philippines. D) Residents of a country. Show Answer Correct Answer: B) Made by Filipinos. 12. .... What will happen if a new business is booming? A) More opportunities for suppliers and investor. B) Demand for the goods suppliers by suppliers will increase. C) Investors get to earn returns on their investments. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. The law of supply states that ..... A) When prices rise, quantity supply remains the same. B) When prices rise, quantity supply also rise. C) Price and supply are always the same. D) When prices rise, quantity supply decreases. Show Answer Correct Answer: B) When prices rise, quantity supply also rise. 14. It is a theory in economics that predicts when the optimal level of capacity is reached, adding a factor of production will actually result a smaller increase in output. A) Law of Production. B) Law of Diminishing Production. C) Law of Diminishing Marginal Utility. D) Law of Diminishing Marginal Return. Show Answer Correct Answer: C) Law of Diminishing Marginal Utility. 15. Refers to the combined utility derived from consuming certain units of a good. A) Total Utility. B) Marginal Utility. C) Consumption. D) Production. Show Answer Correct Answer: A) Total Utility. 16. A partnership agreement sets out the conditions of the partnership in order to protect the owners. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 17. These are the agents/stakeholders that maximize the well-being of society. What agents/stakeholders is it? A) Consumers. B) Producers. C) Resellers. D) Public Sectors. Show Answer Correct Answer: D) Public Sectors. 18. Microeconomics stands back from individual parts of an economy and takes an overall view of the economy. A) True. B) False. Show Answer Correct Answer: B) False. 19. A decrease in the general price level of goods in services that can be negative in the long run by driving down the GDP and raising unemployment. A) Inflation. B) Deflation. Show Answer Correct Answer: B) Deflation. 20. External Environment is consists of Macro and Micro environment. A) True. B) False. C) Maybe. D) None of above. Show Answer Correct Answer: A) True. ← 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