This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 102 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 102 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. I am a resturant owner and i need to buy supplies for my business.which industry would i buy from? A) Wholesale. B) Agricultre. C) Manufacturing. D) Service. Show Answer Correct Answer: A) Wholesale. 2. Are the resources used in the production of goods & services. A) Input. B) Output. C) Fixed Inputs. D) Variable Input. Show Answer Correct Answer: A) Input. 3. .... includes a look at the population size, location of the business, land distribution, climate and global warming situation, whether or not the area is prone to flood or earthquake. A) Physical Environment. B) General Partnership. C) Porter's five forces Analysis. D) SWOT Analysis. Show Answer Correct Answer: A) Physical Environment. 4. Not only an economic problem but also a social problem of a country. Increase in population, increase in the cost of living, unemployment, inequality in the distribution of income A) Unemployment. B) Poverty. C) Income inequality. D) Quality of infrastructure. Show Answer Correct Answer: B) Poverty. 5. Refers to the quantity of goods that a seller is willing to offer for sale. A) APPLIED ECONOMICS. B) SUPPLY. C) CORPORATION. D) None of above. Show Answer Correct Answer: B) SUPPLY. 6. The diagram represents a A) Increase in demand. B) Decrease in demand. Show Answer Correct Answer: A) Increase in demand. 7. This reflects the consumer's desire for a commodity. A) Demand. B) Good. C) Price. D) Supply. Show Answer Correct Answer: A) Demand. 8. Came from nature that are used in production, including land, raw materials and natural process. A) Human Resources. B) Natural Resources. C) Needs. D) Wants. Show Answer Correct Answer: B) Natural Resources. 9. Which of the following has a positive impact in the increase of population to a country? A) Additional consumers that can expand the economy. B) Additional waste that can increase junk shop businesses. C) Increase of purchasing power to buy more goods or services. D) All of the above. Show Answer Correct Answer: D) All of the above. 10. Barriers to entry include A) Switching cost. B) Network effects. C) Capital requirements. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. What is cost A) Law of increasing costs. B) Growth. C) To an economist the alternative that is given up because of a decision. D) Decay. Show Answer Correct Answer: C) To an economist the alternative that is given up because of a decision. 12. Which of the following statements is correct about PPF? A) PPF illustrates the general point that we are always choosing among unlimited opportunities. B) PPF illustrates the basic problems of economic life-Are the country's resources fully utilized? and is the company's capacity to produce growing?. C) PPF illustrates economics as the science of choosing what goods to produce. D) All of the above statements are correct. Show Answer Correct Answer: C) PPF illustrates economics as the science of choosing what goods to produce. 13. Fast food restaurants A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: D) Monopolistic competition. 14. These factors are controllable by the management. A) Micro Environment. B) Macro Environment. C) Internal Environment. D) External Environment. Show Answer Correct Answer: C) Internal Environment. 15. A shortage of a good is often a signal for a producer to A) Lower production of that good. B) Raise the prices of that good. C) Lower the prices of that good. D) Shift production to another good. Show Answer Correct Answer: B) Raise the prices of that good. 16. A weak response to a price change; occurs when the percentage change in the quantity demanded or supplied is less than the percentage change in price. A) Price Elastic. B) Price Elasticity. C) Price Inelastic. D) Price Inelasticity. Show Answer Correct Answer: C) Price Inelastic. 17. ECONOMICS help to solve personal problem A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 18. It has the largest number of firms trying to sell their products? A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 19. How will you classify the business if its total assets are worth Php 60, 000, 001 andabove? A) Micro. B) Small. C) Medium. D) Large. Show Answer Correct Answer: D) Large. 20. Identify the correct determinant of supply. Example:As the demand for DVDs decreased due to consumer preference for streaming movies, the market price for DVDs fell. This lower market price caused sellers to leave the DVD market and supply decreased. A) Government regulation. B) Change in number of sellers. C) Change in income. D) Change in expectations. Show Answer Correct Answer: B) Change in number of sellers. ← 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