This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 103 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 103 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This is the root of all economic problems. A) Scarcity. B) Shortage. C) Surplus. D) None of above. Show Answer Correct Answer: A) Scarcity. 2. Identify the type of economic system described in each statement.In Bald City, no hair products are produced or sold. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 3. An industry dominated by a few firms A) Perfect Competition. B) Monopoly. C) Monopolistic Competition. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 4. TRUE OR FALSE:A shift in a demand or supply curve occurs when quantity demanded or supplied changes even though price remains the same. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 5. The desire to have some good or service and the ability to pay for it A) Supply. B) Equilibrium. C) Demand. D) Quantity demanded. Show Answer Correct Answer: C) Demand. 6. Who owns the resources in a command economy? A) The government. B) No one. C) Individuals. D) Private business. Show Answer Correct Answer: A) The government. 7. In which market do households sell? A) Product Market. B) Factor Market. C) Market Economy. D) Fresh Market. Show Answer Correct Answer: B) Factor Market. 8. There has been a continual increase in the average price of goods and services in the Philippines since the pandemic. All of the following are problems associated with it EXCEPT: A) People would lose purchasing power, with the poor having the least ability to buy goods and services given their income. B) Banks would increase their interest rates to adjust for inflation, the cost of borrowing money will increase. C) This can lead to worse relations between workers and employers if workers do not feel that their wages are keeping up with inflation. D) People are less willing to buy fixed assets (i.e houses or art) since it becomes less valuable than cash during times of high inflation. . Show Answer Correct Answer: D) People are less willing to buy fixed assets (i.e houses or art) since it becomes less valuable than cash during times of high inflation. . 9. It describes how people spend their money based on individual preferencesand budget constraints. A) Spending Theory. B) Consumer Theory. C) Human Choice Theory. D) Budget Theory. Show Answer Correct Answer: B) Consumer Theory. 10. Which of the following is not a primary sector of Industries? A) Farming Industry. B) Mining Industry. C) Iron & Steel Industry. D) Fishing Industry. Show Answer Correct Answer: C) Iron & Steel Industry. 11. When did Porter introduce the Competitive Forces Model? A) 1990. B) 1970. C) 1980. D) 1960. Show Answer Correct Answer: C) 1980. 12. .... Absolute scarcity is one that has limited supply but only in relation to demand. A) FACT. B) BLUFF. Show Answer Correct Answer: B) BLUFF. 13. This refers to all-natural resources used in the production process A) Land. B) Entrepreneurial Activity. C) Labor. D) Capital. Show Answer Correct Answer: A) Land. 14. These serves as basis of deciding the right method and techniques to be used in the production. A) Consumers' needs. B) Consumers' wants. C) Economic Resources. D) Producers' Equipment. Show Answer Correct Answer: C) Economic Resources. 15. People who work to make goods or provide services A) Human resources. B) Capital resources. C) Natural resources. D) Entrepreneurs. Show Answer Correct Answer: A) Human resources. 16. What do you call a seller or company that has the power to set the price of certainproducts? A) Price completer. B) Price searcher. C) Price builder. D) Price taker. Show Answer Correct Answer: B) Price searcher. 17. TRUE OR FALSE:Barangay Micro Business Enterprise Act encourages the formation and growth of micro enterprises by granting incentives and other benefits. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 18. What is the primary focus of global economics? A) Analyzing local businesses. B) Studying individual consumers. C) Understanding international trade and economic relations. D) Calculating personal budgets. Show Answer Correct Answer: C) Understanding international trade and economic relations. 19. When the GDP rises, it means the economy is A) Shrinking. B) Growing. Show Answer Correct Answer: B) Growing. 20. Which of the following is the main objective for Applied Economics-Week 7 A) Analyze market demand, market supply and market equilibrium. B) Implications of market pricing on economic decision making. C) Market Structure. D) Contemporary issues affecting the Filipino entrepreneurs. Show Answer Correct Answer: D) Contemporary issues affecting the Filipino entrepreneurs. ← 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